THE 2024 MIDDLE

EAST & AFRICA

FINTECH REPORT
ECONOMIC DEVELOPMENT THROUGH FINTECH
 MEA2024: FOREWORD

WELCOME TO THE 2024 MIDDLE

EAST & AFRICA FINTECH REPORT
It's truly remarkable to reflect on the familiar with the MEA region. While timelines, which will aid in understanding
journey since 2020 when The Fintech summarising such a vast region and the developments in MEA.
Times, under my leadership, expanded dynamic sector like fintech is always a I extend my thanks to my family and
its coverage to the Middle East and challenge, we’re pleased with the feedback friends for their unwavering support.
Africa (MEA) region. Back then, Mark suggesting that the previous editions I’m also grateful to The Fintech Times
Walker and I conceived the idea of succeeded in doing so. team, especially Claire, Chris and
creating the first-ever Middle East and This latest fourth edition builds upon Mark, whose dedication made this
Africa fintech report for 2021. Now, in its the foundation laid by the previous MEA edition possible. Special appreciation
fourth edition, it’s no longer a novelty. reports, delving deeper into the evolving goes to our supporters and partners
The first three editions of the MEA fintech landscape of the region and its for their invaluable contributions.
reports aimed to make an impact by broader economic opportunities and I sincerely hope you find value in the
providing valuable insights to both challenges. Personally, I’m proud of the latest Middle East and Africa report!
the fintech community and those less new content, including graphics and

Author Richie Santosdiaz, economic development advisor

– emerging economies, The Fintech Times
Editorial director Mark Walker Editor in chief Claire Woffenden Art director Chris Swales
Special thanks also to our supporters and partners for helping make this report possible.

Published by

London | Dubai | New York

© The Fintech Times 2024. Reproduction of the contents in any manner is not permitted without
the publisher’s prior content. ‘The Fintech Times’ and ‘Fintech Times’ are registered UK trademarks of
Disrupts Media Limited. Disclaimer: This report was prepared by The Fintech Times and the main author to
mainly educate the public on the growing trends of the fintech ecosystem in the Middle East and Africa
region in the context of its relationship to economic development. Research findings of this report can be
shared provided the report and their sources are acknowledged. Written: April 2024. Published: May 2024.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 3

Seamless Evolution
Unveiling tech advancements in MEA
Mark services but also in other key areas of
identity, retail, e-commerce, home delivery
in improving financial services for its
customers. In turn, ensuring it is seamlessly
Dowdall and even digital marketing. Carrying out linked to the banking system provides its own

Editor of essential everyday tasks has never been

easier. With that in mind, here are some
set of challenges but, if executed, can be a key
ingredient for future success.
Seamless areas within the worlds of banking, fintech
The rise of real-time
Xtra and e-commerce where ‘being seamless’, or
not for that matter, can have a real impact. payment systems
Given the rapid advancement of technology One of the most exciting trends in Middle
across all facets of digital commerce, Creating a Seamless Eastern fintech right now is the rise of
covering all things Seamless throughout digital ID system digital payments and mobile banking. The
the Middle East and Africa can be quite From speaking to leaders in the banking implementation of real-time payment systems,
an eye-opener. With new innovations, industry, the evolution of digital identity such as the Saudi SARIE Instant Payment has
greater products and a steady stream of systems is quite significant. Interestingly, dramatically improved the speed and efficiency
partnerships and collaborations there is this year marks two decades since the of financial transactions in the region.
always something to report on, plenty to Federal Authority for Identity and Elsewhere, Qatar Central Bank launched a
learn, and even experience first-hand Citizenship (ICA) was established in the new instant payment system, earlier this year,
while covering this beat. UAE. In the time since, the Emirates ID has that gets rid of the need for an IBAN during
To best describe the concept of being been modernised at various stages and is transactions. Governments are also starting to
Seamless I am reminded by a quote from currently the only identity document aside realise the benefits of fintech collaboration.
Hans Hofmann, a German-born American from passports, accepted by all government This is evident in Bahrain, for example,
painter, renowned for his work as an agencies in the UAE. The thing to remember where government entities have recently
artist in abstract expressionism around the here is that in order to have a personal bank started using digital wallet apps quite
mid1900s. Hofmann once said: “The ability to account in the country you are required to effectively to pay instantly for things like
simplify means to eliminate the unnecessary have a valid Emirates ID, which in turn, electricity, water and other utility bills. Delving
so that the necessary may speak.” allows banks to better understand its further into digital wallets, instant wallet
While this could be seen as a nod to his customers and raise the standard of service. top-ups continue to be made more accessible
craft of abstract painting it is equally While this may be seen as one of the more through collaborations in the region.
something that can be applied today when efficient systems in the region, elsewhere, in One such example was the recent
we think about how technology is making Egypt, digital KYC continues to be a barrier partnership between Mastercard and
once complicated processes quicker, more to significant progress in the financial Checkout.com who teamed up to enable
efficient and easier to execute than ever services sector. Establishing an efficient, instant wallet top-ups for Dubai-based
before. Increasingly, this is becoming digital ID system has been earmarked by super app Careem. The integration with the
evident, not only in banking and financial banking leaders as one of the key next steps financial technology arm of Careem is seeking to

4 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: SEAMLESS XTRA
address time delays that can come with it has been difficult for even the most casual While there are certain challenges that come
conventional bank transfers, in the process observer to ignore. By 2026, it is expected with having to develop tailored products or
making the user experience more seamless. that at least one in four people will spend a services to local regulations, the Middle East
These funds can then be used for a range of the minimum of one hour every day in the region does have the benefit of being able to
app’s daily services including getting around, Metaverse for different purposes like work, innovate quite quickly compared to other parts
delivery and money transfer, among others. shopping, education, and even entertainment. of the world and it is fair to say that the UAE and
Aside from just being the virtual world, using Saudi Arabia are moving ahead at a much faster
The rise of the super app the actual infrastructure to do business and pace than probably some of the other regulators
Indeed, it is worth mentioning the rise of the access financial services such as decentralised around the world. Around the region, however,
‘super app’. There has been a growing number finance and tokenisation offers exciting some of the common challenges I have been
of apps downloaded on people’s smartphones possibilities. Recognising its potential, made aware of from conversations with fintech
in recent years, yet with the ‘super app’ funding in this space has now started to come startups includes both ambiguity of regulations
several services are combined into one, from in from investors in the region. Earlier this and arbitrary regulations, especially where
payments and banking to lifestyle and year, Adaverse became the first venture innovation is breaking new ground.
shopping, creating a more seamless capital fund in Saudi Arabia to specialise in In terms of financial services, one of the big
experience for customers. Proponents of the Web3 and blockchain early-stage investing, issues I foresee over the next 12 months will
technology argue that the integration not supporting local fintech Takadao with an be the continued transition to delivering
only provides more convenience for users but undisclosed sum as part of plans to invest sustainable finance, something that is in
also increases engagement and loyalty. $10million in local Web3 startups in 2024. particular focus off the back of COP28. The
Banks, in particular, are facing a crucial From speaking to experts in the field, financial world is seen as a key driver of
moment where they must decide how best to however, there is a consensus that much of energy and the greater shift to a greener world
respond to the phenomenon. Right now, they the potential of the metaverse lies in its ability and sustainable finance will be integral to the
can stay laser focused on what they are doing to create more seamless connections, progress that is made on a broader scale. With
and ignore the whole thing, they can partner that being said, it is promising to see that
with a super app or thirdly, they can try to With AI changing the most central banks have now implemented
build their own Super App. In the UAE, for the initial framework in terms of identifying
example, Invest Bank believes in the idea of a
business landscape so climate risk and sustainability risk and more
specialised Super App revolving around a
rapidly, there is a clear broadly, reporting regulation is starting to be
theme and has been developing a lifestyle need to have a thorough standardised. In turn, now is the time to for
platform on the cloud, a strategy that it says framework in place and financial services firms to move beyond
will help it provide tailor-made financial offers it will be fascinating to awareness and start to implement the
based on customer preferences and habits. see how it all plays out foundations of a more sustainable approach.
More broadly, ride-hailing firms and The last thing I want to touch on is AI.
telecommunications firms across the region especially between brands and their There has been a lot of concern mooted
continue to enter the fintech space by adding customers. By offering more limitless, globally, and around the region, over how AI
payments services to their existing portfolios. immersive experiences the metaverse is a will seamlessly be implemented in the coming
Most recently, du boosted its financial place where brands can attract and enable years. Undoubtedly, regulation will play a key
services offering with the launch of du Pay, the customer to access their world anytime, role in that. According to a recent study, the
enabling it to offer a range of digital financial anywhere, and at whatever time they wish. As vast majority of UAE business leaders believe
services and payment options, from highlighted by a recent, Bain & Co. report, the that regulations and standards around AI
international money transfers and peer-to- metaverse offers real and growing economic usage should be developed within their sector
peer (P2P) transfers to mobile top-ups and opportunities for businesses and the ones as it transforms the business landscape.
bill payments. Globally, we are even seeing that engage in the metaverse’s early stages of Nearly nine in 10 believe that such policies
food delivery firms like Deliveroo tap into development over the next five to 10 years are would help businesses implement AI
online retail by partnering with major more likely to become the market winners. responsibly, and half worry about the
supermarket brands. Its launch of in-app possibility of legal and ethical consequences
shopping is evidence of the variety of routes Key areas of regulation from not having an ethical AI framework
available to today’s businesses looking to There is no doubt that regulation plays a key in place. With AI changing the business
become the much-coveted ‘all-in-one’ app. role across all industries in creating an landscape so rapidly, there is a clear need to
environment that encourages innovation have a thorough framework in place and it
Seamless connections while at the same time maintaining a level will be fascinating to see how it all plays out.
in the metaverse? playing field. Regulation, of course, can vary
There has been so much buzz generated from region to region, making life more or
around the rise of a new virtual economy less seamless depending on who you are and
called the metaverse in the last 18 months that what you are trying to achieve.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 5

MEA2024: EXECUTIVE SUMMARY

A JOURNEY INTO THE

MIDDLE EAST AND AFRICA
FOR A FINTECH FUTURE
Purpose of the report
This report provides an extensive analysis of the fintech landscape in ■ Wider economic development images
the Middle East and Africa (MEA). It begins with a broad overview Unique visuals provide insights into the economic and
and then delves into specific aspects of the industry, offering a population landscapes of the MEA region, complementing
comprehensive view of the fintech ecosystem in the region. the fintech-focused content. These address:
Intended as a reference for MEA fintech and broader economic
development, this report aims to be useful for both those unfamiliar ■ The geography of MEA and its six key
with MEA and fintech, as well as experts in either field. regions with overviews
■ An economic and population overview
Report overview – Key ■ The MEA consumer
highlights unique to 2024
The report is divided into four chapters, mirroring the structure Chapters overview
of the 2023 edition. Notably, this edition includes innovative visual Chapter One: Overview of the Middle East and Africa
aids, such as images and charts, to elucidate key aspects of fintech This chapter delves into the intricate fabric of the MEA region,
– a departure from previous reports. Key highlights include: beginning with a comprehensive analysis of its geography and
economy. It navigates through the financial services and tech
■ Industry images and summaries sectors, ultimately zooming in on the transformative potential of
This section provides insights into the fintech landscape of financial technologies (fintech).
MEA, including summaries and images of key fintech sectors Despite the region’s rich diversity, characterised by nearly two
such as payments, digital banks, gametech, and more – unique billion people and a spectrum of economic statuses, common
features of this report. threads emerge, including a reliance on natural resources and
■ Overviews of fintech across 25 different countries traditional financial frameworks.
The report profiles and ranks 25 MEA countries based on their The chapter highlights the region’s youthful, tech-savvy
fintech hub status, accompanied by visual fintech timelines population juxtaposed with persistent challenges such
showcasing key developments and growth since 2020. These include: as inadequate digital infrastructure and widespread
■ Middle East, North Africa and Türkiye: Bahrain, Israel, financial exclusion, painting a dynamic landscape ripe
Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Türkiye, for fintech innovation.
United Arab Emirates (UAE)
■ Africa: Algeria (new to this 2024 report), Democratic Republic Chapter Two: Fintech landscape
of the Congo (DRC) (new to this report), Egypt, Ethiopia, in the Middle East and Africa
Ghana, Kenya, Mauritius, Morocco, Nigeria, Rwanda, Senegal, This section unpacks the multifaceted fintech terrain
South Africa, Tanzania, Tunisia, Uganda across the MEA region, dissecting various sub-sectors
and their evolution. While historically centred around
These visual timelines offer readers a quick understanding payments, money transfer, and remittances, the
of key fintech developments spanning from pre-2020 to the fintech sphere has diversified to encompass insurtech,
present day, highlighting growth trajectories and comparative gametech, regtech, wealthtech, investing, digital
data from previous editions. currencies, lending, and open and embedded finance.

6 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 With an estimated two-thirds of fintech solutions focused on ■ Tier-three ‘early-stage fintech hubs’:
key areas such as payments and lending, the MEA region boasts Rwanda, Algeria, Senegal, Uganda, Democratic Republic
over 3,700 fintech companies, signalling a vibrant ecosystem of the Congo (DRC), Ethiopia, Tanzania
poised for further growth and innovation.
Chapter Four: Reflection and summary on the future
Chapter Three: Fintech hubs of MEA of fintech in the Middle East and Africa and beyond
This segment conducts a detailed analysis of 25 prominent fintech In the final chapter, the report reflects on the outcomes of the year’s
companies across the MEA region, evaluating their contributions fintech hub analysis, evaluating the validity of past predictions
to wider economic development and technological advancements. for the MEA region. With a focus on fostering financial inclusion
Each company is scrutinised based on various indicators, through fintech, the chapter concludes with a synthesis of key
including their individual fintech timelines and specific insights and future prospects, underscoring the pivotal role of
fintech criteria. Results are categorised into three tiers: fintech in driving economic growth and societal advancement
across the MEA region and beyond.
■ Tier-one ‘premier global fintech hubs’:
UAE, Israel, Saudi Arabia and Türkiye
■ Tier-two ‘emerging fintech hubs’: Bahrain, Egypt,
Kuwait, Qatar, Nigeria, South Africa, Mauritius, Kenya,
Oman, Jordan, Tunisia, Ghana, Lebanon and Morocco (new)

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 7

MEA2024: CONTENTS

Contents
Middle East
and Africa
Report 2024
Chapter One 10-33
Overview of Middle East and Africa
a. MEA overview: Geography 12-13
b. MEA overview: 14
Population and economy
c. Breakdown overview by six regions 15-17
d. Financial services overview 18-25
e. Tech and startup overview 26-27
f. The MEA consumer 28-29
g. Economic diversification and 30-32
digitalisation economic development
h. Summary: Key takeaways 33

Chapter Two 34-64 Chapter Three 66-120

Fintech landscape in Fintech Hubs of MEA
the Middle East and Africa a. Overview 66-69
a. Overview of fintech in MEA 38-39 b. Country economic and fintech 69
b. Key subsectors of fintech 40-43 breakdown landscapes
1. Payments, money transfers 40-41 1. Algeria 71 14. Nigeria 88
and remittances 2. Bahrain 72 15. Oman 89
2. Digital, challenger and neobanks 42-43 3. Democratic Republic of the Congo 73 16. Qatar 91
3. Gametech 44-45 4. Egypt 74 17. Rwanda 92
4. Wealthtech and investing 46-47 5. Ethiopia 75 18. Saudi Arabia 93
5. Regtech 50-51 6. Ghana 76 19. Senegal 94
6. Digital currencies 52-53 7. Israel 78 20.South Africa 96
7. Open finance 54-55 8. Jordan 80 21. Tanzania 97
8. Lending 56-57 9. Kenya 81 22. Tunisia 98
9. Insurtech 58-59 10. Kuwait 82 23. Türkiye 100
c. The rise of superapps 60 11. Lebanon 84 24.Uganda 101
d. Wider fintech ecosystem 61-63 12. Mauritius 85 25. United Arab Emirates 102
e. Key takeaways 64 13. Morocco 86 c. Findings: results and key takeaways 106-107

8 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

Chapter Four 108-115
Reflection and summary
a. Reflection on the findings of the 108-111
hubs of Middle East and Africa
b. Predictions from 2023 – 111-113
did they materialise or not?
c. Summary and future on fintech 114-115
in the Middle East and Africa

Chapter Five 116-122

Appendix and endnotes

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 9

10 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024
 MEA2024: OVERVIEW OF MEA

Chapter One
Overview
of the
Middle
East and
Africa
The Middle East and Africa region is a tapestry
of diversity, encompassing a rich array of
landscapes, cultures, and economies. From
the opulence derived from natural resources
to the burgeoning tech hubs, MEA represents
a convergence of prosperity and potential.
This chapter serves as a foundational exploration
of the MEA landscape, offering insights into its
geographical expanse, demographic composition,
economic dynamics, and technological advancements.

■ a. MEA overview – Geography

■ b. MEA overview – Population and economic
■ c. Breakdown overview by six regions
■ d. Financial services overview
■ e. Tech and startup overview
■ f. The MEA consumer
■ g. Economic development overview and
relation to financial technologies
■ h. Digital infrastructure pertaining to fintech
■ i. Summary: Key takeaways

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 11

MEA2024: OVERVIEW OF MEA

Geographical overview
of the Middle East
and Africa

3
continents – 69
Asia, Africa countries
and Europe
(plus parts
of Türkiye)

54
members of
the African
Continental
Free Trade
Agreement
(AfCFTA)
– All of AU members
minus Eritrea
~30
million
are signatories sq km land area
12 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024
a.Geographical overview
This section provides an illustrative journey through the geographical contours of the Middle East and Africa region.
Through maps and annotations, readers will gain a nuanced understanding of MEA's spatial distribution,
accompanied by key terminologies and acronyms essential for navigating the region's diverse topography.

MIDDLE EAST Bahrain, Qatar, UAE, Oman, Yemen, Saudi Arabia,

Lebanon, Türkiye, Jordan, Iran, Iraq, Syria, Israel and Palestine
NORTH Algeria, Egypt, Libya, Mauritania,
Africa
Morocco, Tunisia and Western Sahara ■ AFRICAN UNION (AU) – continental union
SOUTH Angola, Botswana, Lesotho, Malawi, Mozambique, consisting of 55 member states located on the
Sources: The Fintech Times, Africanews, African Union, GCC Image: Richie Santosdiaz and The Fintech Times

Namibia, South Africa, Zambia, Eswatini and Zimbabwe continent of Africa

CENTRAL Burundi, Cameroon, Central African Republic, ■ CENTRAL AFRICA – Burundi, Cameroon, Central
Chad, Congo, Democratic Republic of Congo, African Republic, Chad, Congo, Democratic
Equatorial Guinea, Gabon and São Tomé and Príncipe
Republic of Congo, Equatorial Guinea, Gabon,
WEST Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, São Tomé and Príncipe
Gambia, Ghana, Mali, Guinea-Bissau, Guinea, Liberia,
Niger, Nigeria, Senegal, Sierra Leone and Togo ■ EASTERN AFRICA – Comoros, Djibouti, Eritrea,
Ethiopia, Kenya, Madagascar, Mauritius,
EAST Comoros, Djibouti, Ethiopia, Eritrea, Kenya,
Madagascar, Mauritius, Rwanda, Seychelles, Rwanda, Seychelles, Somalia, South Sudan,
Somalia, South Sudan, Sudan, Tanzania and Uganda Sudan, Tanzania and Uganda
■ NORTHERN AFRICA – Algeria, Egypt, Libya,

The Middle East Mauritania, Morocco, Sahrawi Arab Democratic

Republic and Tunisia
■ THE GULF COOPERATION COUNCIL (GCC) – with members ■ SOUTHERN AFRICA – Angola, Botswana,
including Kingdom of Saudi Arabia, Kingdom of Bahrain, Eswatini, Lesotho, Malawi, Mozambique, Namibia,
Sultanate of Oman, State of Qatar, State of Kuwait and the South Africa, Zambia and Zimbabwe
United Arab Emirates (UAE) – is a political and economic
■ WESTERN AFRICA – Benin, Burkina Faso,
union in the Arabian Gulf region
Cabo Verde, Cote d’Ivoire, Gambia, Ghana,
■ THE LEVANT REGION –Jordan, Syria, Lebanon, Israel Guinea, Guinea-Bissau, Liberia, Mali, Niger,
and the Palestinian Territories (the West Bank & Gaza) Nigeria, Senegal, Sierra Leone and Tongo
■ GULF REGION NON-GCC – Yemen, Iran, Iraq ■ SUB-SAHARAN AFRICA
■ TÜRKIYE – all of Africa minus North Africa
■ NORTH AFRICA – Algeria, Egypt, Libya, Mauritania, *Burkina Faso, Mali, Guinea and Sudan, as of Feb 2023,
Morocco, Tunisia, Sudan and Western Sahara are suspended from the African Union

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 13

MEA2024: OVERVIEW OF MEA

b.Overview of population and economy

Urbanisation rate Top five
+70% +59% largest cities
in Middle
East
v in Sub
Saharan
(population
– metropolitan)
urbanised Africa rural 1. Cairo, Egypt (right)
22.6+million
Main languages spoken 2. Kinshasa, DR Congo
■ Arabic (Middle East and North Africa) ■ English (various 17+million
■ Swahili (Eastern Africa) parts of Africa) 3. Istanbul, Türkiye
■ French (various parts of Africa) ■ Hebrew (Israel) ~16million
■ Portuguese (mainly Mozambique, ■ Turkish (Türkiye) 4. Tehran, Iran
Angola, Cape Verde & Guinea Bissau ■ Farsi (Iran) ~16million
5. Lagos, Nigeria
~15.4million
Top 5 largest countries
(population)
1. Nigeria +213 million (below) One
2. Ethiopia +120 million
~Two in four
billioonn
3. Egypt +110 million of world’s
4. Dem. Rep. population
of Congo populati lives in MEA
+96 million
5. Iran
POPULATION in MEA
3.4 billion
+89 million OVERVIEW people by 2050

30% MEA
population between
15-29 years old

65% MEA
population under
30 years old

ECONOMIC
OVERVIEW
Top three
richest
+$3 +$5 countries
trillion trillion (GDP per capita)
Nominal GDP Nominal GDP 1. Qatar (left)
of Africa (2024 of Middle $66,838
estimates) East (2024 2. Israel
estimates) $52,170
3. UAE
19 out of 20 Economic $44,315
poorest countries in
the world are in MEA breakdown
(mostly in Africa) Natural resources like
oil & gas, gold play a strong
Services MEA countries
Financial services Only Israel and UAE were ranked
Poorest part across much of MEA and tech are in the top 50 for startup ecosystem
country in 12 of 13
playing a
growing role MEA city ranking
the world OPEC members in the wider Highest in top 20 financial
(GDP per capita) Burundi $270 are MEA countries MEA context services hub – Dubai (20th)

Egypt’s Suez Canal Dubai

G20 Three MEA International
trade, past and ■ Busiest port (Jebal Ali) in MEA
countries
(Saudi Arabia, Türkiye present plays 12% total $7.9billion (only one in top 10 globally)
and South Africa) a strong role in global trade passes revenue generated ■ Busiest international
are part of the G20 MEA’s economy through Suez Canal directly for Egypt in 2021 airport in the world

Source: The Fintech Times Middle East and Africa Report 2023 and 2024 Image: Richie Santosdiaz and The Fintech Times

14 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

c.Breakdown overview by six regions
I. Middle East
(not including North Africa)
II.North Africa
(also considered part of the Middle East)
Countries: Bahrain, Qatar, UAE, Oman, Yemen, Lebanon, Saudi Countries: Algeria, Egypt, Libya, Mauritania, Morocco,
Arabia, Jordan, Iran, Iraq, Syria, Israel, Palestine and Türkiye Tunisia and Western Sahara

Overview: Shared characteristics Overview: Shared characteristics

■ Language and culture diversity - Nearly all speak Arabic (except ■ Language and culture diversity – North African nations share
Türkiye; note Arabic is an official language in Israel). The majority Arabic as the primary language, deeply intertwined with Arab
in the region has been influenced by Arab and Islamic culture. and Islamic cultural influences. Additionally, local cultures,
particularly Berber heritage, have left a significant imprint,
Economic development and progress notably in Morocco, Tunisia, and Algeria. French influence
■ GCC and Israel highly developed and affluent – the six nations persists, especially in the Maghreb, where it remains a language
of the GCC and Israel are some of the world’s richest countries in the of commerce and education among the educated class.
world (generally oil and gas transformed the Arabian Gulf whereas Economic development and progress
in Israel and parts of the GCC notably Dubai was mainly services). ■ Economically, the region largely represents the highest spectrum
■ Türkiye is a high middle income economy. of low-middle-income economies, measured by GDP per capita.
■ Rest of the Middle East not mentioned above is low middle ■ Largest country (by population) – Egypt leads the
income or a low income economy – the majority of the region with a population nearing 110 million.
Middle East is the very most low-middle income economies. ■ Egypt boasts the largest economy in the region, with a
■ Challenges remain – political and economic are GDP exceeding $404billion. Following closely are Algeria with
ongoing challenges in parts of the region. $163billion and Morocco with over $142.9billion.
■ The Gulf Coorporate Council (GCC) is an economic and political ■ Largest cities (by population) include Cairo (+22.6million inhabitants),
union consisting of the six Gulf nations – Saudi Arabia, Bahrain, Algiers (+2.8million) and Casablanca (around six million).
Kuwait, Qatar, Oman and the United Arab Emirates. ■ Despite economic progress, political and economic challenges persist
■ Largest country (by population) – Iran, almost 88 million people. in various parts of the region, impacting development and stability.
■ Three largest country (by economy per GDP) in order – Saudi
Arabia ($1trillion), Türkiye ($819billion), Israel ($488.5billion). Hassan II Mosque
■ Largest cities (by population) include Istanbul (around in Kingdom of
16 million inhabitants), Tehran (around 16 million inhabitants) Morocco
and Riyadh (+7.7million).

Riyadh is the capital

and largest city in
the Kingdom of
Saudi Arabia

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 15

 III. South Africa (region) IV.Central Africa
Countries: Angola, Botswana, Lesotho, Malawi, Mozambique, Countries: Burundi, Cameroon, Central African Republic,
Namibia, South Africa, Zambia, Eswatini and Zimbabwe Chad, Congo, Democratic Republic of the Congo (DRC),
Equatorial Guinea, Gabon, and Sao Tome and Principe
Overview: Shared characteristics
■ The Southern African region exhibits a rich tapestry of Overview: Shared characteristics
languages and cultures, shaped by a history of colonisation. ■ Language and culture: From the helicopter view Central Africa
British influence prevails, leading to widespread English is pretty diverse. The British (i.e. Congo), French (i.e. Cameroon
proficiency. Portuguese legacies are evident in Angola and and Gabon) , Portuguese (i.e. Sao Tome and Principe), Belgians
Mozambique, while Dutch (South Africa) and German (Namibia) (i.e. DRC) and Spanish have left their legacies in this part of Africa.
influences are present to a lesser extent. Beyond colonial Economic development and progress
impacts, the region is home to hundreds of distinct tribes, ■ Low income and low-middle income – The majority in this region
each maintaining cultural distinctiveness within their current would be classified as low-income nations; some of the poorest
borders. Notable examples include the Zulu people. countries in the world are located here, in particular Burundi
Economic development and progress which is the world’s poorest country by GDP per capita
■ South Africa, Botswana, and Namibia stand out as relatively ■ Two high middle income nations – Notably, thanks in part due
affluent nations with higher GDP per capita compared to petroleum, both Gabon (French-speaking) and Equatorial
to their neighbours. Guinea (the only Spanish speaking country in Africa) are rarities
■ The remainder of the region encompasses economies in the region and are both high middle income nations not just
primarily classified as low-middle income, with countries in the region but one of the highest in Africa as a whole (Gabon
like Lesotho, Malawi, Mozambique, and Zambia falling is at over $8,000 per capita and Equatorial Guinea at over $7,500).
into the low-income category. ■ Largest country (by population) – DRC 95.89 million people
■ Largest country (by population) – South Africa emerges ■ Three largest country (by economy per GDP) in order – DRC
as the most populous country in the region, boasting a ($55.35billion), Cameroon ($45.34bilion) and Gabon ($20.22billion)
population of 59.39 million. ■ Example of largest cities (by population): Kinshasa
■ South Africa leads the region in terms of GDP ($419billion), (DRC with over 17 million inhabitants) and Douala
followed by Angola ($67.4billion) and Zimbabwe ($28.37billion). (Cameroon with around three million inhabitants)
■ Examples of largest cities (by population): Johannesburg
(around eight million inhabitants), Cape Town (around
4.9million inhabitants) and Luanda (over 8.9million inhabitants) Dakar is the capital and
largest city of Senegal

Luanda is the
capital and
largest city
of Angola

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 MEA2024: OVERVIEW OF MEA

VI.East Africa
(also considered part of the Middle East)
Countries: Comoros, Djibouti, Ethiopia, Eritrea, Kenya,
Madagascar, Mauritius, Rwanda, Seychelles, Somalia, South Sudan,
Sudan, Tanzania and Uganda
Overview
■ East Africa boasts a rich tapestry of linguistic and cultural heritage,
making it one of the most diverse regions in Africa.
Shared characteristics
■ Language and culture: Various linguistic influences
are evident, including:
■ Anglophone: English serves as an official language
in countries like Uganda.
■ Francophone: Historical French influence is notable in
nations such as Madagascar, Mauritius, and Rwanda.
Mauritius uniquely embraces both French and English.
■ Others influences: – Italian heritage is seen in Eritrea, although
Italian is no longer a major language. Several countries exhibit
a mix of linguistic influences, for example: Comoros speaks
Arabic, Comoran (related to Swahili) and French; Mauritius is
a Francophone and Anglophone, Rwanda is Francophone
but also becoming Anglophone).
■ Swahili influence – Swahili, serving as a lingua franca,
holds significant influence in the region, particularly in
Kinshasa is the capital and countries like Kenya.
largest city of the Democratic
Republic of Congo and also the
View of downtown
world’s largest Francophone city
Nairobi, the capital
and largest city

V. West Africa
of Kenya

(Region)
Countries: Benin, Burkina Faso, Cape Verde, Côte d'Ivoire,
Gambia, Ghana, Mali, Guinea-Bissau, Guinea, Liberia, Niger, Nigeria,
Senegal, Sierra Leone and Togo

Overview: Shared characteristics

■ Language and culture – The region exhibits a rich tapestry of linguistic
and cultural diversity, shaped by various colonial powers. French
influence is prominent in countries like Cote d'Ivoire and Senegal, while
British impact is evident in Nigeria and Ghana. Portuguese legacy is
notable in Cape Verde and Guinea-Bissau. Additionally, Liberia has
a unique history as a nation founded by freed American slaves.

