The Benelux region is a paradox in Europe’s mobile landscape. On paper, it has everything MVNOs need: high purchasing power, digitally mature consumers, and strong demand for data-driven services. Yet, compared to other European markets, the MVNO footprint remains limited. The easy explanation—”the market is too small”—doesn’t hold up. Benelux is not too small; it is too mature. Distribution is efficient, bundles are entrenched, and competition is driven by execution as much as by price. In this context, an MVNO that looks like every other MVNO has little chance of lasting. But those that solve a specific problem—with controlled distribution and operator-grade execution—can still carve out a defensible position.

Why Benelux “Produces” Fewer MVNOs ?

Convergence and wholesale economics set the rules. Benelux markets have long been shaped by converged offers (fixed internet + mobile + TV). Customers don’t just buy a mobile plan, they buy a broader relationship with an operator (service, device journeys, a single bill, and cross-product benefits). In Belgium, for example, the MVNO market grew by just 1% in 2025 largely due to intense competition from the 3 established MNOs and the rise of DIGI as a new network operator. While DIGI’s entry initially stimulated competition and wholesale access, its transition to a full MNO means its current positive effect on the MVNO ecosystem may fade as it builds its own infrastructure. This underscores a critical point: MVNOs must secure long-term wholesale agreements and avoid over-reliance on any single host network.

Wholesale economics also don’t forgive generic low-cost plays. Profitability depends on securing sustainable wholesale terms, controlling acquisition costs, and industrializing onboarding, support, and billing. Add fraud prevention, SIM cards journeys, and device support, and the bar becomes operator-grade. Distribution is another underestimated bottleneck. In efficient markets, the question isn’t “Can we launch?” but “Can we distribute at a reasonable cost?” Without a structurally advantaged channel, MVNOs often become dependent on paid marketing, weakening their LTV/CAC equation.

Where MVNO Opportunities Are Still Credible ?

1) Affinity or community MVNOs can still succeed—but only with strict economic discipline : The community must cut customer acquisition costs (CAC). The offer must also meet a real need while keeping support and operations efficient. In Belgium, Undo—a new, low-cost, digital-first MVNO—proves that even in a stagnant market, niche positioning(pricing, community focus, or simplicity) can attract underserved customers. Its success depends on controlling costs and avoiding too much paid marketing

2) Cross-border and multilingual segments: Benelux is structurally cross-border, with high mobility for work, studies, and business. A focused MVNO can win by simplifying eSIM activation, offering multilingual support and designing journeys for commuters and internationally active SMEs. In Luxembourg, for example, a MVNO targeting cross-border workers with seamless multi-country coverage could fill a gap.

3) B2B/SME “operations-first” propositions: Many SMEs value clean billing, simple administration portals, multi-site management, and responsive support more than the cheapest plan. Retention and lifetime value can be significantly higher if operations are strong.

The Executive Framework = Niche + Distribution + Execution

The opportunity isn’t to be “one more operator.” It’s to become a service proposition using mobile connectivity as a component.

If there’s one lesson to remember from Benelux, it’s this: You don’t win with a tariff plan; you win with a niche, a channel, and execution. The Dutch market’s 2025 growth driven by Lebara and 50+Mobiel proves that even in a mature, converged environment, opportunities exist for MVNOs that solve a specific problem. In Belgium, Undo’s launch demonstrates that innovation in distribution or pricing can create space for new players, even in a market that grew by just 1% in 2025.

The future belongs to MVNOs that solve a real problem not just sell minutes and data. In Benelux, the question isn’t whether the market is too small; it’s whether your proposition is smart enough.

If you’d like to exchange views on these trends and what they could mean for your business, feel free to contact Askgreg