Economic development and progress

■ Middle-income economies – South Africa, Botswana, and Namibia
stand out as relatively affluent nations with higher GDP per capita.
■ Low-middle income economies – The remaining countries in the
region fall into this category, reflecting varying levels of economic
development.
■ The economic integration of these countries is influenced by their
colonial past. The West African Economic and Monetary Union (WAEMU
or UEMOA) comprises mainly French-speaking nations like Benin,
Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger and Togo
■ Largest country (by population) – Nigeria (over 213 million people)
■ Three largest country (by economy per GDP) in order – Nigeria
($440.8billion), Ghana ($77.59billion) and Cote D’Ivoire ($70.44billion)
■ Examples of largest cities (by population): Lagos (Nigeria over
15.4million inhabitants), Abidjan (Cote D’Ivoire with over 5.6
million inhabitants) Dakar (Senegal almost four million inhabitants)

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MEA2024: OVERVIEW OF MEA

d.Financial services overview

The financial services landscape in the MEA region is multifaceted, and public banks catering to a population exceeding 50 million. This
encompassing a wide array of offerings such as payments and saturation has prompted banks in the GCC to explore expansion
insurance. While sharing similarities with global trends, the opportunities in emerging markets like Türkiye.
MEA region also exhibits its own distinctive characteristics.
What are key financial centres in MEA?
Overview Several financial centres in MEA play pivotal roles not only
Globally, the financial services sector holds significant in their own economies but also regionally. These include:
economic importance, with total assets exceeding $461trillion
in 2022. Similarly, the MEA region showcases a diverse ■ Beirut: Historically renowned as the ‘Paris of the East’,
financial services industry, reflecting the varying economic Beirut served as a major financial centre in the Middle East,
landscapes across its territories. characterised by its embrace of Western culture and sophisticated
The development of the financial services sector in MEA mirrors banking regulations. However, the Lebanese Civil War in
the progress of individual economies and their respective financial 1975 significantly altered its financial landscape.
ecosystems. Notably, advanced banking sectors thrive in regions ■ Bahrain and Kuwait: Emerging as financial hubs following
like the GCC in the Middle East, as well as in countries such as the challenges of the Lebanese Civil War, Bahrain and
South Africa and Mauritius in Africa. Conversely, other parts of Kuwait have seen substantial growth in their financial sectors.
MEA feature less developed banking sectors, often characterised by In Bahrain, the financial industry represents over 27 per cent
dominance of public sector banks with government intervention in of GDP and is a significant employer in the country.
credit allocation and liquidity issues. ■ Mauritius: With the financial services sector contributing
Reforms in the African banking sector, driven partly by structural 13 per cent to the total GDP, Mauritius has established itself
adjustment policies (SAP) from international institutions like the as a key financial centre. The ICT/ business process outsourcing
World Bank and IMF, aimed to restructure and privatise state- (BPO) industry also plays a crucial role in driving economic
controlled banks. These reforms also targeted easing entry and exit growth, with a significant contribution to GDP and employment
restrictions, interest and capital controls, and enhancing supervisory (7.4 per cent for last year and employing around 30,000 people
and regulatory frameworks within the banking sector. with over 850 companies in the sector).
MEA, particularly the Middle East, exhibits an abundance of
banks, leading to oversaturation in certain markets. For example, in MEA boasts a diverse range of robust financial centres, including
2019, the GCC (excluding Qatar) boasted approximately 120 private Casablanca, Johannesburg, Cape Town, Istanbul, Kigali, Nairobi,

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 Doha, Tel Aviv and Abu Dhabi, further enhancing the region's Aviv (ranked 48th) and Abu Dhabi (the UAE's capital, placed 37th),
economic vibrancy and connectivity. However, when considering is among the only MEA cities to feature in the top 50 rankings.
various metrics, Dubai emerges as the undisputed leader in the At the heart of Dubai’s financial prominence lies the Dubai
region. Over the past two years, Dubai has consistently ranked International Financial Centre (DIFC), established as a specialised
among the world’s top 20 vibrant financial centres, securing the 20th economic zone. Hosting regional offices of two-thirds of Fortune 500
position in the Global Financial Centres Index (GFCI). Remarkably, it companies with MEA operations, Dubai has become a preferred
stands as the sole representative from the Middle East, Africa, and destination for international banks such as HSBC and Standard
South Asia, alongside global financial powerhouses like London, New Chartered, as well as payment giants Visa and Mastercard, and
York City, Singapore, and Hong Kong. Notably, Dubai, along with Tel tech titans like Microsoft and Oracle. At its zenith, Dubai served
as the regional base for two-thirds of Fortune 500 companies
GLOBAL FINANCIAL HUBS – GLOBAL TOP 20 operating in MEA. It's estimated that DIFC alone contributes
CITY & COUNTRY RANKING GLOBALLY at least 12 per cent to Dubai’s GDP, underscoring its pivotal role
New York ~ USA 1 in the Emirate’s economic landscape.
London ~ England 2 GLOBAL FINANCIAL HUBS WITH
Singapore 3 MIDDLE EAST AND AFRICA CITIES ONLY
Hong Kong ~ Spec. Administrative Region of China 4 MEA RANK CITY & COUNTRY GLOBALLY RANK
1 Dubai ~ UAE 20

Image: The Fintech Times Source: Global Financial Index 2022

San Francisco ~ USA 5
Shanghai ~ China 6 2 Abu Dhabi ~ UAE 37
Geneva ~ Switzerland 7 3 Tel Aviv ~ Israel 48
Los Angeles ~ USA 8 4 Casablanca ~ Morocco 56
Chicago ~ USA 9 5 Mauritius ~ Mauritius 61
Source: Global Financial Centres Index (GFCI 35)
Source: Global Financial Centres Index (GFCI 35)

Seoul ~ South Korea 10 6 Kigali ~ Rwanda 67

Shenzhen ~ China 11 7 Manama ~ Bahrain 76
Washington DC ~ USA 12 8 Kuwait City ~ Kuwait 80
Frankfurt ~ Germany 13 9 Johannesburg ~ South Africa 82
Paris ~ France 14 10 Cape Town ~ South Africa 83
Beijing ~ China 15 11 Riyadh ~ Saudi Arabia 84
Zurich ~ Switzerland 16 12 Doha ~ Qatar 88
Luxembourg 17 13 Nairobi ~ Kenya 95
Sydney ~ Australia 18 14 Lagos ~ Nigeria 100
Tokyo ~ Japan 19 15 Istanbul ~ Türkiye 110
Dubai ~ United Arab Emirates 20 16 Tehran ~ Iran 112

TOP 20 LARGEST BANKS IN THE MIDDLE EAST AND AFRICA (BY ASSET)
Source: Various including The Fintech Times and the companies’ financial statements 2022

Rank Bank Country Total Assets in USD

1 Qatar National Bank Qatar $338.32bn
2 First Abu Dhabi Bank UAE $326.975bn
3 Saudi National Bank (SNB) Saudi Arabia $276.88bn
4 Bank Hapoalim Israel $190.70bn
5 Emirates NBD UAE $186.10bn
6 Bank Leumi Israel $184.20bn
7 National Bank of Egypt Egypt $167.41bn
8 Al-Rahji Bank Saudi Arabia $161.85bn
9 Standard Bank Group South Africa $161.53bn
10 Abu Dhabi Commercial Bank UAE $154.50bn
11 National Bank of Kuwait Kuwait $122.77bn
12 First Rand Bank South Africa $122.39bn
13 Bank Misr Egypt $118.32bn
14 Mizrahi-Tefahot Bank Israel $117.22bn
15 Ziraat Bank Türkiye $116.9bn
16 Bank Yahav Israel $114.61bn
17 Discount Bank Israel $104.93
18 Turkiye Is Bankasi Türkiye $101.82bn
19 Riyad Bank Saudi Arabia $101.59bn
20 Absa bank South Africa $101.09bn

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 Besides Dubai, Abu Dhabi and Tel Aviv, other MEA cities in the top regional offices are often based in countries such as Dubai, Abu
100 included Casablanca (56th place), Mauritius (61st), Kigali (67th), Dhabi (UAE), South Africa, Israel, Türkiye, Egypt, and Saudi Arabia,
Bahrain (76th), Johannesburg (82nd), Cape Town (83rd), Riyadh (84th), aligning with the geographic concentration of leading MEA banks.
Doha (88th), Nairobi (95th) and Lagos (100th). Beyond the top 100,
Istanbul (110th) and Tehran (112th) finalised the MEA representation. Spotlight: Insurance industry in MEA
The MEA region boasts a diverse array of financial institutions, Delving into the realm of financial services, this report sheds
including both native-born banks and regional branches of non-MEA light on the insurance industry as a representative example.
banks. This rich tapestry of financial institutions reflects the region's By examining the insurance sector within the broader financial
vast population and the myriad opportunities it offers. services landscape, one can discern similar patterns observed
While multinational giants like HSBC, JPMorgan Chase, and the across the entire spectrum of financial services.
Bank of China are widely recognised, it's equally important to Focusing on the top 15 largest insurance companies in the
highlight the native-born MEA banks that contribute significantly MEA region, we find a parallel with the earlier analysis of the
to the region's financial landscape. top 20 banks: the concentration of major players in specific
In this report, we present the top 20 largest banks in the entire countries. These top insurance institutions are primarily
MEA region, all of which are native to the region. These rankings located in Israel, South Africa, Saudi Arabia, Morocco, Qatar,
are based on total assets in US dollars, using updated figures from and Kuwait. While some significant players, such as Daman
2023 sourced from the banks' individual investor relations reports. Health in the UAE and Misr Insurance in Egypt, are not among
This list provides readers with insights into the prominent the top 15, they remain prominent within their respective
MEA banks and their standing in the global financial arena. countries or regions.

The list is predominantly composed of banks from large and Furthermore, the top 15 insurers often feature other key
developed, or relatively developed, economies in the MEA region, players that did not make it onto the list, reinforcing the
including South Africa, Israel, Saudi Arabia, UAE, Türkiye, and concentration of insurance industry leaders in select parts of
Egypt. Qatar, ranking first on the list, and Kuwait, ranking 11th, also the MEA region, mirroring the banking sector's dynamics.
have representation. Other countries such as Nigeria and Bahrain, In addition to regional players, the MEA region hosts several
while not featured in the top 20, boast a considerable number of large global insurance brands, including MetLife, Zurich, AXA,
local banks, alongside smaller financial institutions ranked by Cigna, Munich RE, Aetna, and Bupa. However, similar to the
assets. It's worth noting that many leading financial institutions, overall financial services landscape, these global insurers
whether included in the top 20 or not, tend to be clustered in also tend to operate primarily in the same countries mentioned
specific countries within the region. earlier, with many establishing a presence in cities such as
Additionally, it's essential to recognise that multinational banks Dubai, Istanbul, Johannesburg, or Tel Aviv. This concentration
like HSBC and Standard Chartered, while not headquartered in the reflects the strategic importance of these key locations within
MEA region, have significant operations within the region. Their the MEA insurance market.

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 MEA2024: OVERVIEW OF MEA

LARGEST MEA-ORIGIN INSURANCE COMPANIES (BY ASSET)

RANK COMPANY COUNTRY OF ORIGIN TOTAL ASSETS IN USD
1 Migdal Holdings Israel $203.26bn
2 Clal Insurance Enterprises Holdings Ltd Israel $164.56bn
3 Harel Insurance Investments & Finance Services Israel $111.88bn
4 Menora Mivtachim Israel $69.82bn
5 Old Mutual South Africa $62.98bn
6 Sanlam South Africa $55.86bn
7 Liberty Holdings South Africa $42.089bn
8 Wafa Assurance Morocco $39.82bn
9 Momentum Metropolitan Life Assurers South Africa $29.59bn
10 Discovery Health South Africa $16.10bn
11 Qatar Insurance Company Qatar $7.88bn
12 Tawuniya Saudi Arabia $4.9bn
13 RMA Morocco $4.6bn
14 Bupa Arabia Saudi Arabia $3.85bn
15 Gulf Insurance Group Kuwait $3.8bn
Source: Various including financial statements Image: The Fintech Times

What distinguishes the financial

services sector in the MEA region? 3 Growth of Islamic finance
Islamic finance is experiencing significant growth and
While it shares similarities with global financial markets in plays an increasingly prominent role in the broader financial
terms of the services provided to individuals and businesses, services landscape of the MEA region. Originating from the
such as investment houses, lenders, finance companies, real birthplace of Islam and serving much of the world's two billion
estate brokers and insurance companies, there are notable Muslims, Islamic finance has its roots dating back to the
differences that set it apart: seventh century but began formalising in the 1960s. It operates
in accordance with Sharia, or Islamic law, guiding how businesses

1 Government ownership of financial institutions

In the MEA region, it's common for financial institutions
and individuals raise capital and determining permissible
investment types. This system is often viewed as a unique
to be owned or partially owned by the government. Unlike the form of socially responsible investment.
Western perception where government ownership might signal The Islamic finance industry has emerged as one of the
instability, in MEA, this is not necessarily associated with fastest-growing sectors, although it still represents a relatively
financial crises. For example, Angola has numerous state-owned small share of global finance. By 2022, the global Islamic finance
companies, including financial institutions. Similarly, in the industry's asset size had increased by 11 per cent to $4.5trillion,
affluent GCC countries, such as Saudi Arabia and Qatar, with Islamic banking holding 72 per cent of the total industry's
government entities, including sovereign wealth funds and assets. Over the decade leading up to 2022, the industry experienced
state pensions, have significant stakes in major banks like remarkable growth, expanding by 163 per cent, and is projected
First Abu Dhabi Bank (FAB) and Qatar National Bank (QNB). to reach $6.7trillion by 2027.
These government interests extend to around 80 per cent of the The top 10 Islamic Financial Institutions, ranked by
region's largest lenders, as reported by The Financial Times. Sharia-compliant assets, are predominantly from the Gulf
Cooperation Council (GCC) countries. These include Saudi

2 Conservative lending practices

Banks in the MEA region tend to adopt a more conservative
Arabia's AL Rajhi Bank, Saudi National Bank, Saudi British
Bank, and Alinma Bank, as well as Kuwait Finance House,
approach to lending. This conservatism was evident during the UAE's Dubai Islamic Bank, and Abu Dhabi Islamic Bank, along
2008 Global Financial Crisis when the MEA financial sector with Qatar's Qatar Islamic Bank and Masraf Al Rayan.
weathered the storm better than its Western counterparts. In terms of insurance, the lack of Sharia-compliant offerings
Despite experiencing the impact of the global recession, MEA banks, may contribute to low penetration in the market. However,
particularly those in the GCC (Gulf Cooperation Council) countries, Takaful, a form of Islamic insurance where members contribute
maintained high levels of capital. They typically exceed the to a pool to guarantee each other, has the potential to enhance
minimum capital requirements outlined in the Basel III agreements, the uninsured rate in the Arab world. This Sharia-compliant
which were established by the Basel Committee on Banking insurance model, according to Investopedia, could address
Supervision in response to the 2007-2009 financial crisis. This the needs of individuals seeking insurance coverage while
prudent approach to capital management contributes to the stability adhering to Islamic principles.
of the MEA financial sector, distinguishing it from other regions.

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MEA2024: OVERVIEW OF MEA

4 Underdeveloped infrastructure
Much of the MEA region suffers from inadequate
this rate is even lower, with figures ranging from 26 per cent to
35 per cent. Sub-Saharan Africa also grapples with low credit
infrastructure to support the financial services ecosystem. These and debit card penetration rates, standing at three per cent and
infrastructural deficiencies pose significant challenges for lenders 18 per cent, respectively.
who rely on data and information to offer services to end-users. One of the primary challenges contributing to financial exclusion
in Africa is the inadequate urbanisation, with many financial
Direct infrastructure for financial services institutions primarily catering to urban areas, thereby neglecting
One example is the lack of credit bureaus, which are vital for rural populations. Moreover, poverty levels exacerbate the problem
assessing creditworthiness. As of 2007, only four African of financial exclusion, further widening the gap between urban and
countries had effective credit bureaus. In the MENA region, rural access to financial services.
private credit bureau coverage for adults is estimated to be just Similarly, in the Arab world, there is a pressing need for greater
over 20 per cent, with notable disparities among countries. financial inclusion, with almost 92 per cent of the population
While Israel boasts full coverage, most GCC countries exceed requiring adequate access to financial services. In this region,
50 per cent, whereas Iran surpasses 60 per cent. However, this 60 per cent of the population remains unbanked, highlighting
still indicates significant room for improvement. the urgency to address issues of financial exclusion and enhance
Furthermore, basic financial services infrastructure such as access and resilience within the financial system.
ATMs is lacking, particularly in rural Africa, exacerbating financial
exclusion. Despite the recognition of the importance of digital
technology by many banks in Africa and the Middle East, a 6 Financial exclusion is a challenge for
small and medium enterprises (SMEs)
substantial portion have yet to develop comprehensive digital SMEs and micro small and medium-sized enterprises (MSMEs)
strategies, with fewer than a third of surveyed banks investing over play a crucial role in economies worldwide, contributing significantly
$3million annually in digital transformation efforts. to job creation and GDP. In the MEA region, these enterprises
are equally essential across various income levels, serving as
Indirect infrastructure for financial services key drivers of economic growth. Here are some examples of their
Beyond the direct infrastructure, there's a significant gap in digital significance in specific MEA countries:
infrastructure that indirectly supports financial services. For
instance, there's a relative scarcity of data centres across the region,
leading to data being stored abroad. However, there has been a
Kuwait
notable growth in the construction of data centres, even in affluent 5
regions like the GCC. For instance, Saudi Arabia launched an
7 3
$18billion plan in 2021 to build a network of large-scale data centres Egypt
Algeria 6
as part of its economic development strategy, Saudi Vision 2030. 1 UAE
Additionally, the lack of registered IDs poses a challenge, Saudi Arabia
particularly in Sub-Saharan Africa, where over half of the estimated
one billion people globally without registered IDs reside. This
absence of identification makes digital transformation and
fintech advancements difficult to implement, hindering processes
like know your customer (KYC). Despite the emphasis on digital 2
Kenya
experiences, infrastructure improvements remain essential to
facilitate these advancements.

5 Financial exclusion for individuals

Despite advancements in some parts of the MEA region,
many areas remain underserved or entirely excluded from the South Africa
4
financial sector. Countries like South Africa, Mauritius, and
Kenya have made progress in banking penetration and financial
infrastructure, boasting high penetration rates of 85 per cent, 90 per
cent, and 84 per cent, respectively. For instance, South Africa and
Mauritius have a significantly higher number of bank branches per
1 Saudi Arabia – SMEs constitute up to 99 per cent of all
private businesses, employing 64 per cent of the workforce
and contributing around 20 per cent of the country's GDP
100,000 adults compared to the Sub-Saharan African average.
However, despite these improvements, a substantial portion of
Africans, accounting for 52 percent, lack any form of bank account,
2 Kenya – MSMEs contribute 98 per cent to the country’s total
licenced entities, although only 20 per cent are officially
licenced MSMEs, reflecting a substantial informal sector.

3
including mobile money accounts. In certain African countries Egypt – SMEs make up more than 95 per cent of all non-agricultural
like the Democratic Republic of the Congo, Angola, and Ethiopia, private companies and employ about three-fourths of recent workers.

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4 South Africa – SMEs account for 91 per cent of businesses, 60 per
cent of employment, and contribute over half (52 per cent) of total GDP
offered in the MEA region is underserved, both from a socio-
economic perspective and in terms of cultural context and financial

5 Kuwait – SMEs make up 90 per cent of private labour, including

labour and imports, an additional 45 per cent of labour, jobs, and
domestic rates of less than one per cent, producing about 90 per cent
literacy. Taking insurance as an example, many in the MEA region
lack coverage, reflecting the broader theme of financial exclusion
discussed earlier. According to data from Atlas, the insurance
of employment in Lebanon, and more than 95 per cent of total firm
premiums market in MENA in 2018 was valued at $57billion.
6 UAE - SMEs comprise around 94.3 per cent for the country's
commercial ventures, employ nearly 62 per cent of the
population and produce about 75 per cent of the state’s GDP.
In the affluent GCC region, research from management consulting
firm Kearney indicates that it is one of the world’s fastest-growing

7 Algeria - MSMEs in represent a large part of the economic fabric insurance markets, with registered growth of nearly seven percent
(i.e. 99 per cent of around 1,200,000 companies in 2019 were SMEs); annually in gross written premiums over recent years. Despite this
97 per cent are micro-businesses as they employ less than 10 employees growth, the GCC countries collectively accounted for less than half

8 Middle East and Central Asia - SMEs are the majority

(96 per cent) of all registered companies in the region.
(44.3 per cent) of the region’s premium market share. Much of the
Middle East remains uninsured, particularly in less affluent regions
beyond the GCC. Historically, certain types of insurance, such as life
For the MEA region, access to finance for small and medium-sized insurance, were not widely practiced in the affluent GCC. However,
enterprises (SMEs) and micro businesses remains a challenge. there is a noticeable shift in this trend. For example, in Dubai, health
Nevertheless, the region has the lowest SME access to finance via the or medical insurance has been mandatory by law since 2014.
banking system. The average share of SMEs in total bank lending in Presently, the UAE and Saudi Arabia are the two largest insurance
Middle East, North Africa and Pakistan (MENAP) is around seven markets in the GCC. According to the latest S&P Global Ratings
per cent (it is even lower in parts of the GCC at two per cent). This is GCC Insurers 2023 Report, Saudi Arabia surpassed the UAE as
also reflected in a survey from the World Bank Enterprise Survey the largest market in the previous year, driven by a significant
where 32 per cent of firms in the MENAP region cite access to credit increase in gross written premiums (GWP). Projections from a
as a major constraint (higher than the global average of 26 per cent). ‘GCC Insurance Industry’ report by Alpen Capital suggest that
It is estimated that SMEs in the Middle East have the highest rate of Saudi Arabia will continue to lead the GCC insurance market,
lack of financial access in the world. reaching a market share of 42.6 per cent by 2028.
Other sources show that MENA has a financing gap of 80 per cent
and that SSA has one of 72 per cent. For more fragile nations and for Even with the rise of insurance
female entrepreneurs the gap unfortunately widens.
With SSA, It is estimated annually SMEs there have a finance gap technologies, or insurtech,
of $330billion. SMEs across the continent struggle to secure loans due there remains significant room
to various factors, including their inability to provide the necessary
information about their businesses to lenders (as highlighted earlier
for growth in the insurance
with the infrastructure bullet point). In Africa, 75 per cent of sector across the MEA region
enterprises are financed by internal funds, and another 10 per cent
use traditional banking loans. For instance, 79 per cent of informal
businesses have never obtained a loan, and only 21 per cent have A report by Zurich highlights that the potential of the insurance
utilised a bank loan in South Africa. Moreover, only under 20 per cent market in MENA remains largely untapped. Insurance penetration,
of formal businesses have used a bank loan to start their business. which measures the ratio of insurance premiums written to GDP, is
When examining the hurdles encountered by micro-enterprises in among the lowest in the world for MENA countries. While some
South Africa, access to both debt and equity markets emerges as a countries like Jordan, Lebanon, and Morocco have insurance
significant challenge. Furthermore, the absence of adequate business penetration ratios above 1.5 per cent, others, including Algeria,
infrastructure, equipment, and limited awareness of government Egypt, Yemen, and several GCC countries, have very low ratios.
support programmes are impeding the capacity of MSMEs to expand In contrast, the uninsured rate in Africa is even higher. Despite
and thrive in the country. having nearly 20 per cent of the world’s total population, the insurance
It's important to highlight that even basic necessities are often industry in Africa represents less than three percent of insured
inaccessible to many MSMEs. For instance, the same survey revealed catastrophe losses worldwide. Nigeria, with a population exceeding
that only 16 per cent and 28 per cent of MSMEs had access to 200 million, has an insurance penetration rate of only 0.5 per cent.
electricity from the national grid and water from public or municipal However, South Africa stands out with one of the world’s highest
sources, respectively. These deficiencies underscore the pressing insurance penetration rates, reaching an estimated 80 per cent of the
need for comprehensive support mechanisms to bolster the growth continent’s total gross premiums at its peak. Overall, only about three
and sustainability of micro-enterprises in South Africa. per cent of Africa's population is insured, the lowest rate globally.
Even with the rise of insurance technologies, or insurtech, there

7 Underserved financial service products

As mentioned earlier in the discussion on financial inclusion
remains significant room for growth in the insurance sector across
the MEA region. Digital transformation can streamline operations
for both individuals and businesses, the range of financial services and enhance accessibility, contributing to wider financial inclusion.

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e.Tech and startup overview
Overview
Global venture capital (VC) investment declined from $531.4 billion Türkiye has experienced a remarkable surge in startup
in 2022 to $344 billion in 2023, marking the lowest level since investments, with annual investments skyrocketing from $50million
2019. This downward trend was also observed in the MEA region, to $100million between 2010 and 2020 to over $1.5billion in 2021.
reflecting general declines across the board. The decrease can be This surge has led to the emergence of several unicorns, including
attributed to the prevailing economic climate, ongoing political gametech company Dream Games and fintech Papaya.
challenges, and other factors affecting the global tech and VC space. Israel, often referred to as the Startup Nation, boasts the most
Despite the decline in VC investment, the global tech industry advanced tech hub in the MEA region and is considered one of
remains robust, estimated to be worth at least $5.2trillion. The the world's leading tech ecosystems. The country has the highest
majority of this value is concentrated in North America (35 per cent), number of startups per capita globally and has produced numerous
Asia (32 per cent), and Europe (22 per cent), leaving only 10 per cent tech unicorns, such as , including eToro, Rapyd, TripActions,
for the rest of the world, including the MEA region. This percentage Moon Active, Compass, Next Insurance, and Melio. At least 77
seems small considering that the MEA region is home to a quarter of Israeli-founded startups have achieved this status, many of which
the world's population. However, technology is increasingly playing are fintechs. Much of the activity is centred around Tel Aviv, the
a stronger role in the region and has significant potential to grow largest city and commercial hub in the country.
further, particularly in sectors like financial technology (fintech). Israel's innovative tech ecosystem is supported by government
In previous versions of this report, the nascent stage of the initiatives and has a highly skilled workforce. The country ranks
region’s tech space was highlighted, evident in the lack of unicorns. second in the world in research and development (R&D) expenditure
Excluding Israel, often referred to as the ‘Startup Nation’, the MEA per capita, which amounts to around 4.1 per cent of its GDP. Israel
region has few unicorns. However, in recent years, there has been also has the highest percentage of engineers and scientists per capita
notable progress in both the tech and fintech sectors, with emerging in the world, and boasts one of the highest ratios of university
unicorns in countries such as Nigeria, Egypt, Saudi Arabia, the UAE, degrees and academic publications per capita.
Senegal and Türkiye. Despite Israel's thriving tech industry, other parts of the region
While such figures may suggest limited potential for the MEA still have relatively underdeveloped tech ecosystems.
region, the day-to-day changes and opportunities in fintech paint a
different picture. Similar to the financial services industry, the region's STARTUP BLINK TABLE
broader tech ecosystem exhibits varying levels of development and COUNTRY RANK LAST YEAR RANK
disparity, indicating opportunities for growth and innovation. Israel 3 3
UAE 28 27
Tech hub Türkiye 45 46
Where are the known tech hubs? As with other regions, tech activity South Africa 53 49
and innovation in the MEA region are concentrated in specific areas. Bahrain 60 64
In the Middle East, the UAE stands out with the highest levels of Mauritius 61 71
activity across various metrics, including the number of tech Nigeria 64 61
companies and VC deals. Saudi Arabia 66 72
Dubai, in particular, has positioned itself as a regional and global Egypt 67 65
tech hub, attracting multinational corporations like Google to Jordan 68 66
establish their regional offices there. Notably, Dubai has been the Lebanon 75 77
birthplace of some of the first unicorns in the region, such as Ghana 77 82
car-hailing app Careem and Souq.com, the online e-commerce portal Cape Verde 78 80
that was acquired by Amazon. Senegal 82 92
Source: Startup Ecosystem Report 2023

While the UAE leads the way, other countries in the Middle East Namibia 88 91
are catching up and developing their own robust tech ecosystems. Qatar 90 86
Saudi Arabia, for instance, launched the LEAP tech trade show and Tunisia 91 83
conference two years ago and has made significant investments in Morocco 93 79
AI, allocating $20billion for further advancement in this field. Kuwait 94 99
In Africa, tech activity and innovation are concentrated in certain Rwanda 95 84
countries, with Egypt, Nigeria, Kenya, and South Africa leading Uganda 96 new
the pack. These countries also dominate the fintech space and the Angola 97 -
wider tech and startup scene on the continent. Somalia 98 -

26 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: OVERVIEW OF MEA

VC funding Spotlight: Sovereign wealth funds (SWFs)

MEA received over $9.3billion in VC funding last year, marking a The rise of sovereign wealth funds in the MENA region has garnered
decline similar to the global trend. However, this funding is not more attention recently, driven in part by the growing significance of
evenly distributed, with Israel alone accounting for $4.3billion, technology and startups as catalysts for future economic development
followed by the Middle East (excluding North Africa, Israel, and and diversification. These funds are increasingly focused on
Türkiye) with $2.2billion, Africa with $1.9billion, and Türkiye with fostering entrepreneurship both presently and in the future.
around $1billion. Globally, there are estimated to be 176 sovereign wealth funds
Israel experienced a notable decrease in funding compared to managing over $11.36trillion in assets. The Middle East, particularly
previous years, dropping from $8.9billion across 677 deals to $4.3billion the wealthy GCC countries, is home to 20 of these funds, collectively
across 369 deals. The Gulf countries, excluding Saudi Arabia, reported managing assets of around $4trillion. The top five largest sovereign
a 47 percent year-on-year decline in funding, with the UAE down by wealth funds in the Middle East alone deployed over $73billion,
45 percent. Similarly, the Big 4 African countries –Kenya, South with their investments in Western countries, such as Europe and
Africa, Nigeria, and Egypt – also witnessed declines in VC funding. the US, doubling in 2022 to $51.6billion.

Despite these challenges, there were significant achievements in TOP 10 LARGEST GLOBAL SOVEREIGN WEALTH FUNDS
2023. Saudi Arabia saw a 33 per cent increase in funding, surpassing 1 Norway Government Pension Fund Global +$1,648billion
the UAE to become the largest value recipient for the first time, 2 China Investment Corporation $1,350billion
with $1.383billion. Saudi Arabia also produced a unicorn with buy 3 SAFE Investment Company (China) $1,090billion
now pay later (BNPL) platform Tamara, which secured the largest 4 Abu Dhabi Investment Authority $993billion
deal in MENA at $340million. However, the UAE still led in the 5 Public Investment Fund (Saudi Arabia) $925billion
number of deals and exits with 158 (Saudi had 125).

Source: SWF Institute

6 Kuwait Investment Authority +$923billion
Fintech remained a vital sector in MENA, receiving $1.279billion 7 GIC Private Limited (Singapore) $770billion
out of the $1.9billion total funding, with 101 deals. In Africa, 8 Qatar Investment Authority +$526billion
Kenya emerged as the leading VC investment destination, securing 9 Hong Kong Monetary Authority Investment Portfolio +$514billion
$800 million, followed by Egypt with $640million, South Africa 10 Temasek Holdings (Singapore) +$492billion
with $600million, and Nigeria with $400million.
Notably, Francophone-speaking Africa, including countries like A Financial Times article titled ‘The New Gulf Sovereign Wealth
the DRC and Morocco, experienced growth. Besides the Big 4, other Fund Boom’ underscored the substantial growth in investment
top African investment destinations included : Morocco ($88million), witnessed by these funds. Sovereign wealth funds have shown
Benin Republic ($71 million), the Democratic Republic of Congo particular interest in specific sectors such as fintech, with Qatar’s
($62 million), Ghana ($57 million), Senegal, and Rwanda at $44 fund among those actively seeking opportunities globally. Notably,
million each; 11th was Tanzania ($25 million). the GCC countries play a significant role in this sector, representing a
While some countries like Tunisia and Algeria appeared quieter substantial portion of the global top ten both in terms of representation
in 2023, they had successful years in 2022. For example, Algeria's and assets controlled. Notable GCC funds that missed the top ten
Yassir raised $150million in November 2022, one of the largest include the Investment Corporation of Dubai (12th place), Abu Dhabi
rounds raised in Africa that year, with investments from Silicon Development Holding Company (14th), Mubadala Investment Company
Valley-based Bond and accelerator Y Combinator. (18th place), and National Development Fund of Iran (16th).

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 27

MEA2024: OVERVIEW OF MEA

f.The MEA consumer

Considering the diversity among the regions of the Middle East Secondly, less affluent MEA nations benefit from remittances
and Africa discussed earlier in this chapter, one might question sent by their citizens working abroad, which significantly contribute
how such a region, with its multitude of nations and diverse to their economies. This is evident both in the top five global
ethnicities, tribes, and socio-economic backgrounds, remittance volumes (with Egypt ranking fifth) and in terms of the
can exhibit similarities. percentage contribution to GDP (with Lebanon ranking fourth).
While it's challenging to make generalisations, it's evident
REMITTANCES INFLOW (VALUE) TOP FIVE GLOBALLY
that many aspects of the MEA region share common traits,
RANK COUNTRY VALUE
particularly in the realm of financial services and, as highlighted
1 India $125 billion

Source: The World Bank Image: The Fintech Times

in this report, fintech.
2 Mexico $67 billion
3 China $50 billion
Spotlight: Remittances in MEA 4 Philippines $40 billion
Because of significant migration, the MEA region stands out as
5 Egypt $32 billion
one of the busiest corridors globally for remittances – reflecting the
flow of money sent and received. REMITTANCES INFLOW (AS PER VALUE OF GDP)
Firstly, wealthy regions, notably the Gulf Cooperation Council RANK COUNTRY PERCENTAGE OF GDP
(GCC), have attracted people from worldwide, including other MEA 1 Tajikistan 48 per cent
countries and beyond. For example, the UAE, with an expatriate 2 Tonga 41 per cent
population comprising nearly 90 per cent of its total population, 3 Samoa 32 per cent
hosts representatives from around 200 nationalities, with Egyptians 4 Lebanon 28 per cent
constituting one of the largest groups, estimated at around five 5 Nicaragua 27 per cent
per cent of the total population. Remarkably, five of the six GCC
nations rank among the world’s top 20 remittance outflows.
Notably absent from this list are Israel (21st) and Bahrain (32nd). Recap – rise of digital behaviours in
MEA during and post-pandemic
REMITTANCES OUTFLOW VALUE TOP 20
RANK COUNTRY VALUE 73% ~40%
MEA consumers Increase usage of
1 United States 81,636,000.00 shopped more online banking
2 UAE 39,700,272.80 online since in Africa
Covid-19
3 Saudi Arabia 39,349,380.60
4 Switzerland 31,905,840.74
30% ~40%
5 China 18,255,865.71 in Africa Increase usage of
digital channels

Africa
6 Kuwait 17,738,101.22 will visit a
bank branch post-pandemic
7 Germany 17,104,357.29 less post-pandemic in Africa
8 Luxembourg 15,506,484.22
Source: The World Bank Image: The Fintech Times

9 Netherlands 15,386,378.05
82%
10
11
France
Qatar
15,267,430.31
12,285,714.29
of surveyed banking Middle 69%
East
customers in the Middle Cashless payments
12 Italy 11,586,496.05 East willing to start using in the Middle
fintech solutions in 2020 East (2023)
13 Poland 10,941,000.00
14 United Kingdom 10,767,841.26 93% 64%
15 India 10,088,812.32 reported an increase in Middle East
in their use of e-wallet and only started using
16 Malaysia 9,068,219.75 mobile banking in 2021. online payments
17 Canada 8,328,009.71 Covid-19 was one of the during pandemic
main factors for that
18 South Korea 8,300,500.00 53%
19 Oman 8,117,672.05 64% in Middle East are shopping
only started using online payments more post-covid on their
20 Belgium 7,783,782.71 services during the pandemic smartphones than pre-Covid

28 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 1 Many in MEA work in
the informal economy
In much of MEA many, according to the International Labour
Organization (ILO), are found on the edge of high vulnerability to
poverty, low earnings, irregular incomes, and bad working conditions.
Africa – 83% employment informal economy
SSA – 85% employment informal economy
And in the Middle East and North Africa….Nearly 2 out of 3
people hold a job in the informal economy

2 The population is young

and growing fast in comparison
to the rest of the world
MEA is a young and growing region.

50% of the population is 24 and under...

In MENA nearly

In SSA…..70% of the population is under 30 years old

The Middle East and Africa consumer overview

3 Many in MEA work in
the informal economy 5 Varied internet penetration and
relatively high mobile usage
Especially in the poorer parts of MEA youth unemployment is higher In terms of mobile adoption, in particular smartphones…..
than the rest of the globe. This results in many of the poorer MEA
residents having to immigrate and find work, especially in more
SSA – 51% of the population is now
estimated to own a smartphone.
affluent parts of MEA (notably the Arabian Gulf GCC) and beyond.
However, it still has the highest usage gap globally with
In MENA 25% is the youth unemployment rate.
59% of the total population unconnected.
In SSA over 30% of youth are not in employment,
education nor training (world’s highest) – 2/3 of them are women Also, only 25% of the population
are connected to its mobile broadband service.
40% of Africans
4 Many in MEA work in Generally, with internet, only around
had access to the internet.
the informal economy MENA – are over 415million unique mobile subscribers
MEA has one of the world’s busiest corridors when it comes to
migration of people, both immigrating and/or working as There are over 330 million mobile internet users
expatriates, as well being a recipient of those expatriates
and/or immigrants. This is noted in particular with remittances There is a 70% smartphone adoption rate
Top 5 MEA countries Top MEA country Generally, with internet, only around 61% of the
remittances outflow (value): – remittances inflow (value) MENA population had access to the internet
1. United Arab Emirates (2nd globally) Egypt – (5th globally)
2. Saudi Arabia (3rd globally) FACT Three-fourth of African internet traffic goes via mobile phone.
Top MEA country
3. Kuwait (6th globally) – remittances inflow
4. Qatar (11th globally) (contribution to GDP % )
5. Oman (19th globally) Lebanon – (4th globally)

Sources: GSMA, Unconnected, The Fintech Times: Middle East and Africa 2023 Report, World Bank Image: Richie Santosdiaz and The Fintech Times

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 29

g.Economic diversification and
digitalisation economic development
Overview
Examining the diverse economies, cultures, and socio-economic and the finite nature of natural resources, these nations require clear
statuses across the MEA region, one might question how they visions and strategic roadmaps to diversify their economies.
share common ground. However, despite this diversity, economic Each of the six GCC countries has crafted its own economic
development priorities emerge as a unifying factor. Such priorities development strategies, such as Bahrain Economic Vision 2030,
are not unique to the MEA but are instead a global imperative, Kuwait Vision 2035, Qatar National Vision 2030, Oman Vision
driving public sector agendas worldwide in pursuit of citizen 2040, and Saudi Vision 2030. The UAE, for instance, has other
well-being through economic growth and job creation. national initiatives such as UAE Centennial 2071 and UAE Vision
The MEA region, encompassing a spectrum of nations and 2021, as well as regional initiatives like Abu Dhabi Vision 2030.
demographic compositions, experiences visible transformations and These strategies focus on diversifying sectors, including technology,
unmistakable economic development and diversification efforts. financial services, and tourism, to sustain growth and uphold
These changes present an exciting era for observers like myself, yet living standards.
they may not be apparent to all, particularly those unfamiliar with Moreover, various low- to high-income countries across the MEA
economic development and diversification concepts. However, region are leveraging economic development strategies to elevate
whether visiting the MEA or residing there, one cannot overlook living standards. By capitalising on their strengths and expanding
these shifts. This report aims to shed light on such transformations, into sectors like technology and financial services, these nations
spurred by the growth of fintech, both directly and indirectly. aspire to spur economic growth. Examples of these strategies include
Understanding economic development strategies is fundamental. Egypt Vision 2030, Mauritius Vision, Rwanda Vision 2050, Jordan
Essentially, they represent a national or municipal outlook aimed 2025, Uganda Vision 2040, Kenya Vision 2030, and Ghana Vision
at enhancing existing sectors while nurturing new ones. Their 2020. By diversifying their economies, these countries hope to uplift
overarching goal is to stimulate economic growth, foster job their nation's income and standard of living in the long term.
creation, and enhance the lives of residents. Governments in the region are also fostering entrepreneurship
Why are these strategies vital in the MEA? Many MEA countries and nurturing homegrown startups. This involves incentivising
rely heavily on commodities and natural resources, such as oil in the entrepreneurship, promoting priority sectors like fintech, and
GCC and parts of Africa like Nigeria. Given the volatility of oil prices supporting accelerator and incubation programmes. Initiatives to

OVERVIEW OF MIDDLE EAST AND

AFRICA – THE RISE OF DIGITAL IN GENERAL – DIGITAL
Government support generally ECONOMIC DEVELOPMENT
across wider economic development
transformations via national strategies

Digital economic The potential for

development plays a strong MEA remains huge and
part of this generally opportunities remain
22% of $712 billion 40%
sub-Saharan businesses projected size of GDP per capita
said that they’d either started to use or increased Africa’s digital in MENA could rise
their use of digital tech during 2020 economy by 2050 by more than 40%

Source: Various including The Fintech Times, Mastercard, World Bank MENA Fintech Association, Kaspersky, Economist,
McKinsey, World Economic Forum, World Population Review, Accenture Image: Richie Santosdiaz and The Fintech Times

30 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: OVERVIEW OF MEA

encourage local hiring in the private sector and provide education In the context of fintech, a combination of market demand and
and sector-specific training are also underway. government support has driven many countries to develop fintech
Additionally, education and sector-specific training receive and broader digital ecosystems. Regulatory sandboxes have also
prioritisation, accompanied by incentives for aspiring entrepreneurs. emerged across the region, and legislative changes have been
For instance, the UAE recently introduced a unique initiative prioritised in fintech to ensure consumer protection and foster a
allowing locals to take a year off from their government jobs to positive business environment in the MEA region.
launch their businesses. Furthermore, there are digital-specific Moreover, recognising the importance of talent and human capital,
initiatives, including those targeting sub-sectors such as fintech. the region has witnessed the development of an ecosystem driven
These strategies often complement broader national or city-wide by economic development strategies and market demand. Although
plans. Sub-digital initiatives focus on areas like artificial intelligence the region is still in its nascent stages compared to Silicon Valley in
(AI), blockchain, and big data. While each initiative is tailored to the US, the progress in the MEA region is notable. This progress has
meet the specific needs of its respective nation, they all share led to the proliferation of accelerators/incubators, venture capital
overarching economic objectives, including: companies, and an emphasis on university graduates, particularly
those with expertise in coding and other high-demand skills.
■ Diversification of economic sectors These initiatives aim to
mitigate the risk associated with economies reliant on a single In the context of fintech, a combination of
sector by fostering diverse economies with multiple sectors market demand and government support
such as tourism, transportation, technology and fintech.
■ Drive innovation and entrepreneurship These initiatives has driven many countries to develop
promote innovation within the future economy, encouraging fintech and broader digital ecosystems
the development of local talent and ideas, and fostering
entrepreneurship to propel these ideas forward.
■ Digital transformation Digital technology drives sectors like Digital economic development
technology and fintech, and it's crucial for broader technology In any scenario, there's usually a driving force, whether from the
adoption to prepare for a digital future. The Covid-19 pandemic government or spurred by market demand. In the realm of digital
has underscored the importance of robust technology transformation, the MEA region has experienced varied degrees of
infrastructure globally. influence. As noted earlier, much of this impetus has stemmed from
■ Job creation and economic growth Job creation and economic government-led and legislative initiatives, aiming to propel a broader
growth serve as fundamental pillars of economic development. digital transformation with economic development at its core. This
Therefore, these initiatives aim to formulate an overall economic involves establishing regulations and fostering an environment
development strategy to enhance the wellbeing of citizens. conducive to innovation to bolster digitalisation efforts.

DURING THE PANDEMIC

73% MEA
consumers
shopped more online
since Covid-19

MIDDLE EAST
69% payments
will be cashless in the
Middle East by 2023

64% in AFRICA
Middle East ~40% increase
only started using usage of online banking in Africa
online payments
during pandemic 30% in Africa
will visit a bank branch
53 % in less post-pandemic

Middle East ~40% increase

are shopping more on their usage of digital channels
smartphones than pre-Covid post-pandemic in Africa

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 31

MEA2024: OVERVIEW OF MEA
In addition to national strategies, efforts within the broader notably in the US, Europe or Singapore. This migration deprives
tech landscape have contributed to advancing digitalisation. MEA of valuable talent that could otherwise contribute to fostering
Initiatives targeting areas like AI and even the metaverse have a vibrant fintech landscape locally.
been advocated from both governmental and legislative standpoints,
as elaborated later in this report. Conversely, market-driven changes Addressing the challenges
have also played a significant role. The overview of the MEA region Governments across the region are prioritising broader digital
presented in Chapter One underscores that the youthful population economic development, as previously highlighted, with a strong
is underserved in financial services due to various economic factors. emphasis on various digital components. For instance, linked to
Fintech has emerged to bridge these gaps, catering to a wide range of Saudi Vision 2030, Saudi Arabia has a national strategy focused
individuals who lack access to traditional financial services. solely on AI called the National Strategy for Data & AI (NSDAI). This
Key strategies and economic integrations in the region related to aims to position the country as a global leader in big data and AI by
fintech and broader financial services include initiatives such as: 2030, with a target of contributing at least 12 per cent to its GDP.
Similarly, Saudi Arabia has launched its fintech-specific strategy to
■ Pan-African Payment and Settlement System (PAPSS): Launched enhance the sector's contribution to the GDP. Qatar followed suit in
in July 2019, PAPSS facilitates instant, cross-border payments in March last year. Additionally, the UAE has its Artificial Intelligence
local currencies between African AfCFTA member nations. Strategy 2031, which advocates for the adoption of exponential
■ Buna (from the Arab Monetary Fund - AMF): A multi-currency technologies like AI to drive transformation across various sectors.
payment platform launched in 2020, Buna facilitates the clearing Beyond the GCC, countries like Egypt are prioritising AI development
and settlement of cross-border payments in eligible Arab and by launching initiatives such as an AI faculty at Kafr El Sheikh
international currencies across the Arab region and beyond, University. Egypt aims to derive almost $43 billion, or 7.7 per cent of
with links to major trade partners. its GDP, from AI by 2030. Türkiye has also launched its AI strategy
■ Gulf Payments Company: Established in December 2016, roadmap, aiming for the AI ecosystem to contribute five per cent to
this company aims to develop a system that interconnects the country's GDP by 2025 and employing 50,000 people in the sector.
all payment systems in the GCC countries. Infrastructure development is gaining momentum, especially in
Africa, where the data centre market is projected to reach $3billion by
Overall, the potential socio-economic benefits would be immense 2025. South Africa leads in data centre infrastructure, contributing
if countries across MENA and SSA fully digitised their economies. six percent to its GDP, and ranks 25th globally in data centre density.
Despite the widespread use of social media, there remains ample Nigeria also has a well-established data centre market, with key
opportunity for further adoption of digital technologies. Fintech service providers such as Netcom, MainOne, and Console Connect.
endeavours to address these gaps and propel digitalisation forward.
The UAE stands out as a global leader in digitalisation, reflected in
Digital infrastructure pertaining to fintech its high ranking in the IMD World Digital Competitiveness Ranking
The foundational elements empowering fintech in MEA are akin to 2022. Qatar is also investing significantly in digital infrastructure
those in other regions, encompassing digital infrastructure such as and ranks second in the MEA region. However, there is still ample
artificial intelligence (AI), machine learning, blockchain, application room for growth in fintech, particularly in open finance, presenting
programming interfaces (APIs), mobile devices, big data, cloud opportunities for the region. Efforts to enhance digital skills are
computing, and cybersecurity. Additionally, the presence of skilled underway across MEA, with initiatives like Digital Skills Africa and
talent is crucial for driving innovation in this sector. commitments from multinational companies like Cisco to educate
millions in digital and cybersecurity skills. This transformation is
Present situation and identified gaps evident even in wealthy areas like the GCC, where there's a shift
In MEA, the digital infrastructure deficit poses a significant towards the private sector and entrepreneurship as priorities in
challenge for fintech development. Data centres, internet national economic development strategies.
connectivity, and access to smart mobile devices are all essential for In addition, efforts are underway across MEA to boost digital
fostering a thriving fintech ecosystem. For instance, as previously skills. This includes Digital Skills Africa, a non-profit company
noted in this chapter, up to 80 per cent of Africa's data was stored (NPC) established to reignite hope and address socio-economic
outside the continent, partly due to inadequate infrastructure. transformation through digital empowerment. Moreover, large
MEA is relatively new to the digital transformation journey, while MNCs like Cisco have promised to educate 10 million people
the global market is swiftly evolving, marked by advancements in in digital and cybersecurity skills across EMEA over the next
blockchain, AI, and the metaverse. Some MEA countries, like Dubai, decade. To note, other large multinational corporations like Visa,
have initiated their strategies to become global leaders in these Mastercard as well as telcos like Orange have dedicated efforts to
domains. Nevertheless, the region still grapples with talent shortages boost talent development in digital.
and a lack of individuals equipped with the requisite skills in coding Despite lagging behind regions like Europe and the US in fintech
and other fintech-related areas. Brain drain exacerbates this innovation, MEA is making significant strides in digitalisation
challenge, with many highly skilled professionals and potential and talent development. These efforts aim to achieve widespread
entrepreneurs opting to leave the region for opportunities abroad, financial inclusion and digital transformation across the region.

32 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

h.Summary: Key takeaways
MEA is characterised by its diversity across various Tech and startups
dimensions. However, several key themes emerge: Innovation hubs are prominent in Israel, Türkiye, UAE, and
parts of the Middle East and Africa. Rich MEA countries,
Geographical particularly the GCC, are active global investors, notably through
Despite its vastness, historical influences have led to shared traits sovereign wealth funds. Recent unicorns from Saudi Arabia,
across the region. The spread of cultures like Arabic in MENA and Egypt, UAE, and Türkiye have garnered significant attention.
European colonialism have shaped the geopolitical landscape,
evident in references to the Arab world or Francophone Africa. MEA consumer
The MEA consumer demographic is youthful, with high
Economic unemployment rates and a strong presence in the informal
MEA encompasses some of the world's wealthiest and poorest economy. Mobile and internet penetration vary across the region,
regions. Rich nations often derive their wealth from natural while remittances play a significant role in the economy.
resources like oil and gas, while others, such as Dubai and
Türkiye, have seen growth through service-oriented economies. Economic diversification and digitalisation
Government-led strategies aim to diversify and digitise the
Financial services economy, with sectors like fintech receiving substantial support.
Financial centres are concentrated in parts of MEA, including
Dubai, Abu Dhabi, Istanbul, Cape Town and Johannesburg. While Digital infrastructure pertaining to fintech
diverse, the region shares similarities in its financial services Despite progress, the lack of general infrastructure
sector, characterised by government influence, conservative remains a challenge in much of MEA. Economic
lending practices and disparities in infrastructure. development strategies prioritise addressing this gap,
particularly in areas like AI and blockchain.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 33

THE FINTECH LANDSCAPE OF THE
PAYTECH, MONEY TRANSFER & REMITTANCES

DIGITAL & NEOBANKS WEALTHTECH & INVESTING

Source: Richie Santosdiaz and The Fintech Times – Landscape is a sample of Fintechs mainly hq-ed and/or founded in MEA – Note some are multi-sector and/or fintech “Superapps;”
MIDDLE EAST AND AFRICA 2024
DIGITAL CURRENCIES OPEN & EMBEDDED FINANCE

LENDING INSURTECH

REGTECH GAMETECH

gametechs – some will be more direct with fintech as a whole more than others (offers a sample of the ecosystem)
Chapter Two
The Fintech
landscape in
the Middle
East and Africa
36 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024
 MEA2024: THE FINTECH LANDSCAPE

Putting the focus

on the fintech
sector in the
MEA region
A. Overview of fintech in the Middle East and Africa
B. Key subsectors of fintech – an overview of
nine key subsectors in the fintech sector
1 Payments, money transfer and remittances
2 Digital, challenger and neobanks
3 Gametech
4 Wealth and investment
5 Regtech
6 Digital currencies
7 Open finance
8 Lending
9 Insurtech
C. The rise of superapps
D. Wider fintech ecosystem
E. Key takeaways

Key subsectors in fintech

Paytech, Payment processes, money transfers,
money sending money via remittances and
transfer & digital payment solutions; including
remittances buy now, pay later (BNPL) and digital wallets.

Digital, The digitalisation of

challenger banking services as
and neobanks well as digital-first banks

The development and monetisation

Gametech of video, esports and mobile gaming

Wealthtech Personal finance and investment

and investment tools to save and grow one’s assets

The management of regulatory monitoring, reporting,

as well as compliance within the financial services
Regtech industry through technological solutions

Solutions from cryptocurrencies to stablecoins

Digital to central bank digital currencies (CBDC)s via a
currencies decentralised approach through blockchain

The opening of financial institutions to third party

companies via application programming interface
Open finance (API) such as with banks via open banking

Solutions for personal or

Lending commercial lending

Digitalisation of
Insurtech insure products

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 37

 MEA2024: THE FINTECH LANDSCAPE

a.Overview of fintech in
the Middle East and Africa
The global fintech industry is estimated to be worth at least the top 10 list for the first time as well. The global Islamic fintech
$300billion, making significant strides in MEA and contributing market is forecasted to reach $306billion in transaction volumes by
to financial inclusion for both unserved and underserved 2027, an increase from $138billion in 2022/23, according to the Global
individuals and SMEs. Sub-Saharan Africa sees fintech Islamic Fintech (GIFT) Report 2023/24. MEA has seen a positive
contributing $150billion to its GDP, while Israel’s fintech sector spotlight in unicorn creation, with Türkiye and the UAE producing
contributes around 11 per cent to its GDP. In Türkiye, the industry notable fintech unicorns like Papara and Tabby, respectively. Saudi
is valued at least $15billion, growing annually by approximately Arabia and Egypt have also added to the unicorn count with
14 per cent. Similarly, the Arab World’s fintech sector is estimated companies like Tamara and MTN Halan, showcasing a growing
to be worth at least $15 billion. ecosystem supported by government initiatives and organic growth.
Despite challenges facing the global economy, which are felt across What often goes unnoticed is MEA’s growing influence in the
MEA, the fintech sector continues to play a crucial role in the region’s global fintech landscape, despite not reaching the same scale as
economic growth and development. While global VC funding has seen European or American solutions. Historical successes, such as
a downturn, fintech remains one of the most funded sectors in MEA, the widespread adoption of mobile money through platforms like
with countries like Saudi Arabia (which impressively last year raised M-Pesa, have transcended beyond East Africa to become popular not
almost $1billion for the first time ever) and Francophone African only in Africa but also in regions like Southeast Asia. More recent
nations experiencing positive growth patterns in fundraising. examples include South Africa’s TymeBank, which operates beyond
MEA also dominates in Islamic fintech markets, with Saudi Arabia, MEA, extending its services to countries like the Philippines.
Iran, UAE, Kuwait, Malaysia, and Indonesia emerging as the top Additionally, the wealthy GCC nations, as highlighted in the
six markets by transaction value and assets under management, previous chapter, are expanding their investments and portfolio
accounting for 85 per cent of the global market. MEA’s ecosystems are activities beyond MEA, contributing to the region’s growing
also conducive to Islamic fintech, with countries like Malaysia, Saudi presence in fintech. Financial institutions in regions like the
Arabia, Indonesia, UAE, and the UK listed as the top five in the Global GCC, where markets are becoming saturated, are also exploring
Islamic Fintech (GIFT) Report 2023/24. It even saw Oman make it to opportunities beyond their borders or are in the process of doing so.

+3,700 +35,000 TOP TEN COUNTRIES WITH THE MOST FINTECHS

RANKING COUNTRY NUMBER OF FINTECHS
Fintech solutions in MEA Tech startups in MEA
1 Türkiye 739
Total fintechs +40% 2 UAE 686
Are either in payments, Total fintechs in MEA 3 Israel 550
lending or wealthtech are in three countries: 4 Nigeria 250
1 Payments, money transfers ■ Türkiye 5 South Africa 200
and remittances (almost a ■ UAE 5 Saudi Arabia 200
third of total fintechs) ■ Israel
7 Egypt 177
2 Lending solutions
(almost 20 per cent of total fintechs) The 'Big 4' 8
9
Kenya
Bahrain
150
120
3 Wealthtech and investment in Africa 10 Qatar 105
(around ten per cent of total fintechs) ■ Nigeria, Kenya,
Fintechs across different subsectors have been Egypt and TOP TEN COUNTRIES WITH THE MOST STARTUPS
diversifying over time and, while it is still led South Africa RANKING COUNTRY NUMBER OF STARTUPS
by payments, is further expanding out. 1 Israel 9,000
+60%
85% History Of Middle East
and North Africa (MENA)
solutions at one point were in payments
Fintechs in Africa are
based in the Big 4
2
3
UAE
Nigeria
5,641
3,360
4 Türkiye 2,500

$9.338
5 Egypt 2,112
REGION/COUNTRY VALUE
6 Lebanon 2,000
Israel $4.3billion
billion
MEA VC
Middle East (not including $2.2billion
7
8
Saudi Arabia
Algeria
1,600
800
North Africa, Israel and Türkiye)
funding 2023
Africa $1.9billion 9 Tanzania 673
(sizeable percentage
went to fintech) Türkiye ~$1billion 10 South Africa 660

38 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 In the previous page of this chapter, there’s an image depicting annual growth rate (CAGR) of 26.7 per cent from 2022 to 2029. By
key fintech subsectors, which applies to the MEA region as well. 2029, revenues are expected to surpass $21billion. Other topics and
According to our research, nearly two-thirds of fintech solutions enablers, such as environmental, social, and governance (ESG)
in MEA, totalling over 3,700, fall into categories such as payments, considerations, are also gaining traction in the wider financial
money transfer, and remittances (comprising about a third of services space in the region, albeit still in its infancy. Despite the
all fintech solutions), lending (constituting around 20 per cent of burgeoning fintech activity and growth across various metrics, such
total fintech solutions), and wealthtech and investing (making up as VC funding and the number of fintech companies, as Chapter
approximately 10 per cent of total fintech solutions). Three will delve into, the geography of this activity tends to remain
This diversity indicates a shift in the MEA fintech landscape beyond concentrated mainly in the affluent GCC countries, Israel, Türkiye,
just payments, which historically dominated the sector. At its peak, and the ‘Big Four’ of Africa – Nigeria, Kenya, Egypt and South Africa.
payments accounted for 85 per cent of all fintech solutions in the The chapter will now proceed with dissecting nine key subsectors
MENA region. It’s important to note that the +3,700 fintech solutions within the MEA context, through the exclusive Fintech Landscape
include both native-born MEA solutions and those from non-MEA created by The Fintech Times in 2022. These nine subsectors are 1.
countries that have expanded through foreign direct investment Payments, money transfer and remittances, 2. Digital, challenger
(FDI). Additionally, this count may include some double counting and neobanks, 3. Gametech, 4. Wealthtech and investing, 5. Regtech,
of companies operating in multiple countries within the region. 6. Digital currencies, 7. Open finance, 8. Lending, 9. Insurtech.
Nevertheless, this explains the growing interest and expansion It’s important to note that some fintech solutions may operate in
into other aspects and subsectors of fintech, such as open finance more than one subsector or even outside the fintech space entirely.
(particularly open banking) and embedded finance. Although These instances will also be covered, along with an overview of
embedded finance is still in its early stages in the MEA region superapps. Additionally, similar to previous versions of this report,
compared to other parts of the world, there appears to be significant the wider fintech ecosystem will be recapped and acknowledged,
potential for its acceptance and adoption. as it encompasses not only fintech companies but also financial
According to various sources, MEA’s embedded payment industry institutions, governments, and consumers, as well as supporting
is projected to grow and exceed $5.8billion by 2022, with a compound entities such as accelerators, associations, and media outlets..

Unicorn fintechs in the Middle East and Africa

ISRAEL TÜRKIYE

SYRIA
TUNISIA LEBANON IRAN
MOROCCO ISRAEL
PALESTINE IRAQ
JORDAN
KUWAIT

WESTERN ALGERIA LIBYA EGYPT

EGYPT
UAE
SAHARA SAUDI
ARABIA
Source: Richie Santosdiaz and The Fintech Times

MAURITANIA MALI OMAN

NIGER YEMEN
CHAD SUDAN ERITREA
SENEGAL

GUINEA- BURKINA FASO

BISSAU GUINEA NIGERIA
BENIN
ETHIOPIA
SIERRA LEONE
GHANA SOUTH
IVORY CENTRAL AFRICAN SUDAN
LIBERIA TOGO REPUBLIC
COAST
CAMEROON SOMALIA

UGANDA
EQUATORIAL
GUINEA CONGO
UAE
GABON KENYA
DEMOCRATIC RWANDA
REPUBLIC OF
THE CONGO BURUNDI
SENEGAL
TANZANIA

ANGOLA
MALAWI
ZAMBIA SAUDI ARABIA
MOZAMBIQUE
NIGERIA NAMIBIA
ZIMBABWE

BOTSWANA

SOUTH AFRICA ESWATINI

LESOTHO

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 39

b.Key fintech subsectors

1.Payments, money transfers and remittances

Payments overview
Payments and paytech remain dominant forces within the encompasses various payment types, including business-to-business
broader fintech ecosystem across the MEA region. Historically, (B2B), business-to-consumer (B2C), and business-to-government
around 85 per cent of fintech firms in the MENA region operated (B2G) transactions. In the MEA payments landscape, several key
within the payments, transfer, and remittance sectors. While components contribute to its dominance:
other fintech subsectors are emerging in the wider MENA,
Sub-Saharan Africa, and MEA region, payments continue to ■ The rise of digital payments
hold a significant share of attention and activity. The rise of digital payments, especially in e-commerce, has been
The prevalence of payments in the region presents two main a prominent trend, particularly accentuated during the Covid-19
opportunities. Firstly, there is the opportunity to address the challenges pandemic. In the MENA region, digital payments are forecast to
associated with cash-based societies, which are still prevalent in much grow at a compound annual growth rate (CAGR) of 15.39 per cent
of MEA. Secondly, there is significant potential for enhancing digital from 2022 to 2026. Even before the pandemic, digital payments
payment experiences through further digitalisation efforts, catering were experiencing rapid growth in MEA. For instance, consumer
to both current needs and future prospects in the digital economy. digital payments transactions in the UAE saw an annual growth
According to the MENA Fintech Association’s SHIFT report, rate of over nine percent between 2014 and 2019, while Saudi
non-cash payments in the UAE alone were projected to constitute 73 Arabia witnessed significant growth in card payments, surpassing
per cent of transaction volume by the end of last year, a significant 70 per cent between February 2019 and January 2020, far exceeding
increase from 39 per cent in 2018. This growth in non-cash payments Europe’s average annual growth of four to five per cent.

40 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: THE FINTECH LANDSCAPE

■ Digital wallets Payments and paytech remain dominant

Digital wallets, including mobile wallets, have gained traction
in the region, mirroring global trends. Research across several forces within the broader fintech
countries revealed that the UAE had the highest share of ecosystem across the MEA region
small and medium-sized business (SMB) consumers using digital
wallets for online payments, with over 30 per cent adoption, ■ Remittances solutions
surpassing the US at 18.2 per cent. In Africa, digital wallets boast In MEA, remittance solutions have thrived due to the widespread
an estimated 562 million customers, facilitating 28 billion adoption of mobile phones, lower exchange rates and increased
transactions annually, with a total value of £452billion. financial inclusion efforts. Fintech-powered remittance apps
offer customers a wider range of payment options compared
■ Mobile money to traditional exchange houses, driving financial inclusion,
Mobile money, spearheaded by Kenya’s M-Pesa, has significantly especially in countries with high rates of financial exclusion.
impacted financial inclusion, particularly in Sub-Saharan
Africa, where it originated in 2007. Today, Sub-Saharan Africa ■ Buy now, pay later (BNPL)
still holds over half (53 per cent) of all global 30-day active Despite global challenges, the buy now, pay later (BNPL)
mobile accounts, with peer-to-peer transactions reaching a model is gaining traction in the region. Regulatory hurdles
record $386billion in 2021, with the MENA region witnessing and financial literacy remain key challenges, but notable
the fastest growth at 49 per cent, followed by Sub-Saharan successes include Saudi Arabia’s BNPL Tamara achieving
Africa at 40 per cent. As well as M-Pesa, other players in the unicorn status and the UAE’s Tabby becoming the first direct
African continent include Airtel and MTN. fintech unicorn in the country.

Payments solutions in the Middle East and Africa

ALGERIA EGYPT TUNISIA TÜRKIYE PALESTINE JORDAN ISRAEL

KUWAIT
MOROCCO SYRIA IRAN
SENEGAL MOROCCO TUNISIA LEBANON
ISRAEL
PALESTINE IRAQ

JORDAN KUWAIT

WESTERN ALGERIA LIBYA EGYPT

SAHARA SAUDI UAE
ARABIA SAUDI ARABIA
GHANA
OMAN
MAURITANIA MALI

SENEGAL
NIGER
CHAD SUDAN ERITREA QATAR
GUINEA- BURKINA FASO
BISSAU GUINEA NIGERIA
BENIN
ETHIOPIA
SIERRA LEONE
NIGERIA IVORY
GHANA CENTRAL AFRICAN
SOUTH
SUDAN
ETHIOPIA LIBERIA
COAST TOGO
CAMEROON
REPUBLIC
SOMALIA

EQUATORIAL UGANDA BAHRAIN OMAN

GUINEA
DRC GABON
CONGO KENYA

Source: Richie Santosdiaz and The Fintech Times

DEMOCRATIC RWANDA
UGANDA REPUBLIC OF
THE CONGO BURUNDI

TANZANIA
UAE
RWANDA TANZANIA ANGOLA
KENYA
MALAWI
ZAMBIA

ZIMBABWE MOZAMBIQUE
NAMIBIA
SOUTH AFRICA BOTSWANA

SOUTH AFRICA ESWATINI

LESOTHO

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 41

MEA2024: THE FINTECH LANDSCAPE

2.Digital, challenger and neobanks

Neobanks in the MEA region, much like their global counterparts, United Arab Bank, and Dopay with Barclays and Visa. In Türkiye,
operate solely in the digital realm, without any physical branches. Papara received approval in 2016 to operate as an electronic
On the other hand, challenger banks are predominantly digital money institution. Papara launched a non-bank dependent
but may have limited physical presence, distinguishing them from prepaid card with the Mastercard logo and has since become a
traditional banks. It’s worth noting that digital banks can fall into member of Mastercard, Visa, and the Interbank Card Centre,
either category, whether neobanks or challenger banks. boasting over 12 million users.
While neobanks are still in their nascent stages compared to more
mature markets like Europe and the US, they are gaining traction in Partnerships have played a crucial role in enabling neobanks and
the MEA region. This is particularly significant given the challenges challenger banks to expand beyond their initial markets. This approach
individuals and SMEs face in accessing traditional financial services, has proven valuable in a region with diverse countries, making
such as opening bank accounts. Neobanks and challenger banks in expansion without partnerships both time-consuming and costly.
the MEA region have emerged through two main avenues: Government support has played a crucial role in facilitating the
growth of neobanks and challenger banks in the MEA region. For
■ Banks creating their own neobanks instance, in Saudi Arabia, the Saudi Arabian Monetary Authority
Unlike in regions like the UK, where neobanks are typically (SAMA) granted licences to STC Bank and Saudi Digital Bank in June
independent entities, in the MEA region, traditional banks have 2021, followed by D360 in February 2022. In Israel, One Zero became
taken the lead in establishing neobanks. This has been achieved the first bank to launch in over 40 years in January 2021, following
either through developing neobank platforms in-house or open-banking reforms adopted in October the same year.
acquiring existing technology. For example, Emirates NBD In Africa, the digital banking landscape has seen significant
launched Liv, Mashreq Bank introduced Mashreq Neo, and growth, with the continent hosting 21 digital banks serving over 18
ADCB established ADCB Hayyak in the Middle East. Similarly, million customers as of 2022. Notably, 80 per cent of these digital
Leumi Bank created Pepper, ABC Bank launched ila Bank, and banks are concentrated in Nigeria and South Africa, although the
Gulf International Bank of Bahrain introduced meem in Israel. landscape appears to be diversifying further based on recent data.
In Türkiye, Akbank’s subsidiary, AkOde, developed Tosla. Pan-African bank Ecobank is pursuing an API approach, allowing

■ Independent neobanks with bank partnerships

There are also independent neobanks operating in the MEA
region, such as Now Money and Rise in the UAE, and Dopay in
Egypt. These neobanks typically partner with established banks
to operate under the bank’s licence. For instance, Now Money
partners with Commercial Bank of Dubai (CBD), Rise with

42 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

non-bank fintechs to connect to its financial infrastructure and THE TOP 10 USERS IN AFRICA IN 2021
access a broader range of products and services. Rank Neobank Country of origin Number of customers
However, neobanks in Africa have faced challenges, particularly 1st Bettr South Africa 6.5 million
concerning bad debt. Despite this, there have been positive 2nd (tie) TymeBank South Africa 4 million
developments, such as South Africa’s TymeBank posting a profit for (part of Tyme
the first time in December. Nonetheless, many neobanks on the Group of companies
continent remain loss-making as of the current year. based in Singapore)
In both Africa and the Middle East, neobanks and challenger Chipper Cash US HQed and 4 million
Pan- African such
banks have expanded beyond their core businesses through mergers,
as Nigeria, Uganda

Source: BCP Digital Banking in Africa

acquisitions, or organic growth to become superapps. For instance, to name a few
TymeBank in South Africa acquired Retail Capital in 2022 to 4th Alat Nigeria 1.5 million
complement its BNPL product, MoreTyme, while Liv in the UAE 5th Zazu Zambia 1.1 million
incorporated gametech and other components in 2020 to attract a 6th Kuda Bank Nigeria and UK 500,000
younger audience. In terms of user adoption, the top 10 digital banks 7th Carbon Nigeria 660,000
in Africa in 2022 are as follows: 8th (tie) Bank Zero South Africa 500,000
In addition to the mentioned players, other notable participants Mama Money South Africa 500,000
in the digital banking sector in Africa include Orange Bank, a 10th Rubies Nigeria 90,000
subsidiary of the French telecommunications giant Orange, which
boasts extensive coverage in West Africa, and 7aweshly from Egypt. banks in Nigeria. This decision opens up opportunities for Nigerians,
A significant development occurred in November 2021 when the particularly the unbanked population, to access telecoms payment
Central Bank of Nigeria (CBN) granted provisional approval to MTN of platforms such as MoMo and Smartcash. They can now join local
South Africa and Airtel of India, both prominent telecom companies telecom operators like Glo and 9mobile, which already hold this,
with significant presence across Africa, to operate payment service and operate independently rather than forming partnerships.

Neobanks in the Middle East and Africa

ALGERIA EGYPT TUNISIA TÜRKIYE ISRAEL IRAQ

THE GAMBIA
SYRIA
MOROCCO TUNISIA LEBANON
ISRAEL
IRAN SAUDI ARABIA
PALESTINE IRAQ
JORDAN KUWAIT

WESTERN ALGERIA LIBYA EGYPT UAE

SAHARA SAUDI
IVORY COAST ARABIA

MAURITANIA MALI
OMAN
NIGER
SENEGAL
CHAD SUDAN ERITREA
BAHRAIN UAE
GUINEA- BURKINA FASO
BISSAU GUINEA NIGERIA
NIGERIA SIERRA LEONE
BENIN
ETHIOPIA
GHANA SOUTH
IVORY CENTRAL AFRICAN SUDAN
LIBERIA TOGO REPUBLIC
COAST
CAMEROON
SOMALIA
UGANDA
EQUATORIAL
GUINEA CONGO
GABON
DEMOCRATIC RWANDA KENYA Source: Richie Santosdiaz and The Fintech Times
REPUBLIC OF
THE CONGO BURUNDI

ZAMBIA
TANZANIA

ANGOLA
MALAWI
ZAMBIA

MOZAMBIQUE
ZIMBABWE
SOUTH AFRICA NAMIBIA
TANZANIA KENYA
BOTSWANA

SOUTH AFRICA ESWATINI

LESOTHO

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 43

3.Gametech
Gametech has gained global popularity, fuelled by increased the video gaming industry’s revenue in the Middle East amounted
digitalisation and mobile phone usage. The pandemic to approximately $3billion, with Türkiye, Saudi Arabia, and the
further accelerated this trend as people turned to digital UAE emerging as key markets. Analysing the presented charts,
entertainment, contributing to the projected $340billion Saudi Arabia leads in gaming revenue in the MENA region, while
value of the gaming market by 2027. Nigeria and South Africa dominate the gaming revenue landscape
In the MEA region, characterised by a youthful and digitally in Sub-Saharan Africa (SSA).
savvy population, especially in the GCC and across Africa with high Other key metrics, such as ARPPU (Average Revenue Per Paying
mobile penetration, gametech presents a lucrative opportunity. User), shed light on Saudi Arabia’s gaming market, boasting the
As gametech intersects with fintech, games, like any business, world’s highest at $270, surpassing even China, the largest gaming
aim to monetise and enhance revenue streams. In the realm of market globally, with $32. Historically, prior to economic reforms
mobile gaming, in-app purchases have become commonplace, like Saudi Vision 2030, leisure and entertainment opportunities
enriching gamers’ experiences and integrating with digital wallets. were limited in the Kingdom. Hence, the emergence of gametech
Remarkably, the rise of fintech within gaming parallels the growth of aligns well with Saudi Arabia’s young, tech-savvy, ambitious, and
the gaming industry and gametech globally and in the MEA region. evolving demographic.
In 2016, gaming expenditure in the Middle East and North Moreover, the MEA region offers a fertile ground for the gaming
Africa region totalled $3.2billion. By the end of 2022, spending on and gametech industry due to the widespread use of Arabic, the
mobile gaming alone in MENA had surged to $2.3billion. In 2017, world’s fifth most spoken native language. Approximately 70 per
cent of the Arab world uses Arabic as their default language on
10 LARGEST MARKETS FOR GAMING BY
REVENUE IN MIDDLE EAST AND NORTH AFRICA smartphones, underscoring the significance of catering to Arabic-
RANKING COUNTRY REVENUE (USD) speaking audiences in the gaming sector. The region has witnessed
1 Saudi Arabia $680million
organic growth, with innovative products emerging, particularly
2 Iran $431million
FIVE LARGEST MARKETS FOR REVENUES FROM
3 UAE $280million GAMES IN SUB-SAHARAN AFRICA (2022)
4 Egypt $192million RANKING COUNTRY REVENUE (USD)
5 Morocco $139million 1 Nigeria $249million
6 Algeria $107million 2 South Africa $236million
7 Iraq $105million 3 Kenya $46million
8 Lebanon $102million 4 Ethiopia $42million
9 Qatar $85million 5 Ghana $34million
10 Kuwait $80million Source: Source: Newzoo and various - African Business and The Fintech Times
Source: Various including UAE Ministry of Economy, – Data from 2022 (note: combined revenue of Nigeria and South Africa was
Statista and The Fintech Times – Data from 2021 twice as much as the other eight leading African countries combined)

44 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: THE FINTECH LANDSCAPE
those integrating blockchain and cryptocurrencies. For instance, Europe for gaming development, alongside first place London and
Nigeria has seen the rise of platforms like Gamic, a decentralised third place Paris. Moreover, esports, a burgeoning sector globally,
messaging platform facilitating engagement with Web3 products has gained popularity in much of the MEA region. Governments
and services, and Scorefam, a platform where crypto and sports have begun to support the development of esports, as evidenced
enthusiasts can earn rewards. Additionally, the ecosystem by Saudi Arabia’s launch of its National Gaming and Sports Strategy
supporting such startups and companies is expanding, exemplified in September 2022. With a significant investment from the sovereign
by initiatives like the Africa Game Developers Association, boasting wealth fund, Saudi Arabia aims to position itself as a global
members from over 18 African countries. leader in gaming and esports by 2030.
Despite Israel’s status as a prominent tech hub, its presence in
the gaming sector is still evolving. However, reports from Deloitte Looking ahead, the development
highlight Israel’s global successes in gaming since the early 2000s, of the metaverse and the evolution of
with notable companies like Playtica and Plarium making significant
strides in the industry.
gambling regulations, such as those
Türkiye has emerged as a significant player in the MEA gametech seen in the UAE, are poised to drive
sector, making headlines with the production of unicorns like Dream further innovation and growth in the
Games and Peak, which was the country’s first unicorn after being
acquired by American Zynga in June 2020. With over 48 per cent of
gametech sector across the MEA region
its population under the age of 30 and a high percentage of internet Looking ahead, the development of the metaverse and the
users engaged in gaming, Türkiye has become a hotbed for gaming evolution of gambling regulations, such as those seen in the
activity. Mobile gaming, in particular, has witnessed explosive UAE, coupled with the region’s youthful population, mobile
growth, with over 2.1 billion downloads across all platforms in the literacy, and increasing adoption of digital currencies like
country in 2022. Istanbul (second) and Ankara (fourth) have emerged cryptocurrency, are poised to drive further innovation and
as major hubs for gaming studios, ranking among the top cities in growth in the gametech sector across the MEA region.

Gametech landscape in the Middle East and Africa

EGYPT TÜRKIYE JORDAN ISRAEL

SYRIA IRAN
LEBANON
ISRAEL
PALESTINE IRAQ

JORDAN KUWAIT

WESTERN ALGERIA LIBYA EGYPT

UAE
SAHARA SAUDI
ARABIA

MAURITANIA OMAN
MALI
SAUDI ARABIA
NIGERIA NIGER
ERITREA
SENEGAL
CHAD SUDAN
BAHRAIN
GUINEA- BURKINA FASO
BISSAU GUINEA NIGERIA
BENIN
ETHIOPIA
SIERRA LEONE
GHANA
SOUTH
CENTRAL AFRICAN
GHANA TOGO REPUBLIC
SUDAN
CAMEROON SOMALIA

EQUATORIAL UGANDA
GUINEA CONGO
GABON KENYA
Source: Richie Santosdiaz and The Fintech Times

DEMOCRATIC RWANDA
CAMEROON REPUBLIC OF
THE CONGO BURUNDI

TANZANIA
UAE
ANGOLA
KENYA
ZAMBIA

SOUTH AFRICA
ZIMBABWE
NAMIBIA

BOTSWANA

SOUTH AFRICA

LESOTHO

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 45

MEA2024: THE FINTECH LANDSCAPE

4.Wealthtech and investing

Traditionally, wealth managers have provided professional wealthiest individuals. See the chart opposite for the top ten
financial services primarily to affluent clients, offering richest individuals for reference.
investment advice and financial planning. However, the Recent times have been challenging for many, including the
emergence of fintech has disrupted this industry, leveraging ultra-wealthy, who collectively saw a decline of $10trillion, or 10 per
robo-advisory and advanced AI and machine learning to make cent, in their net worth in 2022 due to global economic uncertainties
wealth management more accessible. Fintech has democratised such as the energy crisis and the Ukraine War. However, despite
wealth management, making it available to a broader audience, these challenges, opportunities still exist, particularly in regions
including those with more modest incomes. like MEA, which many affluent individuals call home.
The relatively low barriers to entry have made wealthtech an Setting aside the wealthy, much of MEA comprises average
attractive investment for fintech startups, enabling them to offer middle-class individuals. Over the past 30 years, the African
wealth-management services at lower costs. Despite global economic continent’s population has seen a significant rise in the middle-class
challenges impacting the fintech sector, including wealthtech, category, accounting for at least a third of the population.
investment in the wealthtech sector dropped to less than However, a significant challenge persists – financial literacy,
$200million in 2023. However, the total deal value and the number particularly regarding concepts like savings. Many countries in
of wealthtech deals remained consistent with 2020 levels. Africa exhibit low levels of financial literacy, with only 38 per cent
MEA presents a significant opportunity for wealthtech, catering and 42 per cent of the populations in Kenya and South Africa,
to both the ultra-wealthy and individuals with more modest respectively, considered financially literate. Similar figures are
incomes. The Middle East, particularly the GCC region, is home to observed in countries like Uganda (34 per cent) and Tanzania
some of the world’s wealthiest individuals. Additionally, Africa, (40 per cent). Addressing this challenge is crucial for promoting
often associated with poverty, also harbours some of the world’s financial inclusion and stability across the region.

Wealthtech and investment in the Middle East and Africa

EGYPT TÜRKIYE JORDAN ISRAEL

SYRIA
MOROCCO MOROCCO TUNISIA LEBANON IRAN SAUDI ARABIA
ISRAEL
PALESTINE JORDAN IRAQ
KUWAIT

WESTERN ALGERIA LIBYA EGYPT

SAHARA SAUDI UAE
ARABIA

MAURITANIA MALI OMAN

NIGERIA NIGER
CHAD ERITREA
SENEGAL SUDAN
YEMEN

BURKINA FASO
GUINEA NIGERIA
BENIN
ETHIOPIA
GHANA SOUTH
IVORY CENTRAL AFRICAN SUDAN
LIBERIA TOGO REPUBLIC
COAST
CAMEROON
SOMALIA
EQUATORIAL UGANDA UAE
GUINEA KENYA
GABON
CONGO
BAHRAIN
Source: Richie Santosdiaz and The Fintech Times
DEMOCRATIC RWANDA
REPUBLIC OF
THE CONGO BURUNDI
TANZANIA
TANZANIA

ANGOLA
MALAWI
ZAMBIA

MOZAMBIQUE
ZIMBABWE
NAMIBIA

SOUTH AFRICA KENYA

SOUTH
AFRICA

46 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

TOP 10 WEALTHIEST CITIES IN MEA 2023
MEA Rank Global Rank City/Country Total Wealth Health (HNWIs) in USD (+1milion)

Source: Henley & Partners & The Fintech Times

1 20 Dubai, UAE $68,400
2 30 Tel Aviv, Israel $35,600
3 39 Abu Dhabi, UAE $24,200
4 44 Doha, Qatar $21,500
47 Riyadh, Saudi Arabia $18,100
6 51 Istanbul, Türkiye $16,300
7 53 Jerusalem, Israel $15,100
8 56 Johannesburg, South Africa $14,600
9 69 Cairo, Egypt $7,400
10 70 Cape Town, South Africa $7,200

Various scenarios illustrate this, but consider the story of a MEA region, as evidenced by its growth depicted in the ecosystem
mother from a rural village in the MEA region. To support her landscape image. Examples include EasyEquities in South Africa,
family, she works as a nanny in the affluent Arabian Gulf for boasting over 1.4 million registered users, Piggyvest in Nigeria,
20 years, sending money home regularly. However, upon returning offering online savings platforms to previously underserved
to her village, she finds herself with little to no savings, having failed populations, and Amwalcom in Jordan, assisting consumers in
to plan for her retirement or future. comparing savings accounts.
Across the MEA region, cultural norms, often influenced by In 2021, wealthtech ranked as the third-largest sector in Africa
instability, lead many to prefer tangible assets like gold, cash, or in terms of deals, despite a slight decline from the previous year.
property, or to send money abroad. Instances of financial instability, Similarly, the Middle East witnessed successes in the subsector,
such as those witnessed in Lebanon, further erode trust in such as Hakbah from Saudi Arabia securing over $5million in Series
traditional financial institutions, leading to the rise of alternative A funding in December 2023. Despite prevailing uncertainties,
options like cryptocurrencies. opportunities abound in wealthtech, especially as the sector
Enter wealthtech, which caters not only to the wealthy but also to continues its digitalisation efforts.
the middle class and even working-class and poor communities. This
subsector has the potential to significantly impact lives across the

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 47

5.Regtech
The emergence of regulation technology (regtech), driven by KYC processes are vital, there is a notable gap in the development
stricter regulations and compliance standards following the 2008 of digital infrastructure compared to other regions.
Global Financial Crisis, has transformed the financial services Secondly, there has been a notable increase in financial inclusion
industry. While the MEA region was not as severely affected by across much of the region, albeit with room for improvement. This
the crisis as the West, the adoption of regtech solutions gained growth has led to organic expansion in the market, but it has also
momentum globally. introduced challenges. Businesses operating in the financial services
The global regtech industry is projected to grow to $19.5billion by sector face hurdles ranging from obtaining licences to ensuring
2026 and reach $45.8billion by 2032. MEA financial hubs such as Dubai compliance with regulations. In addressing these challenges, the
and Mauritius have faced compliance and anti-money laundering significance of regtech becomes apparent.
(AML) challenges, prompting the adoption of regtech solutions. Government-led guidance and support have played a pivotal
Regtech has emerged as a crucial solution in the MEA region, role, reacting to market changes and driving forward visionary
despite being relatively new and still in its infancy. For instance, as plans. However, one specific challenge that has garnered attention
recent as 2019, only four per cent of fintech VC funding in MENA is cybersecurity. The rapid digitalisation prompted by the pandemic
went to regtech startups, indicating its nascent stage. has heightened concerns, with a survey conducted by Cambridge
One reason for the potential of regtech in the region is the general University revealing that 75 per cent of MENA financial regulators
lack of digitalisation across many parts of MEA. This has prompted observed increased cybersecurity risks, while 67 per cent reported
governments to prioritise digital initiatives and promote economic heightened operational risks.
development strategies focused on digitalisation. In sectors like In the MENA region, several countries have initiated their own
financial services, where activities such as data management and regtech or supertech endeavours, including the UAE, Bahrain, Oman,

50 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: THE FINTECH LANDSCAPE
Jordan, and Türkiye. In the UAE, for example, initiatives such as 2026. This growth is accompanied by an increase in regtech
the e-KYC project led by Abu Dhabi Global Market (ADGM)’s solutions, particularly in regulatory reporting and compliance,
Financial Services Regulatory Authority (FSRA) have been notable. anti-money laundering and know-your-customer processes.
This project, initiated as early as 2018, involved collaboration with Nevertheless, significant challenges persist. In Africa, the
major UAE financial institutions like ADCB, Abu Dhabi Islamic process of building and launching financial products is daunting,
Bank, and Al Fardan Exchange. Its goal was to develop a blockchain- requiring an average investment of $500,000 and a timeframe of
based e-KYC system to streamline customer identification and 18 months. This prolonged timeline is due to stringent licensing
verification processes, consolidating them into a single location. and compliance procedures, intricate integration layers, complex
Furthermore, in 2020, the FSRA of ADGM launched three banking and third-party relationships, and investments in elaborate
regtech pilot initiatives. These initiatives aimed to assist regulated core-banking infrastructure.
financial services firms in achieving enhanced compliance and Additionally, it’s important to acknowledge that across much
risk management outcomes while simultaneously reducing of the Middle East and Africa, including the African continent,
regulatory costs and burdens. the lack of digital infrastructure and the prevalence of the
Israel, renowned for its leadership in the broader tech landscape informal economy pose substantial obstacles to KYC processes
and particularly in cybersecurity, has witnessed significant for both businesses and individuals. As previously highlighted
successes in the regtech sector as well. In 2020, it emerged as the in the report, approximately half of the world’s one billion people
destination for six out of the top 10 regtech deals outside of North without identification cards reside in Africa, rendering regtech
America and Europe. Companies like Aqua, Namogoo, Anyvision, implementation more challenging.
Cheq, Ironscales, and Cymulate have contributed to Israel’s Despite these hurdles, the escalating threats of cybersecurity
prominence in this field. breaches and other security risks, alongside the growing emphasis
Shifting focus to the African continent, there is a burgeoning on compliance amid the rise of digitalisation, underscore the
interest in regtech. For instance, the regtech sector is projected to potential benefits of regtech solutions, particularly in the
experience a 40 per cent rise among startups in Nigeria by the end of Middle East and Africa.

Regtech and wider IT FS infrastructure in the Middle East and Africa

EGYPT TÜRKIYE ISRAEL

SYRIA
MOROCCO TUNISIA LEBANON IRAQ IRAN SAUDI ARABIA
ISRAEL
PALESTINE
JORDAN
KUWAIT

LIBYA
NIGERIA WESTERN
SAHARA
ALGERIA EGYPT
SAUDI
UAE

ARABIA

MAURITANIA MALI
OMAN
NIGER
CHAD ERITREA
SENEGAL SUDAN
YEMEN UAE
GUINEA- BURKINA FASO
BISSAU GUINEA NIGERIA
BENIN
ETHIOPIA
SIERRA LEONE
GHANA SOUTH
IVORY CENTRAL AFRICAN SUDAN
LIBERIA TOGO REPUBLIC
COAST
CAMEROON SOMALIA

GHANA EQUATORIAL UGANDA

GUINEA CONGO
GABON KENYA Source: Richie Santosdiaz and The Fintech Times
DEMOCRATIC RWANDA
REPUBLIC OF
THE CONGO BURUNDI

TANZANIA

ANGOLA
MALAWI
ZAMBIA

SOUTH AFRICA MOZAMBIQUE

ZIMBABWE
NAMIBIA

BOTSWANA KENYA BAHRAIN

SOUTH AFRICA ESWATINI

LESOTHO

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 51

MEA2024: THE FINTECH LANDSCAPE

6.Digital currencies (including cryptocurrencies)

The state of digital currencies in the MEA region mirrors trends ■ Increased financial inclusion
seen globally, encompassing stablecoins, cryptocurrencies, and Cryptocurrencies provide a potential solution for individuals who
central bank digital currencies (CBDCs). are marginalised or excluded from traditional financial services and
This section will specifically delve into the latter two. Before institutions. By leveraging cryptocurrencies, these individuals gain
delving into specifics, it’s worth noting that the digital currencies access to financial tools and services previously unavailable to them.
landscape in the MEA region is diverse, with numerous companies ■ Necessity rather than luxury
offering services to meet varying needs. Unlike in more affluent regions, where cryptocurrency trading
Cryptocurrencies, despite their overall volatility on the global may be pursued as a means of generating additional income, in the
stage, continue to enjoy popularity in certain parts of the MEA developing world, cryptocurrencies are often viewed as a necessity.
region (see the table opposite). The appeal of cryptocurrencies in People in these regions rely on cryptocurrencies as a practical
many parts of the MEA region can be attributed to several factors: solution to address financial challenges and circumvent
limitations imposed by traditional financial systems.
■ Stability compared to traditional financial institutions
In many areas of the MEA region, traditional financial institutions It’s important to note that the regulation of cryptocurrencies
are plagued by volatility, hyperinflation and currency devaluation. varies widely across the MEA region, with some countries banning
Cryptocurrencies offer an alternative avenue for safeguarding or severely restricting their use, such as Nigeria, which has opted
assets during times of economic uncertainty. to promote its own central bank digital currency (CBDC).

Wider digital currencies in the Middle East and Africa

NIGERIA TÜRKIYE ISRAEL

TUNISIA LEBANON
SYRIA
IRAQ IRAN SAUDI ARABIA
MOROCCO ISRAEL
PALESTINE
JORDAN
KUWAIT

WESTERN ALGERIA LIBYA EGYPT UAE

SAHARA SAUDI
ARABIA

MAURITANIA MALI
OMAN
NIGER
CHAD SUDAN ERITREA YEMEN
SENEGAL

GUINEA- BURKINA FASO

BISSAU GUINEA NIGERIA
BENIN
ETHIOPIA
SIERRA LEONE
GHANA SOUTH UAE
GHANA LIBERIA
IVORY
TOGO
CENTRAL AFRICAN
REPUBLIC
SUDAN
COAST
CAMEROON SOMALIA

EQUATORIAL UGANDA
GUINEA CONGO
GABON KENYA
Source: Richie Santosdiaz and The Fintech Times
DEMOCRATIC RWANDA
REPUBLIC OF
THE CONGO BURUNDI

TANZANIA

ANGOLA
MALAWI
ZAMBIA
SOUTH AFRICA

NAMIBIA
KENYA
BOTSWANA
BAHRAIN

SOUTH AFRICA

LESOTHO

52 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

Central bank digital currency 2023 GLOBAL CRYPTO ADOPTION INDEX TOP 20
CBDC initiatives have garnered interest across both the Middle Global Ranking Country
East and Africa, as evidenced by the CBDC landscape image 1st India
in this section. Some potential benefits of CBDCs include: 2nd Nigeria
3rd Vietnam
■ Cheaper cross border payments 4th United States
Given the vastness of the MEA region, which encompasses 5th Ukraine
nearly 70 nations, traditional cross-border payments can 6th Philippines
be costly. CBDCs offer the potential for more cost-effective 7th Indonesia
international transactions. 8th Pakistan
■ Financial inclusion 9th Brazil
By reducing fees associated with cross-border payments, 10th Thailand
CBDCs have the potential to make such transactions more 11th China
accessible to individuals who may have been excluded from 12th Türkiye
traditional financial systems. 13th Russia
■ Shorter and secure transactions 14th United Kingdom
CBDCs have the capability to streamline transaction 15th Argentina
processes, reducing the time and enhancing the security 16th Mexico
of cross-border payments. 17th Bangladesh
18th Japan
MEA governments have launched various government-led 19th Canada
initiatives in the realm of CBDCs, making the region one of the most 20th Morocco
active in terms of government-driven CBDC projects globally. Source: Chainalysis 2023 Geography of Cryptocurrency Report

Central Bank Digital Currency (CBDC) overview in the Middle East and Africa
EGYPT JORDAN TÜRKIYE KUWAIT BAHRAIN QATAR
In 2024, the Central In 2022, a study Phase 2/2 to commence in In foundation stage – Developing Stage In foundation
Bank of Egypt announced (ongoing) to 2024; after results central bank Work ongoing (MoU (successful train w/ stage of CBDC
announced its develop a legal digital to decide to proceed with w Ripple in 2023) for c. JP Morgan 22) – – work ongoing
intentions to launch currency linked to CBDC or not border payments work ongoing (2023 MOU w DLT
a digital currency Jordanian dinar – ongoing provider R3)
by 2030
OMAN
TUNISIA In foundation stage of
CBDC – Work ongoing
In 2022, Banque of France and Central
Banque of Tunisia carried out successful
transfer using prototype CBDC SAUDI ARABIA
In 2019, Saudi Arabia
conducted tests with the
SENEGAL UAE in 'Project Aber' –
Senegal was second in the world (1st which focused on domestic
being Bahamas) in 2017 to launch a wholesale CBDC use cases
CBDC, the eCFA – Work ongoing

GHANA UAE
In 2021, Ghana announced it will develop and pilot its digital Project Aber with Saudi in 2019; founding
currency, the eCeda; in 2023 a hackathon was launched in member of mBridge alongside CBs in Hong Source: Richie Santosdiaz and The Fintech Times
anticipation of the full launch – work in progress Kong SAR, Thailand, China – made first CBDC
transfer with China's CB in 2024 – further
work ongoing
NIGERIA
In 2021, the Central Bank RWANDA
KENYA
of Nigeria launched the A Scheme to develop SOUTH AFRICA ISRAEL 2023 CB following
eNaira CBDC. Adoption as a central bank digital 2021 CB initiated feasibility 2022 – reports of the Bank of Israel to consultation said does
of today remains to have currency (CBDC) is study; - work ongoing issue a digital shekel – in early 2024 not consider the issuance
relatively little effect (from underway after a (conducted various tests – Bol released design thinking of the of a digital currency a
one year annivesary in study showed that the with wholesale CBDC and potential CBDC – work ongoing "compelling priority;"
Oct 2022 < 0.5% were currency is needed cross border pilots with – 2023 completed two BIS-led will continue monitoring
using it) – effects of the in the country – work CBs of Malaysia, Australia interoperability tests w Sweden, developments in area to
launch still ongoing ongoing and Singapore Norway and Hong Kong CBs help future decisions

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 53

MEA2024: THE FINTECH LANDSCAPE

7.Open finance
MEA, like many parts of the world, is still in the nascent stages of Among the early adopters of open banking in the MEA region
adopting, considering, or fully comprehending the principles and are Nigeria in Africa and Bahrain and Saudi Arabia in the Middle
advantages of open banking, and even broader, open finance. East. Further insights into the developments in open banking and
Open banking allows financial institutions to share customer data broader open finance initiatives across the Middle East and Africa
with trusted third-party providers through open banking APIs. can be gleaned from the image.
Fintech companies have been instrumental in driving the growth The developments across MEA reveal that, in addition to the early
of open banking through partnerships, leveraging innovative adopters, other regions are also making significant strides, often
solutions such as banking as a service (BaaS), either directly with with government support or guidance. Governments across MEA
financial institutions or through collaborations. Open finance have embraced various national economic development strategies
expands beyond banking to encompass all financial service aimed at promoting their financial services sectors while prioritising
offerings, and this trend holds true for MEA. digitalisation. Digital infrastructure varies across the region, with
The following image illustrates the open finance landscape, many areas lacking even basic or intermediate levels of development.
with a specific focus on open banking solutions throughout the To facilitate the success of open banking initiatives, governments
MEA region. Despite its early stage, significant advancements have have implemented numerous initiatives, including passing laws to
been observed across the region, driven by both market-led and permit APIs, reforming banking regulations, and enacting
government-led approaches. Fintechs and their partnerships with fundamental legislation related to data and consumer protection.
financial institutions have been pivotal in driving innovations in For instance, Rwanda’s Fintech Strategy 2022-27 acknowledges
open banking, embodying the fundamental belief of collaboration. the importance of open finance and emphasises the need to build

Open banking finance landscape in the Middle East and Africa

EGYPT TÜRKIYE ISRAEL

LEBANON
SYRIA
IRAN
SAUDI ARABIA
TUNISIA IRAQ
MOROCCO ISRAEL
PALESTINE
JORDAN
KUWAIT
NIGERIA
WESTERN ALGERIA LIBYA EGYPT
UAE
SAHARA SAUDI
ARABIA

OMAN
MAURITANIA MALI
NIGER YEMEN
CHAD SUDAN ERITREA
SENEGAL

GUINEA- BURKINA FASO

BISSAU GUINEA NIGERIA
SIERRA LEONE
BENIN
ETHIOPIA UAE
GHANA SOUTH
IVORY CENTRAL AFRICAN SUDAN
LIBERIA TOGO REPUBLIC
COAST
CAMEROON SOMALIA

ZAMBIA EQUATORIAL UGANDA

GUINEA CONGO
GABON KENYA
Source: Richie Santosdiaz and The Fintech Times
DEMOCRATIC RWANDA
REPUBLIC OF
THE CONGO BURUNDI

TANZANIA

ANGOLA
MALAWI
ZAMBIA

SOUTH AFRICA MOZAMBIQUE BAHRAIN

ZIMBABWE
NAMIBIA
KENYA

SOUTH
AFRICA

54 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

up infrastructure, such as
updating data protection laws. This
multifaceted approach underscores
the commitment of governments across
MEA to foster a conducive environment
for the growth of open banking and broader
digital financial services.
In countries like South Africa and the
UAE, where market forces have primarily
driven initiatives, there has been increasing
government support to promote open banking
and broader open finance concepts. Efforts range
from establishing working groups to developing strategies
that prioritise not only open banking but also open finance
initiatives. For instance, last year, the Central Bank of the UAE
launched the Financial Infrastructure Transformation (FIT)
Programme, with open finance identified as one of nine key priorities.
Although open banking is still in its early stages of development,
significant progress has been made. However, the journey toward open Fintechs and their partnerships with financial
finance, both in MEA and globally, is still in its infancy, and there are institutions have been pivotal in driving
considerable challenges to overcome. Additionally, the realisation of
open data initiatives remains a distant goal that requires concerted innovations in open banking, embodying
efforts from various stakeholders across the financial ecosystem, the fundamental belief of collaboration
Open banking and wider finance overview in the Middle East and Africa
EGYPT JORDAN TÜRKIYE KUWAIT QATAR
Intends to open up 2022 the Central Bank Central Bank in Dec 2022 2022 Central Bank Tests Part of Qatar's Fintech 2023 strategy
bank accounts for published instructions launches open banking First-of-its Kind Product for identified developing open banking
customers via mobile governing Open Finance services in payments area. open banking in regulatory in Qatar – work ongoing
phone application in to be implemented by Other work ongoing sandbox – work ongoing
2024 – work ongoing 2023/2024. OMAN
Open Banking API Strategy
is part of the Fintech
Framework and Roadmap
ISRAEL
– work ongoing
June 2022 – required financial entities to let their competitors
automated access to customers' financial information (with SAUDI ARABIA
consent) automatically – work ongoing (ie still no sandbox)
Launched Open Banking
Framework in 2022 and
BAHRAIN includes OB-mandated
regime, rules for Third-Party
Central Bank of Bahrain required financial institutions
Providers, technical, and
to open up APIs iin October 2020 – also created its
securities standards, that
open banking framework
market participants (banks
and fintech) are proactively
GHANA implementing. They also
National Payment System Strategy Plan (2019 – 2024) is launched their Open Banking
establishing standards for data sharing and engaging stakeholders Lab – work ongoing Source: Richie Santosdiaz and The Fintech Times

to develop the roadmap for data sharing – work ongoing

UAE
More industry led with guidance from ADGM and
NIGERIA DIFC, which both have been issuing licences to TPPs
The Central Bank RWANDA for both AIS and PIS. Last year, Central Bank (CBUAE)
of Nigeria was Central Bank issued open SOUTH AFRICA launched the Financial Infrastructure Transformation
the first regulator banking regulations in 2018 Generally a bit more (FIT) Programme – OF was one of nine priorities
in Africa to – work ongoing. Fintech market driven until
introduce a Strategy 2022-27 acknowledges recently – Financial Sector KENYA
regulatory open finance and build up Conduct Authority (FSCA) Central Bank released digitalisation plan in December 2020 titled
framework for infrastructure (such as update on published a draft Position Kenya National Payments System Vision and Strategy 2021 – 2025
Open Banking in data protection) to be able to do Paper on Open Finance in to overhaul the country's payments industry, which includes
early 2021. so in the future – work ongoing June 2023 – work ongoing Open Banking and the importance of regulation – work ongoing

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 55

8.Lending
In much of the Middle East and Africa, individuals remain base of institutional lenders. Similarly, Iiwwa partnered with
excluded from traditional financial institutions or underserved by institutional investors such as local banks in Jordan and global
them. This gap creates opportunities for growth in services such debt institutions, offering them a credit analysis engine and
as credit cards, mortgages, and other lending offerings tailored credit-as-a-service solutions.
to the region’s needs. Similarly, for small and medium-sized Kenya and South Africa dominate the P2P lending market in
enterprises (SMEs), accessing loans for starting up or expanding Africa, jointly controlling 90 per cent of the continent’s P2P market.
businesses is challenging due to the underdeveloped fintech Interestingly, at one point, 90 per cent of online alternative lending
ecosystem, which lacks essential components such as credit in Africa originated from platforms headquartered outside the
bureaus and supportive lending regulations. continent.
Furthermore, SMEs face difficulties in obtaining loans, with a Although Africa currently represents only 0.1 per cent of the
significant percentage of funding requests being rejected by global P2P lending market, it holds significant growth potential. For
conventional banks. This is despite SMEs often contributing the instance, crowdfunding campaigns in Africa are projected to reach
majority of a country’s GDP, such as in the UAE, where they account 11,800 this year, and Sub-Saharan Africa (SSA) could potentially
for around 60 per cent. Surprisingly, loans to SMEs represent achieve $2.5billion in crowdfunding by 2025. Despite its
only four per cent of the outstanding bank credit in the UAE, which underdeveloped but rapidly expanding market, Africa’s share
falls below the MENA average of 9.3 per cent. remains relatively small compared to the global market.
Peer-to-peer lending gained traction globally during the 2008 It’s important to note that Saudi Arabia is emerging as a
Global Financial Crisis when traditional lending institutions significant hub for P2P lending. The regulatory environment in
tightened their lending practices. While China and the USA Saudi Arabia is conducive to the growth of P2P lending, making it
dominated the P2P lending market in 2020, the MENA region more favourable compared to other parts of the Middle East and
also saw a rise in P2P lending platforms. According to the North Africa (MENA) region. Currently, the country hosts at least a
International Finance Corporation (IFC), the SME lending gap in dozen P2P lending platforms, including Raqamyah and Lendo.
MENA is estimated to be as high as $240billion, with a formal While crowdfunding is still a relatively new concept in the region,
MSME finance gap ranging from $160 to $180billion. and limited rules exist, it is steadily gaining traction. As previously
In MENA, pioneers like Jordan’s Iiwwa (established in 2013) and highlighted in this report, the UAE government website acknowledges
Beehive in the UAE played significant roles in popularising P2P that fundraising for loans and investments, or debt-based funding, is a
lending. These platforms leveraged partnerships to fuel their new concept. However, the Dubai Financial Services Authority (DFSA)
growth. For instance, Beehive, recognised as the world’s first has taken proactive steps by launching a regulatory framework for
Sharia-compliant P2P platform, collaborated with banks to loan and investment-based crowdfunding platforms, marking a
introduce an SME lending white-label solution and expanded its significant milestone as the first framework of its kind in the GCC.

56 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: THE FINTECH LANDSCAPE

In Israel, regulatory oversight of P2P lending began in 2017. Many African fintech companies have
The Israel Securities Authority implemented regulations for mass
financing aimed at research and development companies and SMEs. evolved into superapps or megasolutions,
Additionally, the Finance Committee of the Knesset approved expanding their services beyond paytech
regulations for crowdfunding under the authority of the Securities
Authority during the same year. Similarly, Türkiye introduced ■ M-Pesa, in partnership with KCB bank,
legislation on crowdfunding at the end of 2017, with an additional launched KCB M-Pesa Loan in 2015.
provision in the Capital Markets Law requiring approval from the ■ MTN Mobile Money Uganda, headquartered in South
Capital Markets Board of Türkiye (CMB) for crowdfunding platforms. Africa, partnered with Jumo to introduce MoSente,
Many fintech companies in the Middle East and Africa (MEA) have a credit facility for MTN customers, in 2022. MTN has
attained direct or indirect ‘superapp’ status by offering lending also offered a similar product named MoKash in Tanzania
services, either directly or as part of their suite of services. Lending since 2016, in collaboration with Absa Bank and Tigo.
consistently ranks among the top three areas of focus for fintech ■ Lulaend, initially focusing on SME lending, expanded its
companies in several MEA countries, alongside payments, illustrating services to include neobanking solutions in partnership
its significance and widespread adoption in the region, as detailed in with Access Bank in 2023, allowing clients to open bank
Chapter Three of this report. accounts alongside their core lending business.
Africa’s fintech landscape, heavily driven by mobile phone activity,
has seen significant developments in lending, often tailored to Despite the challenges related to technical integration
mobile users. Many African fintech companies have evolved into and financial literacy, lending in the MEA region presents
superapps or megasolutions, expanding their services beyond a significant opportunity to enhance financial inclusion,
paytech. Here are a few examples: provided it is implemented effectively.

Lending solutions in the Middle East and Africa

EGYPT TÜRKIYE ISRAEL

SYRIA SAUDI ARABIA

TUNISIA LEBANON IRAQ IRAN
MOROCCO ISRAEL
PALESTINE
NIGERIA JORDAN
KUWAIT

MOROCCO ALGERIA LIBYA EGYPT

UAE
SAUDI
ARABIA

OMAN
NIGER
CHAD SUDAN BAHRAIN UAE
NIGERIA
BENIN
SIERRA LEONE
GHANA SOUTH
IVORY CENTRAL AFRICAN SUDAN
LIBERIA TOGO REPUBLIC
COAST
CAMEROON

EQUATORIAL UGANDA
UGANDA GUINEA CONGO
SOUTH AFRICA GABON KENYA
Source: Richie Santosdiaz and The Fintech Times

DEMOCRATIC RWANDA
REPUBLIC OF
BURUNDI
KENYA
THE CONGO

ANGOLA
MALAWI
ZAMBIA
ZAMBIA
ZIMBABWE
NAMIBIA

BOTSWANA

ZIMBABWE
SOUTH AFRICA ESWATINI

LESOTHO

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 57

MEA2024: THE FINTECH LANDSCAPE

9.Insurtech
The global insurtech market is projected to reach $10billion by the broader population, including those facing financial exclusion
2025, and although the MEA region is currently underrepresented challenges. In essence, there has been a lack of motivation to develop
in this sector, it holds the potential to claim a larger share of the products tailored to the needs of everyday individuals.
market. As previously highlighted, financial exclusion is a Disproportionate coverage and product types in MEA: There is a
significant challenge in MEA, extending to the insurance sector. significant disparity in insurance coverage across the MEA region,
Insurance, especially insurtech, presents both challenges and with some countries like South Africa dominating the market with as
opportunities across much of MEA. Historically, its significance can much as 80 per cent of all African premiums, while others like
be summarised as follows: Nigeria have only a 0.03 per cent penetration rate. Furthermore, the
Lack of adoption: Particularly in most of Africa (excluding South popularity of different insurance types varies across regions. For
Africa), insurance penetration remains low, with only three per cent of example, life insurance dominates in South Africa, whereas non-life
the population covered. Historically, South Africa dominated around insurance is not as prevalent in other parts of MEA.
80 per cent of total premiums. Similarly, adoption rates have been low Low investment in health insurance: Investment in health insurance,
across much of the Middle East, including in the oil-rich Arabian Gulf. a critical component of the insurance sector, has been inadequate
The issue extends beyond less affluent regions, highlighting a broader across both the Middle East and Africa. This underinvestment is
lack of financial literacy, especially regarding insurance. evident not only in socioeconomically disadvantaged regions but also
Focus on wealthier individuals and larger companies: Due to in affluent areas such as the Gulf countries. Despite having some of the
the complexity and higher costs associated with targeting highest rates of obesity and diabetes globally, the Gulf nations have
individuals in Africa and much of the Middle East, the focus of been slow to prioritise healthcare. However, there has been a shift
insurance companies has primarily been on wealthier segments of in recent years, with a growing emphasis on healthcare and overall
the population and established businesses. This approach neglects well-being as part of broader economic development and diversification
strategies, such as Saudi Vision 2030 and Qatar Vision 2030.
Insurtech in the Middle East and Africa
EGYPT TÜRKIYE JORDAN ISRAEL

SYRIA
MOROCCO TUNISIA ISRAEL
IRAQ IRAN
SAUDI ARABIA
PALESTINE
JORDAN
KUWAIT

LIBYA
NIGERIA WESTERN
SAHARA
ALGERIA EGYPT
SAUDI
UAE

ARABIA

MAURITANIA MALI
OMAN
NIGER YEMEN
CHAD SUDAN ERITREA
SENEGAL
UAE
GUINEA- BURKINA FASO
BISSAU GUINEA NIGERIA
BENIN
ETHIOPIA
SIERRA LEONE
GHANA SOUTH
IVORY CENTRAL AFRICAN SUDAN
LIBERIA TOGO REPUBLIC
COAST
CAMEROON
SOMALIA

UGANDA EQUATORIAL UGANDA

GUINEA CONGO
GABON KENYA
Source: Richie Santosdiaz and The Fintech Times

RWANDA
DEMOCRATIC BURUNDI
REPUBLIC OF
THE CONGO
TANZANIA

ZIMBABWE ANGOLA
SOUTH AFRICA MALAWI
ZAMBIA
KENYA
ZIMBABWE
NAMIBIA

BOTSWANA

SOUTH AFRICA ESWATINI

LESOTHO

58 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 Lack of digitalisation – The insurance sector in much of the revenues, insurance add-ons for small and medium enterprises
Middle East and Africa lags behind the West and other regions in (SMEs), and vertical Software as a Service (SaaS) solutions. These
terms of digitalisation. However, there is a growing recognition of market-driven initiatives indicate a promising trajectory for
the need for change. For example, a report by Capgemini indicated insurtech development in Africa.
that two-thirds of insurers based in the UAE are eager to collaborate As noted earlier in the report, there has been a gradual shift in
with insurtech companies, with 85 per cent expressing interest in perceptions towards insurance in the MEA region, although it has
partnering with technology providers. been slower compared to other parts of the world. Accessibility to
Insurtech and broader digital initiatives have the potential to insurance has also improved, even in wealthier areas like the Gulf
enhance the overall ecosystem by promoting digitalisation in Cooperation Council (GCC) countries. Historically, insurance uptake
day-to-day operations and advancing financial inclusion, especially in the GCC has been low, but efforts are underway to encourage
in areas with significant insurance gaps across much of the Middle greater participation and promote inclusivity, with the potential for
East and Africa (MEA). It’s noteworthy, as our analysis in Chapter further enhancement through increased government support.
Three will highlight, that insurtechs typically represent less than Recent developments exemplify this trend. In Nigeria, the passage
10 per cent of the fintech sector in many MEA countries, trailing of the National Health Insurance Authority Bill 2022 aims to provide
behind wealthtech and investment. coverage for the 83 million impoverished Nigerians who cannot afford
The growth of insurtech in the Middle East and Africa (MEA), insurance premiums. This legislation is significant given that eight out
much like in other regions, can be driven by either a government-led of ten Nigerians currently lack access to health insurance. Similarly,
or market-led approach. A government-led approach involves in the GCC, Qatar has implemented mandatory health insurance
initiatives to support insurtech startups, promote ecosystem requirements for specific foreign nationals and employers since 2022.
development, and digitalise the sector. This approach also includes Other Emirates such as Dubai and Abu Dhabi have enacted similar
regulatory alignment to ensure effective oversight. Conversely, a laws, addressing the need for broader insurance coverage.
market-led approach relies on organic growth driven by market However, despite these advancements, there are still untapped
demand and entrepreneurial innovation. opportunities in the MEA region, particularly in Africa. Many existing
Currently, the insurtech landscape in Africa shows significant insurtech companies in the region primarily serve as intermediaries
potential, with much of the growth being market-driven. The region or aggregators, heavily reliant on traditional brokers. Nonetheless,
boasts a substantial number of insurtech startups, particularly in insurtech has the potential to further drive financial inclusion by
the microinsurance and digital brokerage sectors. Additionally, there expanding insurance coverage across the region. Continued innovation
is growing interest in areas such as B2B data analytics, ancillary and collaboration, supported by both market forces and government
initiatives, can play a crucial role in realising this potential.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 59

Superapps in the Middle East and Africa
EGYPT TÜRKIYE KUWAIT

SYRIA SAUDI ARABIA

MOROCCO MOROCCO TUNISIA LEBANON
ISRAEL
IRAQ IRAN

PALESTINE
JORDAN
ALGERIA KUWAIT

WESTERN ALGERIA LIBYA EGYPT UAE

SAHARA SAUDI
ARABIA

BAHRAIN
MAURITANIA MALI OMAN
SENEGAL NIGER YEMEN
CHAD SUDAN ERITREA
SENEGAL

Source: Richie Santosdiaz and The Fintech Times

GUINEA- BURKINA FASO
BISSAU GUINEA NIGERIA
BENIN
ETHIOPIA
SIERRA LEONE
GHANA SOUTH
CENTRAL AFRICAN
LIBERIA
IVORY
COAST TOGO REPUBLIC
SUDAN
UAE
CAMEROON SOMALIA

UGANDA
NIGERIA TOGO EQUATORIAL
GUINEA CONGO
GABON KENYA
RWANDA
DEMOCRATIC
REPUBLIC OF BURUNDI
THE CONGO

ETHIOPIA

ANGOLA

ZAMBIA
SOUTH AFRICA UGANDA
ZIMBABWE
NAMIBIA

BOTSWANA
ANGOLA KENYA

SOUTH AFRICA ESWATINI

LESOTHO

As highlighted in various key fintech subsectors, many companies ■ Fintech companies that expanded their offering:
in MEA have expanded beyond their initial focus to become Some fintech startups initially focused on specific areas like
superapps, offering a range of services beyond traditional fintech payments, money transfer, or remittances but later expanded
offerings. The growth of superapps in MEA can be categorised their services or moved into entirely different sectors.
into two main groups. For instance, Livbank, a digital lifestyle bank in the UAE,
began incorporating gametech and other components
■ Traditional non-fintech or non-financial institutions: These in 2020 to diversify its offerings and appeal to a younger
companies originated outside the fintech space, often in industries audience beyond its core banking services.
such as telecommunications, transportation, or delivery.
Examples include M-Pesa, owned by Safaricom and Vodafone,
which started as a telecommunications company but expanded
into fintech, and Safeboda in Uganda and Yassir in Algeria,
which began as ride-hailing apps but evolved into superapps
offering services like ecommerce, delivery, and payments.

c.The rise
of superapps
60 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024
 MEA2024: THE FINTECH LANDSCAPE

e.
Wider
fintech
ecosystem
The following overview is not exclusive to MEA and is reported
in The Fintech Times: Middle East and Africa 2023 report.
This section provides a broad overview of key components
of the wider fintech ecosystem, with further details on each
highlighted in Chapter Three:

Public sector
In the MEA region, the public sector, including entities
such as central banks, free zones, and financial centre
authorities, plays a crucial role in shaping the fintech
landscape. Each fintech hub in MEA has its own central
bank, which is responsible for monitoring and regulating
the fintech sector. Additionally, other regulatory bodies,
such as securities exchanges, contribute to establishing
regulations and oversight.
One notable aspect of the MEA fintech ecosystem is the
prominence of special economic zones. These zones offer
favourable tax incentives and other benefits to attract
investment and business growth. Special economic zones like
the Dubai International Financial Centre (DIFC) and Abu
Dhabi Global Market (ADGM) have significantly contributed to
the region’s economic development by fostering a conducive
environment for financial services and fintech innovation.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 61

MEA2024: THE FINTECH LANDSCAPE

Media (fintech media) Financial and other traditional institutions

Fintech media has experienced significant growth, both globally Financial and other traditional institutions, including
and within the MEA region, with a focus on regular discussions telecoms and remittance transfers, play a significant role
about fintech-related topics. In addition to established in the broader fintech ecosystem in MEA.
international fintech media outlets, there has been a rise in Both MEA-founded and non-MEA multinational corporations
MEA-based media outlets that specifically cover fintech and (MNCs) have a presence in the region. This includes large telecom
related technology developments. companies like STC and Etisalat in MENA, as well as MTN and
In Africa, notable examples include Big Cabel Media, Orange in Africa. Remittance transfer brands such as Western
headquartered in Nigeria, and Disrupt Africa, based in South Union and MoneyGram, along with local brands like Al Fardan
Africa, which provide extensive coverage of fintech innovations Exchange, also wield considerable influence in MEA.
and trends in the region. Similarly, in the MENA region, platforms
like Magnitt, based in Dubai, serve as valuable sources of Accelerators and incubators
information and research on fintech developments. Accelerators and incubators are vital components of the
Moreover, large global fintech media outlets, such as The fintech ecosystem in MEA. In 2019, Africa boasted at least
Fintech Times, headquartered in London, have expanded its 618 hubs, with Nigeria, Kenya, Egypt, and South Africa
coverage to include the MEA region. Since 2020, The Fintech leading in the number of different types of accelerators,
Times has become one of the most active sections, providing incubators, and co-working spaces. In MENA, notable examples
comprehensive content and attracting a significant viewership include Flat6Labs and Astrolabs. With the region’s emphasis on
interested in MEA fintech developments. entrepreneurship and economic transformation, accelerators
and incubators play an increasingly critical role in reshaping
Academia (degrees on fintech) the region.
There has been a notable surge in global interest surrounding In the Gulf region, many accelerators and incubators serve as
fintech and its broader digital landscape within academia. catalysts and offer their own programmes. Examples include
This heightened interest is evident through various academic DIFC’s Fintech Hive in Dubai, Hub71 in Abu Dhabi’s ADGM
endeavours, ranging from published reports to specialised (with a broader startup focus), Bahrain FintechBay, Fintech
courses, certificates, and even full-fledged degree programmes. Saudi, and Qatar Fintech Hub (QFTH).
Notable organisations like the Milken Institute have contributed Additionally, venture capitalists (VCs) are essential
to this academic discourse by publishing insightful reports on components of the fintech ecosystem in MEA, and their
fintech developments in the Middle East and North Africa. Several numbers are on the rise. MEA-based and/or focused VCs,
universities across the MEA region have also integrated fintech- such as Wamda Capital, Raed Ventures, and Jabbar in
related topics into their curricula - Lagos Business School in the Middle East, as well as Partech and Vantage Capital in
Nigeria and several universities in the UAE, including Mohamed Africa, are prominent examples. Other elements, such as
bin Zayed University and Ajman University, offer specialised mentors, are provided by accelerators and incubators or
master’s degree programmes focusing on AI and machine learning. are integrated into the wider ecosystem.

THE DIRECT AND INDIRECT PLAYERS OF THE FINTECH AND WIDER DIGITAL ECOSYSTEM

Public sector Media Academia Financial and other Accelerators and

(i.e. Central Bank, (fintech media) (degrees on fintech) traditional institutions incubators
Free Zones and (i.e. telecoms,
financial centre remittance transfers)
authorities)

Advisory Legal Fintech catalysts Other private Fintech events

(consultants) (fintech lawyers) and associations companies & fintechs & conferences

Source:: Richie Santosdiaz

62 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

Advisory (consultants) Fintech catalysts and associations
Given the comprehensive economic development reforms Whether established by governments or inspired by government
underway, many consultancies have played pivotal roles in initiatives, fintech associations and catalysts have emerged across
shaping these initiatives. This involvement spans a spectrum MEA, reflecting national efforts to cultivate a robust fintech
of firms, from major management consulting powerhouses ecosystem. For example, numerous fintech associations operate
like McKinsey, Bain, Boston Consulting Group (BCG), to throughout the African continent, often operating under the
the 'Big Four' accounting firms (EY, Deloitte, KPMG, and PwC), umbrella of the Africa Fintech Network (AFN). Similarly, in
as well as niche consulting entities. Beyond traditional MENA, fintech associations and catalysts have been established,
management consulting, these firms offer expertise in areas such notably including Fintech Saudi, created to bolster the fintech
as construction, engineering (especially in digital infrastructure), sector in the Kingdom of Saudi Arabia.
IT, and other factors influencing the economy.
In countries like Saudi Arabia, undergoing substantial Other private companies and fintechs
transformations, consulting has become a significant industry. Beyond the entities mentioned earlier, various private companies
While the fintech sector is still relatively nascent compared to across sectors such as healthcare, agriculture, and logistics
other regions globally, consulting firms are actively involved are increasingly recognising the need for fintech solutions
in shaping government strategies and supporting their or digital tools, which may include fintech applications.
implementation. Moreover, they assist financial institutions in the Additionally, fintech firms themselves, whether native to
private sector with digital transformation initiatives, particularly MEA or originating from outside the region, are continuously
in the affluent Gulf Cooperation Council (GCC) countries. shaping the private sector landscape throughout the region.

Legal (fintech lawyers) Fintech events and conferences

The rising demand for regulatory technology, as previously The region has witnessed a proliferation of fintech-related events
mentioned, underscores the importance of legal expertise in and conferences, albeit mostly smaller in scale. These gatherings
navigating the regulatory landscape, whether fintech-related cover a range of topics within fintech and digital realms, including
or not, across MEA. A variety of firms, both international open finance/banking, payments, cryptocurrencies, and AI.
and local, cater to the growing digitisation trend and the Alongside fintech-specific events, larger technology-focused
increasing role of fintech in the region. exhibitions like Seamless, GITEX and LEAP attract attention,
Fintech lawyers with specialised knowledge and experience showcasing a diverse array of technological innovations.
are essential for addressing the legal requirements of As fintech continues to evolve, so too will its wider ecosystem,
businesses, helping them navigate day-to-day operations, which plays a crucial role in accelerating and innovating its
and addressing potential challenges. growth. In today’s uncertain global economy, these developments
are poised to address potential challenges and drive forward
progress in the fintech sector.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 63

MEA2024: THE FINTECH LANDSCAPE

e.The key
takeaways
The vast geographical and economic landscape of the Middle East ■ Digital, challenger, and neobanks show potential, with examples
and Africa (MEA) significantly influences sectors like fintech. like Tyme Bank in South Africa expanding beyond the region.
While there are similarities across the region, there are varying ■ Gametech is emerging, driven by the young and
levels of development within the fintech sector, with some areas mobile-savvy population in the region, with countries
more advanced than others in terms of subsectors and overall like Türkiye leading in global game development.
ecosystem maturity. Although progress has been made, there is ■ Wealthtech and investing have strong potential due to the region’s
still ample room for further development. growing middle class and working class, along with cultural
attitude shifts towards financial literacy and inclusion.
Overview of fintech in MEA ■ Regtech has the potential to grow, especially in a region where
■ The fintech landscape in MEA is diverse, boasting an fintech growth is often led by government initiatives.
estimated +3,700 fintech solutions in the region, with ■ Digital currencies and cryptocurrencies are seeing
startups estimated to number at least +35,000. These fintechs significant activity, including CBDCs.
include both MEA-founded companies and non-MEA entities ■ Open finance, particularly open banking, is making an
that have expanded into the region. impact, with increasing recognition of its importance across
■ The growth of Islamic fintechs has played a significant various levels of activities and planning.
role in the region’s fintech ecosystem. ■ Lending has become the second-largest subsector in
■ Payments, money transfers and remittances, lending, and MEA after payments, with many lending solutions
wealthtech and investment solutions constitute around also operating in other fintech subsectors.
two-thirds of total fintech solutions in MEA. While ■ Insurtech presents opportunities for increased financial inclusion,
payments dominate, there is increasing diversity across with a growing presence in MEA, although it still constitutes under
various fintech subsectors in MEA. 10 per cent of total fintech solutions in many parts of the region.
■ Despite challenges in the global fintech and wider economy,
MEA has seen notable highlights in fintech, including: Rise of superapp
■ Fintech is the most funded sector in the VC space ■ Necessity and innovation have led many fintechs to offer
– Countries such as Saudi Arabia and Francophone unique solutions in MEA. These include non-financial services
Africa have been attracting more investment institutions expanding into fintech, such as telecommunications
– New unicorns in 2023 in fintech like in Saudi Arabia, UAE and and ride-hailing apps, as well as fintechs branching out
Türkiye showcasing the maturity of the sector in the region into various subsectors like lending or gametech.
– Fintech activity in MEA is concentrated in certain areas,
mainly Israel, the big four African countries (Nigeria, Kenya, Wider fintech ecosystem
Egypt, and South Africa), Türkiye, and the GCC countries, ■ While there are similarities in key components of the fintech
particularly the UAE and Saudi Arabia. ecosystem worldwide, MEA is developing its own unique
ecosystem to support fintech growth.
Subsectors of fintech ■ Chapter Three will provide an overview of key fintech
■ Payments, money transfers and remittances continue to grow, hubs in the MEA region, highlighting the growth and
with opportunities in digital wallets, BNPL,and mobile money. development of fintech in these areas.

64 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

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Chapter Three
Fintech hubs of MEA
A: OVERVIEW
Chapter Three delves deeper into the Middle East and Africa region ■ Comparison of fintech hubs’ growth: A comparison of
by analysing key fintech markets, reports and other research. fintech hub growth scores the progress of each of the
25 countries, so readers can assess how much each has grown,
1. KEY CHANGES declined or stagnated in their fintech development.
The 2024 edition of The Fintech Times’ report introduces several key ■ Modification to scoring metrics: Notably, the evaluation of
changes compared to previous editions: venture capital deals now focuses on total value rather than
the number of deals per country. Additionally, the scoring for
■ Inclusion of new countries: Algeria and the Democratic Republic regulatory sandboxes has been simplified to a clear yes or no,
of the Congo (DRC) have been added as new countries, bringing without consideration for development status.
the total to 25. These additions contribute to the diversity of the ■ Identification of new overall MEA fintech hubs for 2024:
report, representing Francophone Africa and adding cultural The report identifies a new overall winner in the analysis
angles such as Central African and North African perspectives. of MEA fintech hubs. Additionally, other hubs have
■ Introduction of timelines: This report includes a country-specific experienced significant growth and may have become
fintech timeline of events to provide readers, both experienced and future competitors. Moreover, two new entrants have
inexperienced, with insights into key government-led and market- been classified as tier-one fintech hubs, with one new
led developments that have shaped each nation’s fintech ecosystem. entrant in the tier-two category.

66 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: FINTECH HUBS OF MEA

2. SELECTING THE COUNTRIES IN MEA MENA region, SSA, Israel and Türkiye were considered.
The process for selecting countries and analysing their fintech This involved assessing economic development and
ecosystems in the MEA region involved several steps: advancements in technology and fintech.
■ Criteria for evaluation: The selected countries were further
■ Pre-filtration: The initial step included reviewing online evaluated and ranked based on two main criteria:
coverage in The Fintech Times’ MEA section, along with
primary and secondary data. This helped identify countries – Economic development: This criterion assessed the overall
with notable fintech activity and economic development. health, prosperity and advancement of each country’s economy.
■ Country selection: Initially, a list of 22 countries was – Economic development related to digital and fintech:
compiled for the first report in 2021. Ethiopia was later This criterion focused on evaluating the progress of digital
added in 2022, bringing the total to 23. Algeria and the and tech ecosystems, with a specific emphasis on
Democratic Republic of the Congo (DRC) were included understanding the fintech landscape in each country.
in the current report due to their growing fintech activities
and economic development. By following this systematic approach and considering key
■ Diplomatic considerations: Known fintech activity, criteria, the report provided insights into the fintech ecosystems
overall economic advancement, and reports covering the of selected countries in the MEA region.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 67

MEA2024: FINTECH HUBS OF MEA

3. GATHERING DATA Economic development: Tech and digital ecosystem

To confirm and rank the selected MEA countries, various
indicators were applied, focusing on two main themes: 123 Number of startups: This indicator counts the number
of startups in the country to gauge the strength of its
tech and entrepreneurship ecosystem. A higher count means a
Indicator theme one: Economic higher score, indicating a stronger ecosystem.
development: Economic and social
A sample of economic and social indicators were used to Number of tech/startups (factoring in population):
understand the chosen MEA countries (total score weighted This indicator takes into account the number of
at 50 per cent overall), including: tech/startup companies per person and provides a holistic
approach. The lower the number per person, the higher the score.
Gross domestic product (GDP) per capita:
This indicator reflects the economic output per person in VC deals: This indicator quantifies the number
a country and provides insight into the standard of living. of VC deals (total value $) in the ecosystem,
Countries with higher GDP per capita received higher scores. reflecting investment activity crucial for fintech.
It’s worth noting this indicator has been modified from
Higher education enrolment: This indicator assesses previous versions of the study.
human capital by considering the proportion of the
population enrolled in higher education institutions. For the Economic development: Fintech
fintech sector, a highly skilled workforce is crucial, so countries with Regulatory sandbox: This indicator assesses the
a higher ratio of college-educated individuals received higher scores. sophistication of the regulatory environment for fintech
innovation. A country with a regulatory sandbox in
Entrepreneurship: The number of startups and place receives the highest score, while those without or still
entrepreneurial activity in a country, measured using in development receive no score.
data from the Global Entrepreneurship and Development
Institute (GEDI). A higher score on the Global Entrepreneurship Unicorns: This indicator evaluates the presence
Index (GEI) indicated a more favourable environment for of unicorn companies in the country, signalling
entrepreneurship and innovation, resulting in a higher score. investor confidence and funding potential.
The higher the number of unicorns, the higher the score.
Ease of doing business: This indicator evaluates the
regulatory environment and administrative processes for Number of fintech companies – Similar to the tech/startup
starting and operating a business. Countries with higher indicator, this measures the quantity of fintech companies in
rankings in the World Bank’s Doing Business Report, indicating the country, reflecting the strength of the fintech ecosystem.
greater ease of doing business, received higher scores. A higher number of companies corresponds to a higher score.

Population: The size of the country’s population

was considered, with larger populations
receiving higher scores.
123 Number of fintech companies per capita:
This indicator considers the density of fintech companies
relative to the population, providing a comprehensive assessment.
A lower ratio per person yields a higher score.
Human Development Index (HDI): This indicator
provides a comprehensive evaluation of a country’s Bonus score: Economic development strategy (known)
development by considering factors such as life A bonus score is awarded if a country has a comprehensive
expectancy, education and income. Countries with higher national economic strategy that includes promoting digital
HDI scores received higher scores in this category. transformation. This additional score reflects a clear framework
and commitment to fostering sectors like fintech.
Indicator theme two: Economic
development: Tech, digital and fintech 4. SCORING MECHANISM AND SUMMARISATION
Sample data related to the tech and digital ecosystem, as well OF THE FINTECH TIER CATEGORIES
as fintech-specific information, were collected to calculate The countries were evaluated using a 10-point scoring system,
the score. The tech and digital aspect accounted for 20 per cent with one being the lowest and 10 being the highest score. Based
of the total weight, while fintech contributed 30 per cent. on their scores, countries were categorised into three tiers:

68 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

■ Premier global hub (tier-one):
Countries scoring from eight to 10, demonstrating
exceptional performance across various indicators.
■ Emerging hub (tier-two): Countries scoring from data used is as of March 2023, with potential limitations due
4-7.99, showing notable initiatives and future aspirations to Covid-19’s impact on data availability and accuracy. Further
in fintech. This tier includes sub-ranks based on scores: details of the scoring results are provided in the appendix.

■ Highly-ranked emerging hubs: 7-7.99 B. COUNTRY ECONOMIC AND

■ Middle emerging hubs: 5-6.99 FINTECH BREAKDOWN LANDSCAPES
■ Lower-end emerging hubs: 4-4.99 This chapter will provide an overview of each of the 23
selected countries in alphabetical order, starting with the
■ Early stage, developing (tier-three): Countries scoring under Kingdom of Bahrain and concluding with the UAE.
3.99, indicating an early stage of fintech development with Each country section will cover the following points:
potential for growth through investment and dedication.
Countries with scores from 3-3.99 are considered on the higher ■ Country overview: This will focus on the country’s
end of the ‘market to watch’ list. fintech and wider digital landscape.
■ Figures used: Details of the data used to calculate
This ranking aims to provide a comprehensive assessment the country’s fintech hub status, including wider economic
of each country’s economic development and fintech-specific development indicators, digital and tech indicators,
progress. It emphasises the tier categories over individual scores and fintech-specific indicators.
and is not intended as a competitive ranking. ■ Fintech sub-sector/usage: If available, this section
The report acknowledges that not every MEA country was will highlight specific fintech sub-sectors or fintech
analysed due to data limitations. It also highlights that the usage trends within the country.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 69

The Congo River in Kinshasa, Democratic Rep. of Congo

The Mosque-Madrassa of Sultan Hassan from the Citadel, Cairo, Egypt

The stunning World Trade Center building, Manama, Bahrain
 MEA2024: FINTECH HUBS OF MEA

1People's Democratic Repuplic of Algeria

CAPITAL AND FINANCIAL HUB Algiers financial inclusion. To note, Algeria has a relatively high
KEY ECONOMIC DEVELOPMENT STRATEGY mobile and internet subscription rate, which in 2021 was at
Algeria’s National Vision 2030 least 37 million mobile internet subscribers and over 3.5 million
fixed-broadband Internet subscribers.
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW Algeria boasts a relatively high rate of mobile and internet
Algeria, despite facing its own challenges, is rich in natural resources subscriptions, with millions of subscribers in both categories. Fintech
like oil and natural gas, which significantly contribute to its economy. startups like Banxy (mobile-based bank), DFA (open banking
The economy has largely been state-controlled, and although platform), ESREF Pay (digital wallet), and Yassir (a superapp with
Algeria is not a member of the World Trade Organisation (WTO), it banking features) are emerging in the Algerian fintech landscape,
participates in regional groups such as the Arab League and the with Yassir becoming the country’s most funded startup as of 2023.
Africa Continental Free Trade Agreement (AfCFTA).
Apart from the Bank of Algeria, the government lacks a specific BREAKDOWN OF SECTOR
framework focused on monitoring and supporting fintech startups. Fintechs in Algeria cover a wide range of subsectors, but are mainly
Financial inclusion is notably low in Algeria for both individuals focused around payments.
and micro, small, and medium enterprises (MSMEs). MSMEs in
particular have the lowest level of financial inclusion in the Middle KEY ORGANISATIONS
East and North Africa region. Additionally, a significant portion of the ■ Algerian Startup Fund – Sector-agnostic, pre-seed and
population lacks access to bank accounts, with only seed stage focused investment fund offering tickets starting
a small percentage utilising digital payment methods. at $30,000 and going up to $145,000, Algerian Startup Fund
Despite lagging behind other African nations like Tunisia and also manages public funds allowing investments of up to
Morocco in the startup and tech sectors, Algeria has seen notable $1million dollars on startups on later stages.
developments. Recently, the government allowed non-banks to ■ Bank of Algeria (BOA) – Central Bank of Algeria
provide payment services, a privilege previously exclusive to ■ Securities and Investments Organisation and
banks. This legislative change also paves the way for investment Monitoring Commission (COSOB) – To organise and
banks and digital banks to operate in the country. to oversee the securities market
In efforts to digitalise the banking system, two public entities, ■ Association Professionnelle des Banques et des
the GIE monétique and SATIM, alongside initiatives like the Etablissements Financiers (ABEF) – Association for
Algeria Startup Challenge launched by Nesrine Ziad, have played Banks and Financial Institutions in Algeria
pivotal roles. The Algeria Poste, similar to Morocco’s counterpart, ■ Ministry of Post and Telecommunications – Mainly regulations
offers various fintech services, contributing significantly to telecommunications in Algeria including Algerie Poste

TIMELINE OF KEY FINTECH HIGHLIGHTS

2016 Algeria permitted financial institutions to  WIDER ECONOMIC DEVELOPMENT
PRE-2020

onboard customers efficiently in compliance

46,095,194 53.40%
with AML and other KYC requirements. Population in millions
Enrolled
2016 Algérie Poste launched the Edahabia card, which can be GDP per capita in higher
used to carry out all types of financial and commercial $3,690.63 education
transactions via the internet, withdraw cash from ATMs and
49% 0.75
pay for purchases in shops equipped with Eftpos terminals Ease of Human
2020 Algerian Startup Fund created 24.73% doing development
2022 Algerian Super App Yassir Raises Entrepreneurship business index
2021–22

$150million in Series B Funding  ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS

2022 The African Continental Free Trade Areat agreement 25 1,845,808 800 57,619
(AfCFTA) rentered into force in July Number Fintech Number Number of tech
of fintech companies of tech companies
2023 Law No23–09 – This new law introduces important
POST-2023

companies per capita startups per capita

provisions specifically addressing the operations
of fintech, digital banks, and PSPs
No
(essentially permitting fintechs in the country) No 2,000 Regulatory
2023 Launch of the Algeria Fintech & E-commerce Summit Unicorns Number of VC deals sandbox

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 71

MEA2024: FINTECH HUBS OF MEA

2Kingdom of Bahrain
CAPITAL AND FINANCIAL HUB Manama (Ranked globally 76th) TIMELINE OF KEY FINTECH HIGHLIGHTS
KEY ECONOMIC DEVELOPMENT STRATEGY 2018 Bahrain FinTech Bay, a fintech hub for

PRE-2020
Bahrain Economic Vision 2030 the Middle East and Africa, opens
2018 CBB issued open banking rules and then framework
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW on governance and sharing of data followed in 2020
Bahrain’s rich historical legacy as a regional financial services 2019 CBB created fintech unit to oversee
hub continues to shape its present trajectory, positioning the the sector in the Kingdom
Kingdom as a leading centre in the region. Pioneering economic 2020 The Central Bank of Bahrain introduced a virtual
diversification, Bahrain was the first in the Arabian Gulf to envision innovation platform for key players in the ecosystem
an economy less reliant on oil and gas. through FinHub973, offering more than 430 APIs
With 364 licenced financial institutions as of December 2022, to develop banking and financial solutions
Bahrain boasts a dynamic financial landscape comprising 2021 25 fintechs in the regulatory sandbox from September

2021–2022
international, regional, and local entities. The financial services 2021 Bahrain Supernova by CBB launches to
sector, contributing over 16.8 per cent to Bahrain’s GDP as of solve challenges via fintech innovations
September 2022, stands as a vital non-oil sector. Moreover, (second edition the following year)
employing 13,697 people in 2021, the sector is a significant 2022 Achieves +120 fintechs in the Kingdom (2022)
contributor to employment, with Bahrainis constituting over 2023 Bahrain received permission to join the Gulf Region
POST-2023

66 per cent of its workforce. Payment System (CBDC success prior year was trial
In the realm of fintech, Bahrain’s focus lies primarily in payments with JP Morgan – CBDC study work still going)
and cryptocurrencies. The Central Bank of Bahrain (CBB) has 2023 BENEFIT, a fintech and electronic financial
spearheaded progressive regulatory reforms, including frameworks transactions services, has announced partnership to
for crypto assets, digital financial advice, crowdfunding, e-KYC, acquire Bahrain FinTech Bay (BFB), (Sept 2023)
and open banking, positioning itself as a legislative frontrunner 2023 Bahrain hosts inaugural 'Fintech Forward"'
in the Middle East. With over 34 incubators, accelerators, and event in October 2023
co-working spaces, and nearly eight active investment entities,
BREAKDOWN OF SECTOR: FINTECHS IN EGYPT (177 FINTECHS)
Bahrain’s fintech ecosystem fosters innovation and growth.
Payments, transfers and
Although diverse, Bahrain’s fintech landscape is predominantly remittances (27 fintechs)
characterised by payment and cryptocurrency solutions. Notable Digital banks & banking platforms (5)
Bahraini fintech companies include Rain, a licenced crypto platform
Cybersecurity & regtech (4)
and custodian; CoinMENA, a Sharia-compliant digital asset trading
Other (11)
platform; and Aion Digital, offering digital banking platforms for the
0 5 10 15 20 25 30
banking and financial services sectors.
In the broader digital sphere, Bahrain’s retail banking sector  WIDER ECONOMIC DEVELOPMENT
stands out, leveraging the nation’s status as a regional financial
hub. Banks have embarked on modernising their core banking
1,495,066 77.24%
Population in millions
systems to facilitate future development and the integration of Enrolled
GDP per capita in higher
value-added services. Third-party applications like BenefitPay $26,527.00 education
capitalise on Bahrain’s robust infrastructure to connect with users
and facilitate seamless transactions. 76% 0.888
Ease of Human
44.68% doing development
KEY ORGANISATIONS Entrepreneurship business index
■ Central Bank of Bahrain (CBB) – The Kingdom’s central
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS
bank. Since 2002, the CBB has been the single regulator
and source for governance in the financial sector 120 12,459 250 5,980
■ Bahrain Fintech Bay – The first and largest fintech hub Number Fintech Number Number of tech
of fintech companies of tech companies
in the Middle East and main fintech catalyst companies per capita startups per capita
■ Al Waha Fund of Funds – a $100million venture capital fund
that provides funding access to Bahrain’s startup industry.
Yes
■ Women in Fintech Bahrain (WIFBH) – an initiative to raise No 44,000 Regulatory
awareness of women’s role in fintech in Bahrain Unicorns Number of VC deals sandbox

72 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

3Democratic Republic of the Congo
CAPITAL AND FINANCIAL HUB Kinshasha card programmes. Even telecommunications
KEY ECONOMIC DEVELOPMENT STRATEGY companies in the DRC are venturing into electronic banking.
Plan National Stratégique de Développement (PNSD); Despite lagging behind some of its African neighbours,
Plan National du Numérique (PNN) – Horizon 2025 startups and fintechs in the DRC are experiencing growth. In
2022, the DRC raised $62million in startup funds, contributing
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW significantly to the region’s startup funding growth. Fintech
With nearly under 100 million people, the Democratic Republic companies like Bcecoloans, Tuma, Maishapay, and Maxicash are
of the Congo (DRC) boasts the fourth largest population in operating in the DRC, providing microfinancing and payment
Africa and is home to the world’s second largest rainforest. solutions to address the country’s financial challenges.
However, the country faces significant challenges in its
economic development, exacerbated by political and security BREAKDOWN OF SECTOR
issues in 2017 and prior. Despite its natural resources and vast The majority of fintech activity in the DRC primarily revolves
potential, the DRC remains largely underdeveloped, particularly around payments and transfers, with additional activities
in its infrastructure and digital ecosystem. focusing on credit, savings and investment.
Mobile penetration in the DRC is under 40 per cent, and
broadband connectivity is barely at 10 per cent. Approximately TIMELINE OF KEY FINTECH HIGHLIGHTS
80 per cent of the population lives below the poverty line, 2002 Law no003/2002 February relates to the activity

PRE-2020
highlighting the severe economic disparities within the country. and control of Credit Institutions in DRC; also rule
Financial inclusion rates are low, with an estimated 26 per cent passed requiring all credit institutions had to be
of the population having access to formal financial services, members of Asociation Congolaises des Banques
driven primarily by remittances and informal savings. MSMEs 2015 Plan National Stratégique de Développement (PNSD)
face even greater challenges, with an estimated 95 per cent was launched to boost economic development
financial gap in 2017. 2016 The DRC launched its Financial Inclusion
Cash remains the dominant form of payment in the DRC, with Roadmap 2016-2021
90 per cent of transactions conducted in cash. Digital payment 2019 Plan National du Numérique (PNN) – Horizon 2025
options are limited, with fewer than a quarter of businesses to foster digital transformation
accepting digital payments, and only five per cent of the 2020 Telecommunication Framework Law promulgated in
population having access to a bank account, let alone digital November, which prevented large-scale investments
payment methods. in a fragile environment (missing aspects of data
Despite these challenges, progress is being made through protection and cybersecurity standards)
government initiatives and investments from multinational 2021 New Startup Act was
2021-2022

corporations. The DRC government has prioritised digitalisation, introduced in December

implementing strategies such as the DRC Financial Inclusion 2022 Startup Act
Roadmap 2016-2021 and the Plan National du Numerique (PNN) became law
– Horizon 2025. In 2022, the DRC passed a new Startup Act to 2023 DRC raised $62million in startup funds, most not
POST-2023

support its burgeoning startup ecosystem. just for DRC but Central African region that year
Multinational corporations like Visa and Mastercard have 2023 Tuma, DRC fintech, raised largest funds
shown interest in investing in the DRC. Visa opened a branch ever for a DRC fintech startup at $500,000
office in Kinshasa in 2022 and projected significant growth in (which included Visa for example)
credit card adoption within the country. Mastercard is collaborating 2024 New Congolese Fintech Network (CFN) with
with Rawbank’s fintech division, illicocash, to introduce virtual support by government and at least 15 fintechs

104,672,240 6.67% 36% 0.48

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing N/A development
$577.21 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

348,907 300 62,0000 15 6,978,149

Number of tech Number Number Number Fintech No
companies of tech of VC of fintech companies Regulatory No
per capita startups deals companies per capita sandbox Unicorns

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 73

Addis Abeba city, the capital of Ethiopia

Tel Aviv's skyline, Israel

City centre in Accra, Ghana
 MEA2024: FINTECH HUBS OF MEA

4 Arab Republic of Egypt

CAPITAL AND FINANCIAL HUB Cairo TIMELINE OF KEY FINTECH HIGHLIGHTS
KEY ECONOMIC DEVELOPMENT STRATEGY 2019 CBE introduced ‘less-cash payment law’ in collaboration

PRE-2020
Egypt Vision 2030; Financial Inclusion Strategy 2022-2025 with the National Payments Council, obliging juridical or
natural persons to pay governmental entities using non-cash
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW methods whenever the payments’ value exceeds 500 EGP
As one of the largest countries in the MEA region, with a 2019 CBE issued regulatory sandbox
population exceeding 100 million people, Egypt occupies 2020 Fawry becomes Egypt's first (and the Arab
a unique position both geographically and culturally, straddling world's first) fintech unicorn
the Middle East and Africa. However, unlike its wealthier Gulf 2020 Egypt passes its ‘Fintech Law’ aiming to govern the
Cooperation Council (GCC) counterparts and other African provision of non-banking financial services (NBFS) through
nations reliant on oil and gas, Egypt’s economic focus has technology mediums through FinHub973, offering more
shifted towards its historical relics, particularly tourism, and than 430 APIs to develop banking and financial solutions
the Suez Canal, a vital artery for international trade. 2021 Regulations of Instant Payment Network was issued

2021–2022
Given Egypt’s status as a low to middle-income country and its with the aim to define the framework of banks’ work
sizable population, it’s no surprise that the nation ranks among the and mobile phone applications for service providers
top five globally for remittances. Moreover, with over a third of its on the Instant Payment Network (IPN)
adult population still lacking access to financial services, there are 2022 Egypt’s largest national banks: Banque Misr, National Bank
ample opportunities for fintech to address financial inclusion, of Egypt, and Banque du Caire partnered with Global
especially considering that half of Egypt’s economy operates within Ventures, a venture capital firm to create a new fintech
the informal sector. The country has faced significant economic fund, which has invested in at least eight startups
challenges in recent years, including the impact of Covid-19, a 2022 Financial inclusion strategy for 2022-2025 launched
decline in tourism due to geopolitical tensions, and regional 2022 Egypt’s largest national banks: Banque Misr, National Bank
conflicts such as those involving Russia, Ukraine, and Gaza. of Egypt, and Banque du Caire partnered with Global
Within fintech, Egypt has witnessed notable advancements. Ventures, a venture capital firm to create a new fintech
Fintech investment in the country soared to $796.5million in fund, which has invested in at least eight startups
2022, a remarkable 51-fold increase compared to 2019. The 2023 Guidelines on digital banks launched
POST-2023

proliferation of payment solutions is evident, with over 57 2023 CBE intends to allow opening of bank
million cards, 30 million mobile wallets, nearly one million accounts via mobile in 2024
point of sale (PoS) devices, and 680,000 QR codes facilitating 2024 The FRA streamlined the path for fintech startups in Egypt
transactions. Internet and mobile banking usage have also with the issuance of Decision No. 268 of 2023. announced
surged, with over 14 million internet banking users and 13 million on 8 January growth in the sector and boosting the
mobile banking users recorded in 2022. national economy
The government has played a supportive role in fostering 2024 CBE announced plans to launch a digital currency by 2023
the fintech sector, exemplified by initiatives like the Financial
 WIDER ECONOMIC DEVELOPMENT
Inclusion Strategy 2022-2025. Notable fintech players in Egypt
include Fawry, the Arab world’s first fintech unicorn, and 112,716,598 37.82%
Population in millions
MTN-Halan, Egypt’s second fintech unicorn. Paymob is another Enrolled
GDP per capita in higher
key player offering a range of solutions, including POS systems, $3,698.063 education
payment links, and salary payouts.
60% 0.728
Ease of Human
BREAKDOWN OF SECTOR: FINTECHS IN EGYPT (177 FINTECHS) 22.74% doing development
Paytech and remittances (64 fintechs) Entrepreneurship business index
Lending and alternative finance (19)  ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS
B2B marketplace solutions (17) 117 636,817 2,112 53,370
Number Fintech Number Number of tech
Insurtech (10)
of fintech companies of tech companies
Data analytics & AI (9) companies per capita startups per capita
Open banking and infrastructure (8)
Other (50) 640,000,000 Yes
Yes Number Regulatory
0 10 20 30 40 50 60 70 Unicorns of VC deals sandbox

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 75

MEA2024: FINTECH HUBS OF MEA

5Federal Democratic Republic of Ethiopia

CAPITAL AND FINANCIAL HUB Addis Abeba ■ Association of Ethiopian Insurers (AEI)
KEY ECONOMIC DEVELOPMENT STRATEGY Ethiopia Digital – The voice of the Ethiopian insurance industry
Payments Strategy (EDPS), Digital Ethiopia 2025 ■ Ethiopian Digital Transformation Program Association (DTEA)
– An association that serves as a network and voice for the
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW digital economy and entrepreneurs around Ethiopia
Conflict and current economic challenges have impeded Ethiopia’s ■ Ethiopian Youth Entrepreneurs Association – Supports
development. Nevertheless, the country’s large population, the and empowers the entrepreneurial interests of its members
second-largest in Africa after Nigeria, presents significant and youth entrepreneurs in Ethiopia
opportunities, especially considering that the majority (65 per cent) ■ Ethiopian Investment Commission – Its mandate
of Ethiopians remain unbanked. Additionally, Ethiopia recently is to promote investments in the country
joined the BRICS alliance, signalling its aspirations for economic TIMELINE OF KEY FINTECH HIGHLIGHTS
growth and cooperation on the global stage. 2014 National Financial Inclusion Strategy – I – 2014-2020

PRE-2020
In recent years, Ethiopian banks have increasingly adopted implemented. Until 2020 – both foreign and domestic
technology, evident in the rising use of mobile and internet banking companies were not allowed to provide digital financial
among customers. Transactions via internet banking surged from services in Ethiopia until ban was lifted this year.
ETB1.8billion ($25million) in 2017/18 to ETB15billion ($290million) in 2021 National Financial Inclusion Strategy
2021–2022
2019/20. However, cash transactions still dominate, with over 98 per 2021-2025 II implemented.
cent conducted in cash, and more than 80 per cent of Ethiopians still 2021 National Digital Payments Strategy
rely on physical bank branches for withdrawals. 2021-2024 implemented.
Mobile money, a transformative force for financial inclusion across 2022 Ethiopia’s Parliament approved the opening of digital
Africa, is gaining traction in Ethiopia. In late 2022, Safaricom Ethiopia financial services to foreign companies, with an aim of the
was granted a licence to operate M-Pesa mobile money services in new regulation to expand financial services in geographic
the country, following regulatory revisions allowing foreign areas underserved by traditional banks, increase
investment in mobile money. Previously, Ethiopia’s mobile money competition in the telecom industry, and facilitate the
service, Telebirr, was exclusively offered by Ethio Telecom. transfer of technology and knowledge.
The Ethiopian government aims to increase financial inclusion to 2022 Safaricom became Ethiopia’s second official
70 per cent of adults by 2025, with a focus on scaling digital telecommunications operator.
payments through mobile money services. The goal is to elevate 2023 Safaricom launches m-pesa mobile
POST-2023

digital payment usage from 20 per cent of adults in 2020 to nearly 50 money service in Ethiopia.
per cent by 2025, as outlined in a research paper by the GSMA. 2023 (ongoing) Ethiopia further liberalises
Notable fintechs in Ethiopia include ArifPay, offering banking sector to further
smartphone-based POS payment solutions; Hellocash, a mobile attract foreign investment.
money service provided by banks and microfinance institutions;
 WIDER ECONOMIC DEVELOPMENT
Kifiya, dedicated to leveraging digital solutions for societal
improvement; and Telebirr, Ethio Telecom’s mobile money 128,824,489 10.43%
Population in millions
service developed in collaboration with Huawei. Enrolled
GDP per capita in higher
$925.08 education
BREAKDOWN OF SECTOR
“Ethiopia’s fintech sector is dominated by payments solutions 48% 0.49
including mobile money. Out of a sample of nine fintech solutions Ease of Human
from the country, nearly all of them, bar one, were in this sub-sector” 17.78% doing development
Entrepreneurship business index
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS
KEY ORGANISATIONS
■ National Bank of Ethiopia (NBE) – The central bank of the country 25 5,152,980 300 429,415
■ Ethiopian Health Insurance Agency – Autonomous Number Fintech Number Number of tech
of fintech companies of tech companies
federal government organisation with the objective of
companies per capita startups per capita
implementing health insurance system in Ethiopia
■ Ministry of Innovation and Technology – Government agency
3,000,000 No
responsible for science and technological development in No Number Regulatory
Ethiopia as well as a governing body of communications Unicorns of VC deals sandbox

76 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

6Republic of Ghana
CAPITAL AND FINANCIAL HUB Accra BREAKDOWN OF SECTOR
KEY ECONOMIC DEVELOPMENT STRATEGY Ghana’s estimated +100 fintechs are dominated
Ghana Vision 2020, Ghana Digital Agenda by wider payment solutions; other non-payments include
insurance, pensions, blockchain, security trading and assets
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW management, agriculture, BNPL, loans and property.
Despite facing current economic challenges, Ghana is widely
regarded as one of the most stable, democratic, and prosperous TIMELINE OF KEY FINTECH HIGHLIGHTS
countries in West Africa. With over half of its population under 1997 Sika card was launched, which was an

PRE-2020
25 years old and a high urbanisation rate, Ghana stands out as a alternative to bank notes and cheques
young and vibrant nation. It holds the distinction of being West 2008 MTN Ghana launched first ever mobile money service
Africa’s second-largest economy, following Nigeria. 2018 Ghana Interbank Payment and Settlement
Benefiting from relative prosperity compared to many African Systems Limited (GhIPSS) was established
nations, Ghana has accelerated its digital agenda through (a subsidiary of the Bank of Ghana (BOG))
initiatives like the Ghana Digital Agenda. This comprehensive 2019 Bank of Ghana’s National Payment System
plan encompasses projects such as the National Identification Strategy Plan (2019 – 2024) launched
Card (Ghana Card), the Ghana E-Payment Portal (GEPP), and the 2021 Bank of Ghana announced a pilot regulatory sandbox

2021-2022
Ghana Electronic Procurement System (GHANEPS). 2022 Ghana's parliament approved a new tax on electronic
Mobile money plays a significant role in Ghana’s fintech transactions effective 1st of May that same year
landscape, with transactions contributing over 80 per cent to 2022 GhIPSS launched the Ghana Pay Mobile Wallet, a
the country’s GDP. In 2021, Ghana boasted 40.9 million bank-wide payment platform and a readily accessible
registered mobile money accounts, with 17.5 million actively mobile application
used. Notably, Ghana ranked third globally in mobile money 2022 Ghana’s Ministry of Communications and
usage in 2020, trailing only China and Kenya. Digitalisation (MoCD) and the Postal and Courier
The country’s digitalisation drive has spurred the growth of Services Regulatory Commission (PCSRC) launched the
fintech ventures. In a notable achievement, Ghana led Africa in African Continental Free Trade Agreement (AfCFTA)
finance app installations in 2021/22, experiencing a remarkable Hub for the purposes of encouraging digital trade and
200 per cent increase in installations, according to a study by e-commerce and to create a conducive environment
AppsFlyer and Google. for technology and fintech start-ups and SMEs
In line with fostering innovation and financial inclusion, the 2023 BOG launches regulatory
POST-2023

Bank of Ghana introduced its Regulatory Sandbox in August, sandbox with first cohort
following a successful pilot phase. Developed in collaboration 2023 eCedi Hackathon ran and was hosted by the
with EMTECH Solutions, the Sandbox reflects the Bank’s Bank of Ghana (eCedi is the CBDE of Ghana
commitment to creating an enabling regulatory environment. that was announced in 2021 as a pilot)
Prominent fintech companies from Ghana include
Pennysmart, offering automated savings solutions; Bitsika, KEY ORGANISATIONS
utilising blockchain technology for instant cross-border money ■ Bank of Ghana – the central bank of the nation
transfers across Africa; and Paysail, a provider of payroll ■ Ghana Fintech and Payments Association (GFPA)
services. These innovative ventures exemplify Ghana’s growing – the fintech hub and not-for-profit organisation
fintech ecosystem and its potential to drive financial inclusion ■ Ghana Investment Promotion Centre (GIPC)
and economic growth. – Ghana’s investment promotional agency

34,121,985 20.39% 60% 0.602

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 20.05% development
$2,636.30 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

65,368 522 100 341,220

Number of tech Number 57,000,000 Number Fintech Yes
companies of tech Number of of fintech companies Regulatory No
per capita startups VC deals companies per capita sandbox Unicorns

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 77

MEA2024: FINTECH HUBS OF MEA

7State of Israel
FINANCIAL HUB Tel Aviv (Ranked globally 48th) to raise $1.2billion last year, represents a 57 per cent decline from the
KEY ECONOMIC DEVELOPMENT STRATEGY Digital Israel previous year. Interestingly, in terms of new fintechs, Israel has seen
an 85 per cent decrease in the establishment of new fintech
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW companies in the country. Last year until October, only nine new
Dubbed the ‘Startup Nation’, Israel has the highest number of fintech startups emerged, a far cry from the 61 established in 2022
startups per capita in the world. Israeli tech scene had many high and 82 in 2021.
points in 2021 and the first half of 2022, with Israeli startups alone Ongoing regional conflicts and other global challenges will impact
raising $15.5billion in funding in the previous year. However, this the economy and, both direct and indirect, the fintech sector.
amount is half of what was raised the year before, with cybersecurity Examples of fintechs in Israel include: Earnix, a Global provider of
taking the biggest hit. Intelligent Insurance and Banking Operations through agile,
In terms of last year, Israeli fintech companies during the first half composable and real-time solutions; Balance, a payments platform
of the year raised a combined investment of $617million, which is a aimed at B2B merchants and marketplaces, and; Vestoo – the world’s
30 per cent decrease year-on-year. Despite that, this represented 35 first marketplace for Life and P&C insurance-based risk transfer.
deals, which is one more deal compared to 2022 in the same period.
Compared to 2022, fintech companies in Israel, which were on track BREAKDOWN OF SECTOR: FINTECHS IN ISRAEL
Trading & investment (22.8%)
TIMELINE OF KEY FINTECH HIGHLIGHTS Payment & money transfer (20.8%)
2008 Payments Systems Law, 5768-2008: this law is not a
PRE-2020

Enterprise solutions (16.3%)

‘payments law’ but rather regulates the authorization of
Anti-Fraud, risk & compliance (13.4%)
controlled payment service
Insurtech (11.9%)
2010 Part of the Treasury Ministry plan to promote the local
Lending & finance (8.9%)
high-tech industry (‘Competitive Advantage National Plan’),
the state initiated a programme intended to encourage Other (5.9%)
prominent global financial bodies to establish fintech R&D 0 5 10 15 20 25
activities, which was still infant at the time KEY ORGANISATIONS
2021 Financial Information Services clarifies the obligations of the ■ Bank of Israel – The central bank of Israel
2021–2022

big banks to share consumer data with third-party ■ Startup Nation Central – The prime connector and facilitator of
applications (went into effect as law in June 2022) and Israeli innovation boosting business growth and generates impact
establishes the Israel Securities Authority (ISA) as the ■ Fintech-Aviv – Mission is to help position Israel as the
regulator for financial information services greatest financial technology ecosystem in the world
2022 Reports of the Bank of Israel to issue a digital shekel ■ Israel Innovation Authority – The support arm of the Israeli
(ongoing) – as late as 2024 released design thinking government, charged with fostering the development of
of the potential CBDC industrial research and development in the State of Israel
2023 New law was published to regulate payment and payment ■ Fintech Ladies IL – A community that was formed
POST-2023

initiation services in Israel – to commence in June 2024 for the empowerment of executive women in tech
2022 Ongoing developments of the Digital Shekel – in 2023 ■ Israel Insurance Association – Voice to overall
completed Bank for International Settlement (BIS)-led promote the wider insurance industry
interoperability tests: Project Icebreaker with the central banks ■ The Capital Market, Insurance and Savings Authority
of Sweden and Norway (which are outside the Eurozone) and – Oversees financial services in the insurance, pension,
Project Sela with Hong Kong Monetary Authority (HKMA) and provident funds markets

9,273,396 58.99% 77% 0.915

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 59.08% development
$52,170.71 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

1,030 9,000 550 16,861

Number of tech Number Number Fintech No
companies of tech 4,300,000,000 of fintech companies Yes Regulatory
per capita startups Number of VC deals companies per capita Unicorns sandbox

78 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

The beautiful Kuwait City

Sunset over Amman, Jordan

Kenya’s capital Nairobi City at dusk
MEA2024: FINTECH HUBS OF MEA

8Hashemite Kingdom of Jordan

CAPITAL AND FINANCIAL HUB Amman real-time payment processing solutions; Liwwa, the first peer-to-peer
KEY ECONOMIC DEVELOPMENT STRATEGY lending platform in the MENA region; and MEPS, a regional payment
Jordan 2025, Financial Technology & Innovation Vision service provider catering to financial institutions, retailers, and
corporations. These fintech ventures showcase Jordan’s growing
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW prominence in the tech and innovation space in the MENA region.
Despite its limited resources compared to neighbouring countries,
Jordan boasts a diversified economy. Trade and finance account BREAKDOWN OF SECTOR: FINTECHS IN JORDAN
for nearly a third of its GDP, while transportation, communications, Payments, transfer & remittances (9)
public utilities, and construction represent one-fifth. Mining and Financial inclusion (5)
manufacturing also contribute significantly. Robo advisors & personal finance (4)
Jordan’s tech scene has experienced remarkable growth, with
Lending & capital (3)
startup funding increasing by nearly 500 per cent in 2021 compared
Wealth management (2)
to the previous year. Despite its small size, Jordan has a vibrant
entrepreneurial ecosystem. Around 27 per cent of tech entrepreneurs Insurtech (2)
in the MENA region are Jordanian, despite the country making up only AI and data analytics (2)
three per cent of the region’s population. However, many Jordanian Crowdfunding & alternative investment (2)
entrepreneurs leave the country for better opportunities elsewhere. Infrastructure & API (2)
Jordanian startups have secured a total of $246million through Other (3)
220 deals between 2018 and 2022, placing the country fourth in
0 1 2 3 4 5 6 7 8 9 10
VC funding and rounds in MENA, behind only the UAE, Saudi Arabia,
and Egypt. Notably, Jordan accounts for 23 per cent of total MENA KEY ORGANISATIONS
technology entrepreneurs. ■ Central Bank of Jordan (CBJ) – The Kingdom’s central bank
A significant percentage of Jordanians live abroad, estimated ■ Ministry of Digital Economy and Entrepreneurship – The body
to be around 10 per cent, and remittances play a substantial role in responsible for setting policies and legislation to regulate the
the country’s GDP. Additionally, Jordan hosts millions of refugees, information technology, communications and postal sector
but only 12 per cent were estimated to have a bank account or ■ Jordan Investment Commission – National investment
mobile wallet in 2022. Overall, 43 per cent of adult Jordanians were promotional agency of the Kingdom
estimated to have access to banking services or mobile wallets,
with over 60 per cent having insurance. TIMELINE OF KEY FINTECH HIGHLIGHTS
In 2018, the Central Bank of Jordan (CBJ) launched one of the first 2010 Permitting non-bank emoney issuers to operate in the Kingdom
PRE-2020

Regulatory Sandboxes in the MENA region to foster innovation. Notable 2013 Launched JoMoPay, the Kingdom's national payments
fintech companies in Jordan include MadfooatCom, specialising in system to serve the unbanked and underbanked
2015 Issued an electronic transaction law
 WIDER ECONOMIC DEVELOPMENT
2017 Launched the National Financial Inclusion Strategy
11,370,197 36.01% 2017 Launch of the Jordan Payments and Clearing Company
Population in millions
Enrolled (owned by the CBJ)
GDP per capita in higher 2018 Launch of the regulatory sandbox by the CBJ
$4,103.26 education
2022 Jordan Payments and Clearing Company expanded operations
2021–2022

69% 0.736 to enable fintech innovation by launching JOIN Fincubator

Ease of Human 2022 The Central Bank of Jordan launches ‘Open Finance Services
31.7% doing development
Instructions’ – with plans to launch it in 2023/24; also study
Entrepreneurship business index
announced to determine feasibility of CBDC (ongoing)
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS
2023 Jordan Payments and Clearing Company (JoPACC) has
POST-2023

28 406,078 583 19,503 launched the JOIN Fincubator, a fintech incubator that will
Number Fintech Number Number of tech support the development of fintech startups in Jordan.
of fintech companies of tech companies 2023 CBJ launched its Financial Technology and Innovation Vision
companies per capita startups per capita
to support the development of micro, small and medium-
sized enterprises (MSMEs) and improve financial inclusion
26,000,000 Yes
No Number Regulatory 2024 JoPACC Launches the Jordan Open Finance Standards
Unicorns of VC deals sandbox (in line with 2022 CBJ instructions)

80 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

9Republic of Kenya
CAPITAL AND FINANCIAL HUB Nairobi (Ranked globally 95th) TIMELINE OF KEY FINTECH HIGHLIGHTS
KEY ECONOMIC DEVELOPMENT STRATEGY 2011 National Payment Systems Act

PRE-2020
Kenya Vision 2030, National Payments Strategy 2022-25 2012 Tax on mobile money introduced (later increased in
2018 and speculation in 2022 to further increase)
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW 2019 The Financial Services Act (2019) – promotes innovation
Kenya has emerged as a powerhouse not only in East Africa but and competition in the financial services sector while
also in the wider MEA region, with Nairobi, its capital and largest safeguarding consumer interests through the licensing
city, earning the moniker ‘Silicon Savannah’ due to its thriving and regulation of fintech companies by the CBK.
tech ecosystem. The country has attracted significant 2019 Data Protection Act
investments from multinational companies as well as from the 2019 CMA established Kenya’s Regulatory Sandbox framework
tech and fintech sectors, bolstering foreign direct investment, 2022 The High Court of Kenya determined that regulation

2021-2022
with notable players such as Microsoft and Visa making of payment service providers (PSPs) by CBK under the
substantial commitments. National Payment Systems Act extends to any persons
Kenya’s commitment to financial inclusion is evident through engaged in any process in a payment system
the widespread adoption of mobile money, notably its flagship 2022 Enactment of the CBK Digital Credit Provider
export M-Pesa, which is estimated to contribute at least five Regulations (the regulation of digital credit business)
to the country’s GDP. Kenya’s influence in popularising mobile 2023 CBK warned customers that companies engaged in
POST-2023
money extends globally, with the country boasting the second- money transfer services without its licence were
highest penetration rate in the world, trailing only behind China. committing criminal offenses
In the first 11 months of 2021 alone, Kenyans conducted 1.9 2023 CBK following consultation previous year said does not
trillion mobile money transactions totalling over $55billion. consider the issuance of a digital currency a ‘compelling
In addition to M-Pesa, Kenya is home to a vibrant fintech priority’; will continue monitoring developments in
ecosystem. Examples include Apollo Agriculture, an online area to help future decisions for issuance
marketplace for farm loans, providing financial access to rural 2024 (Pending as of March) expected
communities; Mara, an online platform offering digital wealth Startup Bill 2022 to go into law
learning for cryptocurrency, catering to the growing interest in
digital assets; and BitPesa, which facilitates cross-border money KEY ORGANISATIONS
transfers through digital wallets, addressing the needs of ■ Central Bank of Kenya – The country’s central bank
individuals and businesses alike. ■ Kenya Fintech Association (FINTAK) – First non-for-profit
organisation representing leading fintechs within Kenya
BREAKDOWN OF SECTOR: FINTECH IN KENYA ■ Digital Lenders Association of Kenya – A new member
Lending (30%) organisation incorporated in 2019 bringing together the
Payment (27%) leading digital-first loan providers and associated stakeholders
Blockchain (15%) ■ Capital Markets Authority – Is charged with the prime
responsibility of both regulating and developing an orderly,
Investec (7%)
fair and efficient capital markets in Kenya with the view to
Financial management (6%)
promoting market integrity and investor confidence.
Insurtech (6%)
■ Insurance Regulatory Authority – Sole authority
Other (9%) charged with regulation and supervision of the
0 5 10 15 20 25 30 35 insurance industry within the Republic

55,100,586 20.48% 73% 0.601

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 18.19% development
$2,081.80 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

55,101 1,000 150 367,337

Number of tech Number Number Fintech Yes
companies of tech 800,000,000 of fintech companies Regulatory No
per capita startups Number of VC deals companies per capita sandbox Unicorns

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 81

MEA2024: FINTECH HUBS OF MEA

10 State of Kuwait
CAPITAL AND FINANCIAL HUB Kuwait City (Ranked globally 80th) KEY ORGANISATIONS
KEY ECONOMIC DEVELOPMENT STRATEGY Kuwait Vision 2035 ■ Central Bank of Kuwait – The country’s central bank
■ Kuwait Banking Association – Focuses on member bank
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW coordination and collaboration to resolve any issues
With the world’s sixth-largest oil reserves, the State of Kuwait ■ Capital Markets Authority – The capital markets
has leveraged its resources to become a wealthy nation, with a authority of the country
historical reputation as a regional financial centre. Its financial ■ Insurance Regulatory Unit – Regulates insurance market
system encompasses four main sectors: banking, insurance, activities in a manner that is fair, transparent and competitive
other financial institutions, and investment funds, boasting ■ Kuwait Direct Investment Promotion Authority
over 100 financial institutions offering a wide array of products – Country’s investment promotional agency
and services.
Banking in Kuwait is predominantly focused on retail business, BREAKDOWN OF SECTOR: FINTECHS IN KUWAIT
with personal loans and financing accounting for 40 per cent of total Peer-to-peer money transfer (44%)
facilities. The country has also fostered the growth of iconic tech Accounts aggregation (17%)
companies, exemplified by the success of delivery app Talabat and Crowdfunding (9%)
e-commerce platform Boutiqaat.
Connected health (8%)
A significant portion of Kuwait’s population aged above 15 holds
Other (22%)
accounts with financial institutions, with nearly a quarter possessing
0 5 10 15 20 25 30 35 40 45 50
credit cards and over a third engaging in online purchases or bill
payments. Moreover, an impressive 83 per cent of Kuwaitis express TIMELINE OF KEY FINTECH HIGHLIGHTS
willingness to embrace fintech solutions. 2018 The ‘E-Payment Regulation’ was issued by CBK
PRE-2020

In a move towards sustainability, the Central Bank of Kuwait 2018 CBK launched the Regulatory Sandbox Framework
(CBK) announced in late 2022 its prioritisation of ESG finance (broadened in 2019 for more services and products)
solutions within its regulatory sandbox. This strategic focus 2019 $200million tech fund was launched to
aims to encourage the testing of innovative sustainable power technology investment
fintech products and services, fostering the adoption of social 2021 Kuwait automated settlement system for interparticipant
2021–2022

and climate-related financial instruments within the Kuwaiti payments (KASSIP) was launched
financial system. 2022 CBK tests a first-of-its kind product for open
Additionally, in 2022, the Competition Protection Authority banking within the Regulatory Sandbox.
received requests from three alliances to establish digital banks 2022 Open Banking Working Group was launched
in Kuwait, involving seven listed companies. Officials have 2023 CBK in May issued new instructions for regulating
POST-2023

initiated assessments to gauge the potential competitive electronic payment of funds in the State (‘2023 CBK
landscape resulting from these alliances. Instructions’); this replaced the previous 2018 instructions
Among the notable fintech companies operating in Kuwait are (topics discussed included the likes of BNPL)
payment service providers like Tap Payments, Myfatoorah, and 2023 Kuwait Capital Markets Authority in July launched circular
Ajar Online, reflecting the country’s commitment to embracing prohibiting use of all virtual assets as a payment tool/
innovative financial solutions. current or recognizing that as a decentralized currency
2023 MOU with Ripple to explore cross border payments
(further development of CBDC)

125,417,534 61.56% 67% 0.847

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 42.47% development
$24,300.33 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

17,709 245 52 83,436

Number of tech Number 8,000,000 Number Fintech Yes
companies of tech Number of of fintech companies No Regulatory
per capita startups VC deals companies per capita Unicorns sandbox

82 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 The Mohammad Al Amin mosque in downtown Beirut, Lebanon

Port Louis, the capital of Mauritius

Old Medina City centre in Casablanca, Morocco
 11Republic of Lebanon
CAPITAL AND FINANCIAL HUB Beirut TIMELINE OF KEY FINTECH HIGHLIGHTS
KEY ECONOMIC DEVELOPMENT STRATEGY N/A Lebanon has some key legislation pertaining to fintech as a whole:
2000 BDL Basic Circular 69/2000 on Electronic

PRE-2020
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW Banking and Financial Transactions;
A combination of ongoing economic and political turmoil, 2017 BDL Basic Circular 144/2017 on Prevention of Cybercrime
compounded by other challenges, has resulted in Lebanon’s 2018 Electronic Transactions and Personal Data Law,
downgrade from an upper-middle-income economy and a which regulates electronic payments and money
regional financial services hub to a lower-middle-income transfers, bank cards and electronic checks,
country. This decline has been stark, with GDP per capita and vests the BDL with extensive authority
plummeting by at least 35 per cent from 2019 to 2021 alone. with regard to the issuance and regulation of
Lebanon’s banking sector, once renowned for its regional electronic and digital money.
prominence, now operates under informal capital controls, It is worth nothing the economic and political

2021-2022
severely limiting lending and deposit attraction. The country’s challenges of Lebanon that began in its current state
payment system is fragmented, distinguishing between from 2019, seeing a devaluation of the Lebanese
pre-October 2019 US Dollar deposits and newer ‘fresh dollar’ pound and loss of trust in much of the traditional
inflows. Long queues for limited cash withdrawals are a common banking services saw an increase organically in the
sight, exacerbated by hyperinflation of the Lebanese Pound, demand for subsectors in fintech such as ewallets and
leading to a widespread dollarisation of the economy. also cryptocurrencies.
Historically, Lebanon has relied heavily on remittances, which 2023 Central Bank of Lebanon (Banque du Liban) had greenlit
POST-2023

have consistently contributed a substantial portion – 28 per cent 13 eWallet providers, with more awaiting approval
– of its GDP. Despite its current crisis, Lebanon was once a 2023 (2024 ongoing) it appears the worst of the Lebanese
thriving hub for startup funding in the MENA region, ranking economic crisis where it had/s one of the highest
among the top three recipients. The Lebanese populace has also inflations in the world might finally be improving.
displayed a willingness to embrace new technologies, with over
half adopting digital banking by 2017 and the country ranking BREAKDOWN OF SECTOR
second in the region for exclusive mobile banking usage in 2016. The country as a whole offers opportunities not just in fintech but
Fintech adoption in Lebanon has largely been organic, with in its sub-sectors too, such as insurtech, e-payment and paytech.
less legislative or government-backed support compared to other
regional counterparts. Mistrust of traditional financial institutions KEY ORGANISATIONS
has driven the popularity of e-wallets and cryptocurrencies, ■ Banque du Liban – Country’s central bank
a trend supported by the government’s authorisation of at least ■ Capital Market Authority – Lebanon’s capital market authority
13 licences for e-wallet providers as of November. ■ Insurance Control Commission (ICC) – An independent
Notable fintech companies originating from Lebanon include institution, in charge of maintaining an efficient
Capital Banking, offering comprehensive software solutions for and stable Insurance market in the country
banking, wealth management, and compliance; PinPay, ■ Investment Development Authority of Lebanon
providing a smartphone app for mobile payments; and Neotic, – Lebanon’s investment promotional agency
developing AI-enabled platforms for automatic trading ■ Union of Arab Banks – Organisation responsible for fostering
strategies and recommendations. Despite its current challenges, cooperation between Arab banks, developing of Arab
Lebanon’s fintech sector continues to demonstrate resilience financial business, and enhancing the financing role
and innovation amidst adversity. of Arab banks in the Arab World

5,254,382 59.59% 54% 0.723

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 28.81% development
$4,136.15 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

2,627 2,000 52 101,046

Number of tech Number 30,000,000 Number Fintech No
companies of tech Number of of fintech companies Regulatory No
per capita startups VC deals companies per capita sandbox Unicorns

84 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: FINTECH HUBS OF MEA

12 Republic of Mauritius
CAPIPTAL AND FINANCIAL HUB Port Louis (Ranked globally 61st) ■ Mauritius Economic Development Board
KEY ECONOMIC DEVELOPMENT STRATEGY Mauritius Vision 2030 – The country’s main investment promotional agency
■ Insurers’ Association of Mauritius – Set up in
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW 1972 as the voice for the insurance industry
Situated in the Indian Ocean, this island nation boasts a unique ■ Mauritius International Financial Centre (IFC)
advantage with many of its citizens fluent in both French and – An internationally recognised jurisdiction and
English, making it a strategic gateway between Africa and South home to international banks, legal firms, corporate
Asia. Over the years, Mauritius has ascended to the status of an services, investment funds and private equity funds
upper-middle-income country, proudly holding one of the highest
GDP per capita figures on the African continent. TIMELINE OF KEY FINTECH HIGHLIGHTS
With a clear vision outlined in its economic development strategy, 2016 Mauritius Board of Investments launches its sandbox

PRE-2020
Mauritius aims to transition to a high-income status by 2030, 2019 Mauritius offered a dedicated regulatory landscape
leveraging its political stability, abundant resources, and pivotal for the safekeeping of digital assets
location. Central to this strategy are investments in highly skilled 2020 Financial Services Commission of Mauritius (FSC)
employment, infrastructure, and digitalisation, which are anticipated issued guidance on Securities Token Offerings (STOs)
to propel the nation forward over the next decade. and Security Token Trading Systems
Mauritius’s financial services sector stands as a testament to 2020 Law changed for the Bank of Mauritius (MoM)
its progress, recognised for its robust development and strong to be able to issue digital banking licences and
capitalisation. The nation has diligently cultivated an investor-friendly to also issues a digital currency
environment while adhering to global standards of compliance. 2020 Fintech roundtables were launched to open discussions
Contributing significantly to Mauritius’s total GDP, the financial services about opportunities and challenges in sector
sector accounts for 13 per cent of the country’s economic output 2021 Virtual Asset and Initial Token Offering Services Act (‘Act’)
2021–2022

and provides employment opportunities for over 8,600 individuals. enacted in December has been enacted in order to provide
In a bid to further bolster economic growth, the Mauritius National a regulatory framework for the Fintech sector in Mauritius
Budget 2021-2022 outlined several measures, with a particular focus 2021 BoM published guidelines on licensing of digital banks
on fintech and digital advancement. Initiatives such as the 2022 Cryptoassets became legal; also FSC published guidelines
establishment of an Open Lab by the Bank of Mauritius (BoM) for on non-fungible tokens (NFTs)
banking and payment solutions, along with the creation of a Fintech 2023 First committee meeting on the draft fintech policy
POST-2023

Innovation Lab by the Financial Services Commission (FSC), guidelines for Mauritius (ultimately a national fintech
underscore the nation’s commitment to fostering entrepreneurship. strategy) with the UNECA
Notably, the BoM’s announcement of a pilot rollout for a Digital 2023 November saw the Financial Services Commission (FSC)
Rupee, a central bank digital currency (CBDC), marks a significant of Mauritius launch its fintech and innovation webpage
milestone in Mauritius’s digital evolution. and updates on the regulatory sandbox guidelines
Among the fintech ventures emerging from Mauritius are Flash,
 WIDER ECONOMIC DEVELOPMENT
offering app-based money management and wallet services; Limit
Markets, a versatile multi-asset trading platform; and 1,301,609 44.39%
Population in millions
Learnleapology, an innovative online investment trading platform. Enrolled
GDP per capita in higher
$9,106.64 education
BREAKDOWN OF SECTOR
Subsectors in Mauritian fintech include payments and 81% 0.796
Ease of Human
processing, remittances, blockchain and cryptocurrencies, N/A doing development
security and fintech tools. Entrepreneurship business index
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS
KEY ORGANISATIONS 392 3,320 19 69,506
■ Bank of Mauritius – The central bank of the country Number Fintech Number Number of tech
■ Financial Services Commission (FSC) – The country’s financial of fintech companies of tech companies
companies per capita startups per capita
services regulator minus banking institutions and global business
■ Mauritius Fintech Hub – Launched in 2018 with the
Yes
objective to promote Mauritius as the Fintech Innovation No 2,000,000 Regulatory
Hub for the African continent Unicorns Number of VC deals sandbox

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 85

MEA2024: FINTECH HUBS OF MEA

13 Kingdom of Morocco
FINANCIAL HUB Casablanca (Ranked globally 56th) diaspora, remittances play a pivotal role in the country’s economy,
KEY ECONOMIC DEVELOPMENT STRATEGY Maroc Digital 2020 contributing to almost eight percent of GDP. Prominent fintech
ventures originating from Morocco include OnePay (specialising in
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW online bill payments), MeilleurCreditmmo (an online comparison
The Kingdom relies heavily on the export of raw materials and select platform), and SYPEX (offering trade management solutions).
agricultural products like citrus, alongside sectors such as tourism
and telecommunications. BREAKDOWN OF SECTOR
Historically, Morocco operated on a predominantly cash-based Payment, remittance and POS systems are the most developed
system with significant financial exclusion. However, digitalisation, segments in terms of fintech subsectors in Morocco;
particularly accelerated during the pandemic, has reshaped the crowdfunding, personal financial management, lending
financial landscape. According to the 2017 World Bank’s Global and data analytics are other subsectors.
Findex Report, only 29 per cent of adults had a bank account. By
2021, this figure surged to 44 per cent, reflecting the rapid adoption TIMELINE OF KEY FINTECH HIGHLIGHTS
of digital financial services. Concurrently, cash usage has declined, 2013 Bank Al Maghrib (BAM) set up the Moroccan

PRE-2020
with 43 per cent of consumers indicating reduced reliance on cash Foundation for Financial Education,
for in-store transactions. 2014 Banking Law by BAM, payment institutions with a
Conversely, digital payments have witnessed a surge, with nearly scope of activity limited to small-value transactions
half of consumers (49 per cent) reporting increased usage. This shift 2014 Before 2014 only Maroc Telecommerce was authorised to
appears to be enduring, with 46 per cent expressing a preference for process online credit card payments in the country (monopoly
contactless payment methods in the future. Moreover, over four-fifths ended and others like AmanPay, PayZone and F-Pay entered)
of consumers exhibit high levels of confidence in contactless cards. 2015 BAM passed the first banking law (first since 2006)
Banks constitute a significant portion of Morocco’s financial 2018 National Financial Inclusion Strategy (NFIS)
system, with entities like Groupe Banque Populaire and Attijariwafa was launched by BAM
ranking among the largest banks in Africa. Traditional financial 2022 According to BAM, the number of access points
2021–2022

institutions are investing in new technologies to remain competitive, to financial services reached 31,515, up 18 per cent
with many adopting fintech services such as mobile banking and compared to a year earlier
digitised platforms. 2022 BAM announced that it is keen ‘not to limit innovation
Morocco boasts a mature mobile market, evidenced by a and protect citizens from the various risks associated
penetration rate of 137.5 per cent. Maroc Telecom, Inwi, and Orange with the field;’ potentially signaling a change
stand as the Kingdom’s three major telecom providers. Internet 2023 In June, BAM launched instant interbank transfers, a new
POST-2023

penetration reached 83 percent in 2020, marking a significant electronic payments service enabling the transfer of money
increase from 71 per cent in 2019. Given the sizable Moroccan in under 20 seconds between accounts at different banks
2023 In January, a policy was introduced to allow tax authorities
 WIDER ECONOMIC DEVELOPMENT
to gain access to bank accounts formerly obscured
1,481,104 38% because their owners reside outside of Morocco.
Population in millions
Enrolled
GDP per capita in higher KEY ORGANISATIONS
$3,795.78 education
■ Bank Al-Magrib – Country’s Central Bank of Morocco
73% 0.698 ■ Morocco Fintech Association – Main fintech
Ease of Human association of the country
25.68% doing development
■ Supervisory Authority of Insurance and Social Welfare
Entrepreneurship business index
(ACAPS) – Authority overseeing the insurance sector
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS
■ Moroccan Capital Market Authority (MCMA)
40 952,734 579 66,162 – Authority for capital markets
Number Fintech Number Number of tech ■ Maroclear - Central Securities Depository in Morocco since 1997
of fintech companies of tech companies ■ Moroccan Investment and Export Development Agency
companies per capita startups per capita
– Country’s investment promotional agency
■ Casablanca Finance City Authority – An economic and
No
No 88,000,000 Regulatory financial hub aspiring to become a bridging platform
Unicorns Number of VC deals sandbox between the north and the south

86 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

Tinubu Square on Lagos Island, Nigeria

Mutrah Corniche, Muscat, Oman

The skyline of Doha city centre at sunset, Qatar
 14 Federal Republic of Nigeria
FINANCIAL HUB Lagos (Ranked globally 100th) Nigeria, as mentioned earlier in this report, has the most
KEY ECONOMIC DEVELOPMENT STRATEGY Nigeria Agenda fintech unicorns in Africa. Examples of fintechs (and unicorns)
2050, Nigeria Payments System Vision 2025 (psv 2025) include Flutterwave (which has seen better days with recent
controversy) and Interswitch; other non-unicorn fintechs
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW include the likes of Piggyvest.and innovation amidst adversity.
The largest country in Africa by population, Nigeria’s economy
has historically relied on oil. However, as a middle-income BREAKDOWN OF SECTOR: FINTECHS IN NIGERIA
country with much economic potential, the country is at a Payments (28%)
crossroads to further develop. Lending (25%)
Besides having the largest population in the MEA region, half Software solutions (15%)
of Nigeria’s population is under 19 years of age, and over 65 per
Wealthtech (11%)
cent are under 35 years old. According to Hootsuite, there are
Other (21%)
over 187 million mobile connections (90 per cent of its
population); 10 to 20 per cent of the population have 0 5 10 15 20 25 30
smartphones while the rest are using traditional mobile phones. KEY ORGANISATIONS
However, it is a nation of contrasts, as half the population does ■ Central Bank of Nigeria – Country’s central bank
not have internet and many are still financially excluded. ■ Securities and Exchange Commission of Nigeria
Nigeria often is one of the biggest VC recipients in the – Country’s security and exchange commission
continent. For instance, in the first quarter of 2002, Nigeria ■ National Insurance Commission (NAICOM)
had the most at $600million. In terms of key developments in – Commission to oversee the insurance sector
fintech, there are several: Nigeria introduced a digital central
TIMELINE OF KEY FINTECH HIGHLIGHTS
bank currency called the e-Naira, released the exposure draft of
2014 International Money Transfer Services
PRE-2020

Opening Banking in 2022, and the CBN ordered all banks to stop
2015 Guidelines of Mobile Money Services; Guidelines
transacting with entities dealing in cryptocurrency.
on Int’l Mobile Money Remittances Service;
Despite this, cryptocurrencies are very popular in Nigeria. Many
Guidelines on Mobile Money Services
point out that the 2016 economic recession in the country could
2018 Regulation for Bill Payments; Guidelines for
have caused Nigerians to flock to digital currencies. This change
Licensing & Regulation of Payment Service Banks
in behaviour propelled Nigeria to have the largest crypto market
2019 Electronic Payments and Collections
in Africa by 2019 and one of the largest user bases in the world.
for Public and Private Sector
Cryptocurrencies have remained popular despite the ban. A report
2020 Framework for Regulatory Sandbox Operations
by KuCoin showed that at least 33.4 million Nigerians aged between
(‘Sandbox Operations Framework’) (in December
18 and 60 had invested in digital assets in the past six months.
2022 the public was invited to take part via
 WIDER ECONOMIC DEVELOPMENT expression of interest); also Guidelines on
Operations of Electronic Payments Channels
227,645,915 10.17% 2021 CBN Regulatory Guidelines on the e-Naira – also
2021-2022

Population in millions
Enrolled first regulator in Africa to introduce a Regulatory
GDP per capita in higher
$2,065.75 education Framework for Open Banking earlier that same year
2021 SEC Crowdfunding Rules
57% 0.548 2022 Nigeria Startup Act 2022 – framework for
Ease of Human
19.85% doing development regulation and development of fintech startups
Entrepreneurship business index 2022 Nigerian Exchange Technology Board Listing Rules
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 2022 Nigerian Payment Systems Vision 2025 launched by
250 910,584 3,360 67,752 CBN (prior was 2006 with PSV2020); also announced
Number Fintech Number Number of tech plans to set up a national domestic card scheme, the
of fintech companies of tech companies first central bank-led national card scheme In Africa
companies per capita startups per capita
2023 CBN Operational Guidelines
POST-2023

for open banking

Yes
Yes 400,000,000 Regulatory 2023 Nigeria Data
Unicorns Number of VC deals sandbox Protect Act

88 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: FINTECH HUBS OF MEA

15 Sultanate of Oman
CAPIPTAL AND FINANCIAL HUB Muscat BREAKDOWN OF SECTOR: USAGE OF FINTECHS IN OMAN
KEY ECONOMIC DEVELOPMENT STRATEGY Oman Vision 2040 P2P money transfers (35%)

ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW Account aggregation (30%)

Oman has a rich historical legacy, once boasting a powerful navy and Robo-advisory (15%)
expansive empire that reached the eastern shores of Africa. Despite
starting later in the oil and gas game compared to its GCC neighbours, Other (20%)
Oman has successfully transformed its economy, aligning with 0 5 10 15 20 25 30 35 40
the broader development trajectory of the Arabian Gulf region.
With a significant portion of its population under the age of
29 and a substantial expatriate community, Oman’s future lies
in diversification and reducing reliance on oil. Although Oman
may seem like a latecomer to fintech compared to its GCC
counterparts, initiatives such as Vision 2040 and broader digital
transformation efforts are driving economic development, including
in the fintech sector, especially underscored by the pandemic’s
emphasis on digitalisation.
Several homegrown fintech companies have emerged in Oman,
reflecting this evolving landscape. Examples include Split X, Shoppers at Mutrah Corniche, Muscat, Oman
offering a buy now pay later (BNPL) solution; TelyPay, providing
a secure digital platform for individuals and businesses; TIMELINE OF KEY FINTECH HIGHLIGHTS
and Wadiaa, focusing on crowdfunding and crowd-investing. 2016 CBO launched the online payment getaway
PRE-2020

Thawani made history in 2020 by becoming the first non-banking OmanNet, the central payment gateway in Oman
financial entity to receive a fintech licence from the CBO, 2018 Legal Framework of the National Payment
marking a significant milestone in Oman’s fintech journey. Systems was issued by CBO
2019 Bank Muscat, the largest financial institution
KEY ORGANISATIONS in Oman, announced a new $100million
■ Central Bank of Oman (CBO) – Country’s central bank fintech investment programme
■ Capital Market Authority – Oman’s capital market authority 2020 CBO launched its Financial Regulatory Sandbox
2021–2022

■ Oman Startup Hub (OSH) – A platform for startups, 2021 Financial Consumer Protection Regulatory Framework
investors, advisors, and entrepreneurs launched in December to protect those using FS
■ Oman Investment Authority – Country’s 2022 Securities Law RD 46/2022 (the ‘Securities Law’) came into
investment promotional agency force and effect in June – Securities Law authorises the
■ Sharakah – S closed-joint stock company incorporated by Capital Market Authority to regulate innovative financing,
a Royal Decree in the Sultanate in 1998. Sharakah provides approval of fintech based apps and virtual investments
financial support and post-financial to SMEs in Oman 2023 CBO and Omantel, a provider of integrated
POST-2023

■ Oman Technology Fund – Aims to put Oman firmly on telecommunications in Oman, delivered a
the map of knowledge leaders in the Middle East six-month accelerator programme dedicated to
■ Oman Banks Association (OBA) – A non-profile professional nurturing and empowering fintech startups
association for the country’s banking industry 2023 Ongoing Fintech Framework and Roadmap

4,694,505 43.84% 70% 0.819

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 43.6% development
$19,509.47 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

23,012 204 6 782,418

Number of tech Number Number Fintech Yes
companies of tech 20,000,000 of fintech companies No Regulatory
per capita startups Number of VC deals companies per capita Unicorns sandbox

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 89

Kigali City Tower at night, Rwanda

The city of Dakar, Senegal by the coast of the Atlantic ocean

Al-Olaya in northern Riyadh, Saudi Arabia
 MEA2024: FINTECH HUBS OF MEA

16 State of Qatar
CAPITAL AND FINANCIAL HUB Doha (Ranked globally 88th) ■ Qatar Financial Markets Authority (QFMA)
KEY ECONOMIC DEVELOPMENT STRATEGY Qatar Vision 2030 – Established under Law No. 33 of 2005 as an independent
regulatory authority to supervise financial markets
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW ■ Investment Promotion Agency of Qatar
The country’s economic diversification efforts extend beyond – The country’s investment promotional agency
its natural resources into sectors such as sports, entertainment, ■ Qatar Development Bank (QDB) – Its vision is to develop and
financial services, and fintech, as part of its broader digital empower Qatari entrepreneurs and SMEs to innovate and
transformation agenda. compete internationally while contributing to Qatar’s economic
The Qatari government has been proactive in supporting the diversification and the development of its private sector
growth and development of the fintech sector, notably through
initiatives like the Qatar Fintech Hub (QFTH). QFTH has emerged TIMELINE OF KEY FINTECH HIGHLIGHTS
as a key player in the region, becoming the second-largest investor 2017 Qatar launches a fintech task force

PRE-2020
in MENA fintech by September 2022 and incubating over 60 2019 Fintech strategy announced with an established
entities valued at over $400million. Collaboration between QFTH, investment promotional agency (IPA) and other
alongside other entities like the Qatar Development Bank (QDB), incentives to attract foreign direct investment (FDI)
Qatar Financial Centre (QFC), and Qatar Central Bank (QCB), has been 2019 Qatar Fintech Hub (QFTH) by QDB with
instrumental in driving the fintech ecosystem forward. support of QCB was launched
Recognising the importance of fintech for long-term economic 2019 Over 800 fintechs, IT, tax and investment
development, Qatar has integrated fintech into its Second National consulting firms part of QFC
Development Strategy 2018-2022. Moreover, the Qatar Investment 2020 QFTH introduced its fintech and accelerator programmes
2021–2022

Authority (QIA), the country’s sovereign wealth fund, has shown 2021 Payment Service Regulation Framework comes into force
interest in fintech opportunities globally, along with ventures in 2022 Interest for CBDC announced and feasibility of it
venture capital and sustainability. (ongoing) – 2023 signed MoU with DLP provider R3
Among the notable fintech companies emerging from Qatar 2022 (Not directly fintech) Qatar hosts the World Cup,
are CWallet, Loopay and Tiptiptop. aimed to be a cashless experience for participants
2023 In March the QCB released its
POST-2023

BREAKDOWN OF SECTOR Qatar Fintech Strategy 2023”

According to the From Qatar to the World: A report by QFTH, the four 2023 QFC issues consultation for introduction
areas in focus are payments, regtech, Islamic finance and SMEs. of a digital assets framework
2023 In October QCB issued instructions for the loan-based
KEY ORGANISATIONS crowdfunding regulation; August invites companies
■ Qatar Central Bank (QCB) – Country’s central bank to apply for licences to offer buy now pay later
■ Qatar Financial Centre (QFC) – An onshore business and 2023 E-KYC regulation introduced October
financial centre located in Doha, providing legal and 2023 QFC unveils Digital Assets Lab (powered
regulatory services for local and international companies by QCB) to facilitate open innovation
■ Qatar Fintech Hub (QFTH) – A fintech hub with the purpose 2024 QCB plans to launch Fawran, its instant
to support the development of the fintech industry payment service (ongoing)

2,731,366 35.09% 69% 0.875

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 57.95% development
$66,838.36 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

7,245 377 105 26,013

Number of tech Number Number Fiintech No
companies of tech 11,810,000 of fintech companies No Regulatory
per capita startups Number of VC deals companies per capita Unicorns sandbox

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 91

 17 Republic of Rwanda
CAPITAL AND FINANCIAL HUB Kigali (Ranked globally 67th) KEY ORGANISATIONS
KEY ECONOMIC DEVELOPMENT STRATEGY Rwanda Vision ■ National Bank of Rwanda – The country’s
2050, National Strategy for Transformation 2017-24 central bank founded in 1964
■ Rwanda Fintech Association – A fintech association
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW promoting the industry in the country
Rwanda has emerged from its troubled past to become a beacon ■ Rwanda Development Board – Country’s
of progress and innovation, earning the moniker ‘Switzerland of investment promotional agency
Africa’ and positioning itself as a regional hub with ambitions ■ Capital Market Authority – Rwanda’s
for continental leadership. The country’s 2050 vision aims to capital market authority
propel Rwanda into a globally competitive, knowledge-based ■ Kigali International Financial Centre – An ecosystem
economy, with digital technology playing a central role in its of financial actors that will transform Rwanda into
growth trajectory. an international financial destination for investors
At the heart of Rwanda’s economic transformation is its
financial services industry, which includes a diverse array of BREAKDOWN OF SECTOR: FINTECHS IN RWANDA
banks and institutions. The establishment of the Kigali
Payments and
International Financial Centre (KIFC) underscores Rwanda’s remittances (17)
commitment to becoming a financial powerhouse. KIFC’s Lending/financing (14)
recognition on the Global Financial Centres Index (GFCI) as one Savings (8)
of the most promising financial centres in Sub-Saharan Africa
Enabling processes and
highlights Rwanda’s rapid progress in this sector. technologies (8)
Despite its turbulent history, Rwanda has made significant Insurance (5)
strides in financial inclusion, with over three-quarters of the
0 2 4 6 8 10 12 14 16 18
population now formally included in the financial system.
Moreover, nearly 60 per cent of adults utilise more than three TIMELINE OF KEY FINTECH HIGHLIGHTS
financial services, demonstrating a robust demand for financial 2015 Smart Rwanda Master Plan
PRE-2020

products and services. The country has also embraced digital 2015-2020 implemented
payments, with one-third of Rwandans making digital 2017 Rwanda launches National Strategy for Transformation
transactions annually. (2017-2024) to boost innovation in Rwanda
Fintech companies like ADFinance, MobiCash, and Comza 2018 Rwanda launches National Payment Strategy 2018-
Africa are leading the charge in Rwanda’s digital finance 2024; also launches Rwanda Capital Market Masterplan
revolution, offering innovative solutions to meet the evolving 2018-2028; also launched open banking regulations
needs of consumers and businesses alike. 2019 National Financial Inclusion Strategy was
launched in Rwanda
 WIDER ECONOMIC DEVELOPMENT
2021 Various laws pertaining to personal data,
2021-2022

15,325,234 7.03% cybersecurity, and consumer protection passed

Population in millions
Enrolled 2022 Rwanda launched its fintech strategy with an
GDP per capita in higher
$822.35 education implementation phase from 2022-2027
2022 The Kigali International Financial Centre (KIFC)
76% 0.548 launched the first and only fintech-focused Africa
Ease of Human
19.62% doing development Fund valued at $50million and backed by
Entrepreneurship business index MyGrowthFund Venture Partners
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 2022 BNR launches regulatory sandbox – No 41/2022 of
13/04/2022 governing the regulatory sandbox
44 325,574 250 57,301
Number Fintech Number Number of tech 2023 Kigali hosted its ‘Inclusive Fintech Forum 2023’
POST-2023

of fintech companies of tech companies in June, which was graced on stage by the
companies per capita startups per capita
President of Rwanda, Paul Kagame
2024 KIFC signs MOU with foreign partners
Yes such as with Abu Dhabi’s ADGM to foster
No 44,000,000 Regulatory
Unicorns Number of VC deals sandbox partnerships and collaboration

92 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: FINTECH HUBS OF MEA

18 Kingdom of Saudi Arabia

FINANCIAL HUBS Riyadh (Ranked globally 84th) and also ■ Saudi Investment Promotion Authority (SIPA)
the capital city Jeddah (historical commercial hub) – Established to attract national and foreign investment
KEY ECONOMIC DEVELOPMENT STRATEGY Saudi Vision 2030 as part of the National Investment Strategy
■ Financial Academy – Body responsible for upskilling
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW professionals in the wider financial services sector
Saudi Arabia is undergoing significant economic development ■ Council of Cooperative Health Insurance – To be an
driven by its national strategy, Saudi Vision 2030. Central to this international leader in prevention and improving value in
transformation is the creation of multiple giga-projects, including health care services for the health insurance beneficiaries
the King Abdullah Financial District (KAFD), a new mixed-use
financial centre in Riyadh. Alongside physical infrastructure BREAKDOWN OF SECTOR: FINTECHS IN SAUDI ARABIA
development, Saudi Arabia is prioritising the digital transformation Payments & currency exchange (32%)
of its financial services sector through initiatives like the Financial Lending/financing (19%)
Sector Development Programme (FSDP). Personal finance/treasury
The FSDP launched the Fintech Strategy Implementation Plan in 2022 management (13%)
to accelerate the growth of Saudi Arabia’s fintech sector and establish Business tools (12%)
Riyadh as a global fintech hub. The ambitious plan aims to triple Private fundraising (10%)
the number of fintech companies to 230 by 2025, increase digital Capital markets (7%)
transactions to 70 per cent within three years, and contribute $1.2billion
Other (7%)
to the GDP while creating 6,000 new jobs by 2025. By 2030, Saudi Arabia
0 5 10 15 20 25 30 35
aims to have 525 fintech companies, generating nearly 18,000 jobs.
A key milestone in Saudi Arabia’s fintech journey is its push for TIMELINE OF KEY FINTECH HIGHLIGHTS
open banking, with the launch of a new open banking framework by 2012 Finance Companies Control Law passed – any business
PRE-2020

the Saudi Arabian Monetary Authority (SAMA) in 2022. The country engaging in FS needs SAMA licence
also leads in venture capital funding in the MENA region, securing 2018 Fintech catalyst Fintech Saudi launched by SAMA and the CMA
the top spot for the first time in 2022. 2018 The CMA issues financial technology
Saudi Arabia boasts one of the highest rates of mobile adoption in experimental permit instructions
the region, with a strong embrace of digital technologies. Contactless 2018 SAMA launches regulatory sandbox initiative
payments, particularly through Near-Field Communication (NFC), 2020 SAMA launches its Payment Service Provider Regulations
are widely adopted, with a rate exceeding 94 per cent. 2021 Council of Ministers approved first digital banking
2021–2022

Fintech companies in Saudi Arabia, such as Tamara, Geidea, licences for STC Bank and Saudi Digital Bank
Lean Technologies, and Foodics, are at the forefront of innovation, 2021 SAMA launched rules pertaining to debt-based crowdfunding
offering solutions ranging from buy now, pay later (BNPL) services 2022 FDSP launched the Fintech Strategy Implementation Plan
to point-of-sale (POS) systems and open banking infrastructure. 2022 SAMA launched its open banking framework
and open banking lab
KEY ORGANISATIONS 2022 LEAP, annual tech event, founded
■ Saudi Central Bank (SAMA) – Kingdom’s main central bank 2023 Personal Data Protection Law introduced
POST-2023

■ Capital Market Authority – Country’s capital market authority 2023 The Saudi Data & AI Authority (SDAIA) launches
■ Fintech Saudi – Main catalyst promoting the fintech industry Data and Privacy Regulatory Sandbox
■ King Abdullah Financial District (KAFD) – An under 2023 Tamara becomes KSA’s second fintech
construction mixed used mainly new financial district in Riyadh unicorn (first was stc pay in 2020)

37,328,174 71.40% 71% 0.875

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 47.16% development
$23,185.87 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

23,330 1,600 200 186,641

Number of tech Number Number Ratio of Yes
companies of tech 1,383,000,000 of fintech fintech startups Yes Regulatory
per capita startups Number of VC deals companies (per person) Unicorns sandbox

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 93

MEA2024: FINTECH HUBS OF MEA

19 Republic of Senegal
CAPITAL AND FINANCIAL HUB Dakar TIMELINE OF KEY FINTECH HIGHLIGHTS
KEY ECONOMIC DEVELOPMENT STRATEGY Senegal Vision 2035 2008 Banking authorisation regime is regulated by Law

PRE-2020
2008-26 of 28 July on banking regulation (Law of 2008)
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW 2016 The digital currency ‘eCFA’ announced by the Central
Historically, Senegal’s economy has been centred around Bank of West African States (BCEAO) with Senegal
agriculture, particularly peanuts. However, in recent decades, first to see it rolled out (eventually dropped)
the government has been diversifying the economy to 2019 Senegal Startup Bill passed (second country
include other agricultural products, as well as non-agricultural in Africa to have after Tunisia)
sectors such as tourism and natural resources like oil, gas, 2021 Wave Digital Finance becomes Senegal’s

2021–22
and gold. By 2025, the government aims to create 35,000 new first fintech unicorn
jobs in the technology sector. Mobile phone usage in Senegal 2022 BCEAO announced creation
has surpassed 60 per cent this year. Despite this digital of its fintech bureau
advancement, only seven per cent of the population utilises 2024 BCEAO sets payment regulatory

POST-2023
traditional financial services. framework (ongoing)
As a Francophone nation located in West Africa, Senegal is 2024 Creation of regulatory sandbox (mentioned in
relatively stable and prosperous compared to some of its previous reports and conferences – ongoing
neighbouring countries. It is a member of the West African – nothing significant published since then)
Economic and Monetary Union (WAEMU), and its fiscal and
economic policies are influenced by this union, including BREAKDOWN OF SECTOR: FINTECHS IN SENEGAL
foreign exchange controls. Payments (42%)
However, Senegal remains a developing economy with Marketplace for
significant challenges in financial inclusion, particularly financial services (29%)
and aggregators
in rural areas. The majority of traditional financial services
infrastructure, such as ATMs and point-of-sale terminals, are Process and
technology (17%)
concentrated in the capital city of Dakar, leaving rural areas enablers
underserved. Additionally, cash remains the preferred payment
Other (12%)
method for 56 per cent of Senegalese. 0 5 10 15 20 25 30 35 40 45
Fintech presents opportunities to address these challenges
and promote financial inclusion. Mobile money, in particular,
 WIDER ECONOMIC DEVELOPMENT
has had a significant impact, with over 70 per cent of adults in
Senegal reporting its use within the last 30 days. 18,092,284 16.81%
Population in millions
Fintech companies like Wave, Senegal’s only fintech unicorn Enrolled
GDP per capita in higher
besides Nigeria and Egypt, Bayseddo, a crowdfunding platform
$1,636.89 education
for agribusinesses, and Sudpay, offering multiple payment
solutions, are leading the way in leveraging technology to 59% 0.517
improve financial access and services in Senegal. Ease of Human
19.65% doing development
Entrepreneurship business index
KEY ORGANISATIONS
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS
■ Central Bank of the West African States (BCEAO)
– The common issuing institution of the eight 24 753,845 128 141,346
West African member States of BCEAO Number Ratio of Number Number of tech
of fintech fintech startups of tech Companies
■ Agency for Investment Promotion and Major Projects (APIX) companies (per person) startups per capita
– The country’s investment promotional agency
■ Senegalese Information Technology Association (SITSA)
Yes
– The first national association to represent the Yes 44,000,000 Regulatory
information industry and professionals in Senegal Unicorns Number of VC deals sandbox

94 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

Table Mountain and the city of Capetown in South Africa

Tunis city, Republic of Tunisia

The vibrant city of Dar es Salaam, Tanzania
 20 Republic of South Africa
FINANCIAL HUBS Cape Town (Ranked globally 83rd) ■ Payments Association of South Africa (PASA)
Cape Town (Ranked globally 83rd) and Johannesburg – Payment system management body recognised by SARB
(Ranked globally 82nd); former also capital city alongside ■ South African Insurance Association (SAIA)
with Pretoria and Bloemfontein – Representative body of the non-life insurance industry
■ Fintech Association of South Africa (FINASA) – The mission
KEY ECONOMIC DEVELOPMENT STRATEGY to nurture and empower the thriving fintech ecosystem
National Development Plan 2030
BREAKDOWN OF SECTOR: FINTECHS IN SOUTH AFRICA
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW Payments (28%)
South Africa boasts a well-developed financial services sector Lending (21%)
compared to many others in the MEA region, encompassing
Investech (19%)
robust banking and insurance industries. A significant proportion,
Insurtech (10%)
at least two-thirds, of the population holds a bank account, and
the insurance sector alone commands four-fifths of all premiums Blockchain (10%)
written across Africa. Notably, South Africa ranks among the Financial management (4%)
world’s leaders in insurance penetration. The country’s two Other (8%)
major cities, Johannesburg and Cape Town, serve as prominent 0 5 10 15 20 25 30
regional commercial and financial centres, competing
effectively on both regional and global stages. Johannesburg, TIMELINE OF KEY FINTECH HIGHLIGHTS
in particular, hosts the second-highest number of Fortune 500 2002 Financial Advisory and Intermediary
PRE-2020

companies in the MEA region, following Dubai in the UAE. Services Act 2002 (FAIS)
South Africa stands out not only for its high rate of mobile 2016 Intergovernmental Fintech Working Group (IFWG)
penetration but also for the widespread adoption of created (members include the South African Reserve
smartphones. Approximately 95 per cent of South Africans own Bank) with purpose to develop common
a mobile phone, with smartphones accounting for 91 per cent of understanding of financial technology
all devices in the country. Despite its economic successes, South 2017 Fintech unit established in SAR
Africa grapples with persistent challenges, including poverty, 2018 Under IFWG, a working group created for cryptocurrencies
inequality, and political instability. However, the country is – Crypto Assets Regulatory Working Group (CARWG)
actively promoting digitalisation, recognising the potential 2020 Digital launch of inaugural regulatory sandbox by IFWG
2021-2022

for fintech to contribute to its development goals. Enhancing 2021 Financial Sector Conduct Authority (FSCA)
financial inclusion, especially among businesses that are not publishes its 2021-2025 Regulatory Strategy
yet part of the formal ecosystem, remains a priority. 2022 Phase Two of Project Khokha ended in April. It
Fintechs in South Africa include insurtechs Naked Insurance explored the implications of tokenisation in financial
and Pineapple, the country’s first P2P insurer, along with markets through a proof-of-concept focused
banking as a service provider Jumio and digital bank Tyme. on SARB debentures using DLT
2024 In budget revealed plans to incorporate stablecoins
POST-2023

KEY ORGANISATIONS and blockchain technology as part of a strategic shift

■ South African Reserve Bank (SARB) – Country’s central bank towards digital payments nationwide (ongoing)
■ Financial Sector Conduct Authority (FSCA) 2024 (Ongoing) Conduct of Financial Institutions (COFI)
– The financial institutions market conduct regulator expected to be passed end of the year

60,414,495 25.24% 67% 0.717

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 32.65% development
$7,055.04 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

91,537 660 200 302,072

Number of tech Number Number Fintech Yes
companies of tech 600,000,000 of fintech companies Regulatory No
per capita startups Number of VC deals companies per capita sandbox Unicorns

96 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: FINTECH HUBS OF MEA

21United Republic of Tanzania

FINANCIAL HUB Dar es Salaam TIMELINE OF KEY FINTECH HIGHLIGHTS
KEY ECONOMIC DEVELOPMENT STRATEGY 1994 Capital Market and Securities of 1994

PRE-2020
Tanzania Development Vision 2025 2006 Bank of Tanzania Act – Bank of Tanzania (BOT)
regulator of financial services sector
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW 2015 National System Payment Act – department within BOT
Tanzania, renowned for attractions like Zanzibar, relies on key and deals with any fintech and reviews new financial
exports such as gold, coffee, cashew nuts, and cotton, with gold technology products to be launched in the country
contributing significantly to export earnings. The country aims to 2015 Tanzanian government established the ICT Commission
diversify its economy, transitioning to a lower-middle-income status, 2021 Tanzania introduced a new tax on mobile money

2021–2022
with a robust annual GDP growth averaging seven percent since 2000. transfer and withdrawal transactions (minus merchant,
Initially characterised by a centrally-planned economy, business and government payment transactions).
Tanzania nationalised all private banks between 1967 and 1992. 2021 NMB Bank became an open banking pioneer and
Subsequently, private banks, including branches of foreign-owned aunched first fintech sandbox in the country
institutions, have been permitted to operate, fostering a more 2022 Success of government initiative Silicon Zanzibar to
dynamic financial services sector. Although Tanzania’s fintech attract tech talent from Africa to Zanzibar with the
landscape is comparatively smaller in the MEA region, notable launch of the Wasoko Innovation Hub in Zanzibar

POST-2023
progress is evident. Mobile money has played a pivotal role in 2023 Startup policy made news and looking
driving financial inclusion, akin to other East African nations. to take shape (ongoing)
Tanzania has experienced substantial growth in formal financial 2023 Bank of Tanzania (BOT) issues draft
service adoption, with the percentage of citizens using such services regulations for a regulatory sandbox
rising from 16 per cent in 2009 to 65 per cent in 2017. By June 2021,
over 33 million mobile money accounts were active, indicating rapid City Centre of Dar es
Salaam in Tanzania
expansion in account ownership. Additionally, the government’s
promotion of Zanzibar, not only for its scenic beaches but also under
the banner of ‘Silicon Zanzibar’ reflects efforts to attract tech talent
to the region’s idyllic setting. Fintechs in Tanzania include Azampay
(offering payment management solutions), Mipango (providing
financial management services) and Lokofin (a savings platform).

KEY ORGANISATIONS
■ Bank of Tanzania – The state-run bank operates as the central bank
■ Capital Market and Securities Authority – The main
market and securities authority
 WIDER ECONOMIC DEVELOPMENT
■ Tanzania Insurance Regulatory Authority – Insurance regulator
■ Tanzania Startup Association – An umbrella 68,861,245 5.11%
Population in millions
membership-based organisation which bring together Enrolled
GDP per capita in higher
stakeholders of startup ecosystem in Tanzania
■ Tanzania Investment Centre – Main investment
$1,099.39 education

promotional agency of the country 54% 0.532

Ease of Human
BREAKDOWN OF SECTOR: FINTECHS IN TANZANIA 15.77% doing development
Entrepreneurship business index
(Estimated 33 fintechs, some are double counted as they're superapps)
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS
Personal finance (2)
Enabling processes & technologies (3) 33 2,086,704 673 102,320
Number Fintech Number Number of tech
Insurance (4) of fintech companies of tech companies
Savings (5) companies per capita startups per capita
Payment / remittances (10)
No
Lending/financing (14) No 25,000,000 Regulatory
0 2 4 6 8 10 12 14 16 Unicorns Number of VC deals sandbox

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 97

MEA2024: FINTECH HUBS OF MEA

22 Republic of Tunisia
CAPITAL AND FINANCIAL HUB Tunis TIMELINE OF KEY FINTECH HIGHLIGHTS
KEY ECONOMIC DEVELOPMENT STRATEGY 1998 Tunisia launches Africa’s first Startup Act

PRE-2020
Tunisia Digital 2021-2025 2016 New Banking Law No. 2016-48 – align banking sector
with Basel III requirements by the end of the decade
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW 2020 The Banque Centrale du Tunisie (BCT) announced
Tunisia, straddling Francophone, Arab North African, and African the launch of the fintech regulatory sandbox
cultures, holds the potential to serve as a gateway across these diverse 2021 Tunisia Digital 2021-2025 Strategy launches – key aspects

2021–2022
regions in the MEA. Despite facing various challenges, ranging from included to develop a fintech ecosystem, bring financial
economic to political to security issues, the country has made strides inclusion and to further attract foreign direct investment (FDI)
in advancing its technological landscape and remains relatively stable 2021 BCT and the French central bank successfully completed
and developed compared to its peers. The Tunisian government has a joint CBDC experiment in July, which conducted wire
taken proactive steps to nurture a thriving startup ecosystem and transfers between French and Tunisian commercial banks
enhance digital infrastructure, recognising entrepreneurship as a using blockchain-based wholesale CBDC
catalyst for economic growth. Initiatives like the Digital Tunisia 2020 2022 Through support with IFC, BCT launched paysmart.tn, a
strategy and the passage of the Startup Act demonstrate Tunisia’s digital bill payments platform for Tunisians to pay for utilities
commitment to prioritising digital transformation. 2023 BCT launches a new sandbox licensing regime mainly
POST-2023
However, the regulatory environment in Tunisia appears to be for traditional financial service institutions
heavily regulated, posing potential barriers to the future facilitation 2023 May – Companies allowed to offer mobile payment
and growth of the broader startup community. In 2019, less than 40 services in Tunisia included several traditional banks
per cent of Tunisians aged 15 and over had a bank account, below the and five fintech companies: ViaMobile, Zitouna Paiements,
MENA average, indicating limited access to formal financial services. Enda Cash, Wafacash and Payvago
Cash remains prevalent in the country, with only eight per cent of the
population owning credit cards, lower than the regional average. The National Monument of Kasbah
in the Kasbah square, Tunis
Despite these challenges, Tunisia’s postal service, La Poste, has
emerged as a popular provider of fintech products, serving over
six million individuals with financial accounts. The country shows
promise for further digitalisation, boasting a mobile connection
rate exceeding 150 per cent of its population and a significant
internet user base of 66.7 per cent.
Nevertheless, improvements are needed, as indicated by the
dissatisfaction among Tunisian fintechs regarding the national
regulatory framework. Over half of Tunisian fintechs perceive the
regulatory environment as discouraging, highlighting the need for
 WIDER ECONOMIC DEVELOPMENT
reforms to foster a more conducive ecosystem for innovation.
Among the fintechs operating in Tunisia are Bitaka (offering 12,535,770 37.80%
Population in millions
mobile transfer services), Kaoun (providing financial software Enrolled
GDP per capita in higher
solutions), and Paymee (offering payments processing solutions).
$3,807.14 education

BREAKDOWN OF SECTOR 69% 0.732

The country hopes to become a pioneer by implanting Ease of Human
blockchain in the TCB, digital payment, and cryptocurrencies, 40.53% doing development
Entrepreneurship business index
according to the declarations of the governor of the TCB.
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS
KEY ORGANISATIONS 27 464,288 650 19,286
■ Banque Centrale de Tunisie – Central Bank of Tunisia (BCT) Number Fintech Number Number of tech
of fintech companies of tech companies
■ Conseil du Marché Financier
companies per capita) startups per capita
■ Startup Tunisia
■ Entrepreneurs of Tunisia
Yes
■ Tunisia Investment Authority No 4,000,000 Regulatory
■ FintechTunisia Unicorns Number of VC deals sandbox

98 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

Istanbul, the capital of Türkiye

Sunset over the futuristic skyline of Dubai, UAE

The city of Kampala in Uganda
 23Republic of Türkiye
FINANCIAL HUB Istanbul (Ranked globally 110th) Among the prominent fintech companies in Türkiye
KEY ECONOMIC DEVELOPMENT STRATEGY Vision 2023 are Papara, offering payment solutions, Param, the first
Turkish electronic money solution, and Moka, a payment
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW service provider. Additionally, Dream Games represents
Despite recent challenges, Türkiye remains a high-middle Türkiye’s prowess in the gametech sector.
income nation with promising prospects, bolstered by its large
population and strategic geographical location as a bridge BREAKDOWN OF SECTOR: FINTECHS IN TÜRKIYE
between East and West. Istanbul, home to the megacity Payments (255)
Istanbul, is currently undergoing significant investment, Decentralised finance (92)
particularly in projects like the Istanbul Financial Centre, aimed Banking technologies (91)
at positioning the city as a leading global financial hub. Corporate finance (66)
In the realm of technology and entrepreneurship, Türkiye, Insurance (57)
especially Istanbul, has experienced remarkable growth in Financing (49)
startups, witnessing the emergence of two decacorns and four Trading & investing (36)
unicorns by 2020, including notable gametech company Dream Other (93)
Games. The proliferation of accelerator programs, co-working 0 50 100 150 200 250 300
spaces, and incubation centres further underscores the TIMELINE OF KEY FINTECH HIGHLIGHTS
country’s burgeoning startup ecosystem. 2006 Bank cards and credit card law by Banking
PRE-2020

Fintech regulations in Türkiye largely align with EU standards, Regulation and Supervision Agency (BRSA)
with the Payment Law resembling the First Payment Services 2013 Payment and Securities Settlement Systems,
Directive (FPSD), though it has yet to fully adopt the Second Payment Service and Electronic Money Institutions
Payment Services Directive. Despite regulatory alignment, the Law No 6493 went into effect by both BRSA and
country has witnessed organic growth in fintech and related Central Bank of Republic of Turkiye (CBRT)
subsectors, with the depreciation of the Turkish lira driving 2019 First ever Istanbul Fintech Week event to engage
increased popularity in cryptocurrencies, despite some setbacks the Turkish and wider global fintech community
like the closure of crypto houses such as Vebitcoin in 2021. 2019 Law on amendment of law of Regulation on Payment
Regarding financial inclusion, Türkiye boasts nearly 100 million Service and Electronic Money Issuance, Payment
credit cards, ranking ninth globally for credit card transactions and Institutions and Electronic Money Institutions and
seventh for credit card ownership. With over two million POS devices, Certain Laws by CBRT (previously was under BRSA)
a significant portion now facilitating in-store contactless payments, 2020 Regulation on the use of QR codes by CBRT
and more than 90 million active online banking customers, 2021 Regulation on disuse of crypto assets in payments by CBRT
2021-2022

Türkiye demonstrates robust digital financial infrastructure. 2021 Communique on crowdfunding by Capital
 WIDER ECONOMIC DEVELOPMENT Markets Board of Turkiye (CMB)
2021 Regulation on Operating Principles of Digital
86,138,175 36.00% Banks and Banking as a Service
Population in millions
Enrolled 2022 Communiqué on the Management and Supervision
GDP per capita in higher
$8,536.40 education of the IT Systems of Payment and Electronic Money
Institutions and the Data Sharing Services of Payment
77% 0.855 Service Providers in Payment Services Area – points
Ease of Human
43.69% doing development include shared platform designed with the CBRT and BKM
Entrepreneurship business index to ensure the integration of open banking stakeholders
 ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 2022 İstanbul Finance and Technology Base Inc.,
739 established in Istanbul Financial Centre
116,560 2,500 34,455
Number Fintech Number Number of tech 2023 In the FAST System, the instant payment system
POST-2023

of fintech companies of tech companies operated by the CBRT and put into use in 2021, 6.4
companies per capita startups per capita
million payments with an average daily amount of 7.9
billion TRY are made instantly between accounts
No 2023 (Ongoing) National Fintech Strategy of Türkiye; 2023
Yes 913,000,000 Regulatory
Unicorns Number of VC deals sandbox also ended with phase one of CBDC trail

100 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: FINTECH HUBS OF MEA

24 Republic of Uganda
CAPITAL AND FINANCIAL HUB Kampala such as Pivot Payments (a neobank), Dusupay (specialising in
KEY ECONOMIC DEVELOPMENT STRATEGY Uganda Vision 2030 money remittances), and Tugende (offering asset finance solutions.

ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW KEY ORGANISATIONS

In recent years, Uganda has faced various challenges, from Ebola ■ Bank of Uganda (BoU) – Country’s central bank
outbreaks to stringent Covid-19 lockdowns. Despite these ■ Financial Technology Service Providers’ Association (FITSPA)
difficulties, the country has witnessed significant growth in its – The umbrella body for fintechs in Uganda
financial services and fintech sectors, driven by both organic market ■ Financial Sector Deepening Uganda (FSDU) – Independent
dynamics and government support. non-profit focusing on leveraging digital finance in Uganda
In the payments space, mobile money has emerged as the ■ Uganda Investment Authority – The country’s
dominant ecosystem in Uganda, with a range of players including investment promotional agency
aggregators, telecoms, and banks offering mobile wallet solutions.
These platforms facilitate a wide array of transactions, including BREAKDOWN OF SECTOR: FINTECHS IN UGANDA
utility payments, bank-to-consumer transfers, e-commerce Payments (47%)
transactions, and retail payments. Additionally, the country has seen Bank infrastructure (23%)
the emergence of numerous mobile and digital wallet providers, Investment and savings (16%)
further diversifying the payment landscape. Lending (7%)
Fintechs in Uganda have also made significant strides in savings Insurance (5%)
and lending, catering to niche markets such as asset lending, solar
Markets (2%)
energy, agro-business, micro-loans, and savings. Leveraging their
0 5 10 15 20 25 30 35 40 45 50
understanding of traditional Ugandan SACCOs and microfinance
structures, these fintechs offer digital transformation solutions to TIMELINE OF KEY FINTECH HIGHLIGHTS
enhance financial inclusion. 2009 Establishment of NITA-U Act
PRE-2019

The e-commerce sector in Uganda has experienced notable 2013 Bank of Uganda (BOU) issues mobile
growth, particularly during the pandemic, with platforms like money guidelines
Safeboda, Jumia, and Glovo expanding their presence. However, 2017 Financial Institutions Act 2002 amended to
disparities in internet access remain, with higher smartphone usage incorporate agent banking regulations
observed in urban centres like Kampala compared to rural areas. 2017 Financial Technologies Service Providers
In the realm of remittances, mobile money platforms like Airtel Association (FITSPA) incorporated
Money, MTN Mobile Money, and Eversend have played a crucial 2019 NITA-U issues Data Protection and Privacy Act
role in facilitating transactions for the unbanked population. 2020 BOU issues National
2020–22

These platforms have enhanced connectivity between financial Payment Systems Act
institutions, businesses, and consumers through mobile and digital 2021 BOU issues first ever
wallets, catering to the significant number of Ugandans working fintech licences
abroad who send money back home. 2023 Digital Investment in Uganda set to reach a total
POST-2023

Regulatory frameworks in Uganda have evolved to accommodate transaction value of $10.57million by year end
the shifting landscape, with a greater emphasis on mobile money 2024 The Personal Data Protection Office (PDPO) commences
and open-ended financial regulations. This regulatory flexibility has campaign on amplifying public awareness and
supported innovation and growth in the fintech sector. In addition understanding of the data protection and privacy
to the mentioned fintechs, Uganda is home to other notable players principles, rights and responsibilities

49,547,498 5% 60% 0.55

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 13.2% development
$883.49 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

450,432 110 70 707,821

Number of tech Number Number Fintech Yes
companies of tech 5,000, 000 of fintech companies No Regulatory
per capita startups Number of VC deals companies per capita Unicorns sandbox

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 101

MEA2024: FINTECH HUBS OF MEA

25 United Arab Emirates

FINANCIAL HUBS Dubai (Ranked globally 20th) and Abu Dhabi – BREAKDOWN OF SECTOR: FINTECHS IN UAW (Sample of 136 Fintechs)
also UAE’s capital city (Ranked globally 37th) – only country in MEA to Payments, e wallets
rank in top 50 globally and with two cities as well. and remittances (39%)
KEY ECONOMIC DEVELOPMENT STRATEGY Insurtech (11.76%)
UAE Centennial 2071, UAE Vision 2021, Abu Dhabi Vision 2030, Dubai Lending (8.08%)
Industrial Strategy 2030, UAE National Strategy for Artificial Blockchain /crypto (7.35%)
Intelligence (AI) 2031 Wealtech (6.6%)
Digital and neobanks (5.88%)
ECONOMIC, FINANCIAL SERVICES AND FINTECH OVERVIEW
Other (21.33%)
The UAE stands as a prominent economy within the MEA region,
0 5 10 15 20 25 30 35 40
boasting the regional hubs of Dubai and Abu Dhabi. Its robust
growth is evidenced by its developed economy, where
approximately 90 per cent of the population comprises non-UAE TIMELINE OF KEY FINTECH HIGHLIGHTS
nationals. With aspirations to become a digital leader and drive 2006 Abu Dhabi Vision 2030 developed

PRE-2020
future economic growth, the UAE has invested heavily in digital 2014 Smart Dubai Initiative launched
infrastructure and innovation. 2017 DIFC Fintech Hive launches in DIFC with
With a staggering internet penetration rate of 99 per cent and over first accelerator programme cohort
17 million mobile connections, the UAE exhibits high levels of 2017 DIFC’s DFSA launches its regulatory sandbox
connectivity and digital adoption. Moreover, around 85 per cent of 2018 CBUAE launches Project Aber to distributed ledger technology
the population has access to at least one formal financial service, 2018 UAE government launches Emirates Blockchain Strategy 2021
underscoring the nation’s advanced digital economy. Little wonder 2019 Hub71, Abu Dhabi’s startup hub, launches in ADGM
then that the UAE has earned the distinction of being the most 2020 CBUAE launches fintech office to help build
digitally advanced nation in the Arab World. mature fintech ecosystem in the UAE
The UAE has implemented various strategies aimed at advancing 2021 ADGM FSRA introduces a new regulatory framework
2021–2022

digitalisation, including initiatives in blockchain technology and the for Third Party Financial Technology Services
metaverse. These efforts align with the nation’s broader economic 2022 DIFC launches its Strategy 2030
diversification goals and play a crucial role in driving future prosperity. 2022 DIFC launches the region’s first Open Finance Labs
At both national and emirate levels, mechanisms are in place to promote 2022 (and 2023) – ADGM and DIFC progress rules
digitalisation and foster economic growth, with entities such as the and guidance on virtual assets
Dubai International Financial Centre (DIFC) and Abu Dhabi Global 2022 Dubai launches its Metaverse Strategy
Markets (ADGM) spearheading efforts to bolster the financial sector. 2023 ADGM introduced the region’s first comprehensive
POST-2023

Dubai, in particular, has emerged as a fintech hotspot, hosting an regulatory framework for Sustainable Finance
estimated half of the total fintechs in the MENA region. Meanwhile, 2023 CBUAE implements digital currency strategy
Abu Dhabi has been actively investing in and promoting its fintech 2023 CBUAE launches Financial Infrastructure
sector, further solidifying the UAE’s position as a leading fintech hub. Transformation (FIT) programme
Notable fintechs in the UAE encompass a range of sectors, 2023 CBUAE introduces regulatory framework on BNPL providers
including wealthtech with companies like Finamaze and Sarwa, 2023 Al Etihad Payments, a subsidiary of CBUAE,
insurtech with players like Souqalmal, and payment solutions launches Aani, an instant payments platform
such as Tabby, which gained recognition as the UAE’s first fintech 2024 UAE sends first CBDC ‘digital dirham’ to
unicorn at the end of last year. China via mBridge platform

9,571,128 52.71% 81% 0.937

Population in millions
Enrolled Ease of Human
GDP per capita in higher doing 58.8% development
$44,315.00 education business Entrepreneurship index
 WIDER ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENT, TECH & FINTECH HIGHLIGHTS 

1,697 5,641 686 13,952

Number of tech Number Number Fintech Yes
companies of tech 691,000,000 of fintech companies Yes Regulatory
per capita startups Number of VC deals companies per capita Unicorns sandbox

102 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

MEA2024: PAYTABS

Empowering the Middle

East’s public sector:
Insight into PayTabs’
payment orchestration
Managing payments efficiently and securely is paramount, especially for large corporations
and government entities overseeing mega infrastructure and development projects

ayTabs, Saudi Arabia’s first fintech brand and MENA’s Expanding reach with key local payment integrations
award-winning payment solutions powerhouse, has In early 2024, PayTabs Group made headlines by announcing
unlocked its holistic payment orchestration platform to seamless integration of key local payment methods in the
meet the unique and diverse needs of the region’s merchants Kingdom of Saudi Arabia into its orchestration platform.
and billers, financial institutions, digital wallet providers, This strategic move not only expanded PayTabs’ reach
fintechs/PSPs, telecom institutions and government entities but also fortified its commitment to extend full-stack
and ministries in light of data localisation and flexibility that payment processing services to government entities,
has assumed utmost criticality. financial institutions, and fintech companies overseeing
This case study dives into how PayTabs’ issuing and acquiring fintech infrastructure projects across the region.
platform has transformed payment management for businesses
across sectors, driving efficiency, scalability and security. It is worth Tailored solutions for Saudi Arabia’s Vision 2030
noting that the PayTabs Group has a client portfolio of 1.2 million PayTabs’ payment orchestration platform is meticulously
across the region and processes over US$10billion worth of payment designed to align with the ambitious goals of Saudi Arabia’s
volumes, annually. For nine consecutive years, the PayTabs Group has Vision 2030. With a focus on scalability, security, and
made it to the top of the illustrious Forbes Middle East Fintech list. stability, PayTabs offers custom-fit solutions for ministries,
fintechs, and public entities. The platform’s ability to manage
Challenges faced by businesses exponential payment volumes effortlessly underscores its
Businesses across the MENA region typically suitability for the Kingdom’s flourishing public sector.
encounter a host of challenges including:
■ Diverse payment landscape
■ Optimisation complexity
Centralised
Payment
■ User experience imperatives Analytics Multi-source
GatewayCentralised
Payment
Analytics Multi-source
■ Security and compliance hurdles Unified API Gateway
Gateway Cards Program
■ Expertise and overall solutions Social Unified API Integrations
Cards Program
Social Commerce Gateway
Integrations
Commerce
PayTabs issuing and acquiring fintech platform
PayTabs’ payment orchestration platform has emerged as a Security &
game-changer, offering a suite of solutions and benefits to SecurityFraud
& Integrations
POS Fraud Integrations
address these challenges:
POS SoftPOS Merchant
■ Full stack payment solutions SoftPOS Super App
Merchant
Super App
■ Diverse tech stack
■ Paymes social commerce platform Virtual IBAN
Virtual IBAN
■ Issuance and program management Centralised
Buy Now Payment Processing
Centralised
■ Rapid time-to-market: Pay Later Payment Processing
Buy Now
■ Partner approach Pay Later
QR Payments
■ Expertise in cutting-edge payments tech: Checkout QR Payments
■ Presence in MENA Checkout POS Enabling All
POS Payment Methods
■ Custom fit solutions Enabling All
Payment Methods
■ Empowering business growth Payment Methods
Payment Methods

104 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 Case study example
Consider a prominent government entity in the region tasked with
overseeing mega infrastructure and development projects. Faced
with the monumental challenge of managing diverse payment
methods and ensuring seamless transactions for these projects,
the government entity sought a robust solution to streamline
its payment operations. Upon implementing PayTabs’ platform,
the government entity experienced transformative benefits:

■ Unified payment ecosystem: PayTabs’ platform enabled

the government entity to consolidate its payment
infrastructure, integrating various payment methods into
a unified ecosystem. This streamlined approach simplified
payment management, reducing complexity, and enhancing
operational efficiency across its projects.
■ Optimised transaction processing: Leveraging PayTabs’
dynamic routing capabilities, the government entity optimised
transaction processing, routing payments through the most
efficient and cost-effective channels. By considering factors such
as cost, reliability, and regional preferences, PayTabs ensured
seamless transactions while minimising processing costs.
■ Enhanced security measures: With PayTabs’ robust security
Rapid deployment for mega projects measures, including encryption and fraud detection mechanisms,
Just as Saudi Arabia’s ministries have a proven record of delivering the government entity fortified its defenses against cyber threats.
renowned projects, PayTabs boasts a reputation for facilitating rapid ■ Improved financial management: PayTabs’ platform offered
deployment. Whether launching card issuance or a payment gateway, the government entity comprehensive analytics and reporting
PayTabs ensures the fastest go-to-market timeline in the region, tools, providing valuable insights into transaction performance,
aligning seamlessly with the Kingdom’s ambitious project timelines. expenditure patterns, and budget allocation. Armed with
actionable data, the government entity made informed
financial decisions, optimising resource allocation, and
Enhanced payment processing and collection
maximising project efficiency. What’s more, month on month
The integration of key national payment methods, including
volumes processed by the entity shot up by a mammoth
SADAD, significantly enhances PayTabs’ payment orchestration
and staggering 1200 per cent in a span of six months – from
platform. This empowers government entities with efficient and
June 2023 to December 2023. The chart below showcases
secure payment processing and collection capabilities, paving the
this growth which enabled the entity to scale and deliver.
way for seamless execution of mega projects and initiatives.
Payment volumes processed by the Govt entity in 2023
3,500,000
Culmination of services under one unified label 3,000,000
The payment orchestration platform represents the culmination 2,500,000
of PayTabs’ services under one unified label, streamlining the user 2,000,000
experience and providing a comprehensive suite of payment 1,500,000
solutions. From SMEs to private enterprises and freelancers, 1,000,00
PayTabs caters to all sectors of the economy, facilitating financial 500,000
0
transactions with ease and efficiency. June July Aug Sept Oct Nov Dec

Empowering economic diversification ■ Accelerated deployment: PayTabs’ proprietary technology

As Saudi Arabia’s first fintech brand, PayTabs takes pride in facilitated rapid deployment, allowing the government entity to
powering this growth with its home-grown orchestration launch payment solutions for its projects in a matter of six weeks.
platform, driving innovation and progress across sectors. ■ Customised solutions: PayTabs’ platform offered custom-fit
solutions tailored to the unique requirements of the government
Visit us at https://site.paytabs.com/en/
entity’s projects. Whether it was infrastructure development,
public services, or community initiatives, PayTabs provided
flexible solutions to address specific needs and challenges.
■ Compliance and regulatory alignment: PayTabs’ adherence to
local data fencing and security requirements ensured compliance
with regulatory standards set forth by the local governments.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 105

MEA2024: FINTECH HUBS OF MEA

Findings: results
c.
and key takeaways
The 2024 edition of this report serves up the following findings: The findings are quantified by factoring in wider economic
development indicators and digital-specific ones, both within the
■ Tier-one ‘premier global fintech hubs’ – UAE, Israel, Saudi broader tech space and in the fintech sector. This report utilises a
Arabia (new) and Türkiye (new) tier-three system, as introduced in The Fintech Times: Middle East
■ Tier-two ‘emerging fintech hubs’ and Africa 2021 report, to categorise various fintech hubs.
– Higher-level – None for 2024 The summary table and accompanying diagram illustrate the
– Middle-range – Bahrain, Egypt, Kuwait, Qatar, Nigeria, South rankings of the fintech hubs based on this tier-three system. While
Africa, Mauritius, Kenya, Oman, Jordan and Tunisia the majority of rankings have remained consistent, there have
– Lower-level – Ghana, Lebanon and Morocco (new) been notable changes that will be discussed shortly. Additionally,
■ Tier-three ‘early-stage fintech hubs’ comparing this year’s 2024 results with those from 2023 and the
– Higher-level ‘markets to watch’ – Rwanda, Algeria (new), inaugural 2021 edition provides further insights into the evolution
Senegal, Uganda of fintech hubs over time.
– The rest – DRC (new), Ethiopia, Tanzania

TOTAL WEIGHT SCORE 2024

KEY TAKEAWAYS
COUNTRY OVERALL SCORE (Out of 10) Despite the diversity among the 25 countries included in this
list, several key themes emerge to conclude this chapter.
United Arab Emirates 9.4
State of Israel 8.8
■ Clear timelines of fintech events: Each of the 25 countries has
Kingdom of Saudi Arabia 8.4
demonstrated significant developments in fintech, including
Republic of Türkiye (Türkiye) 8.0
both government-led initiatives and market-driven milestones.
Kingdom of Bahrain 6.6
These timelines highlight the evolution of the fintech ecosystem
Arab Republic of Egypt 6.6
within each country.
State of Kuwait 6.2
■ Government support: Many countries on the list have
State of Qatar 6.1
received varying levels of government support, ranging from
Federal Republic of Nigeria 6.0
broader economic development strategies to digitalisation
Republic of South Africa 5.9
initiatives and specific fintech policies. These efforts have
Republic of Mauritius 5.8
resulted in the passage of laws and regulations aimed at
Republic of Kenya 5.6
accelerating fintech growth.
Sultanate of Oman 5.2
■ Recent activities: The fintech activities observed in these
Hashemite Kingdom of Jordan 5.1
countries are relatively recent, indicating a period of catch-up
Source: Richie Santosdiaz and The Fintech Times

Republic of Tunisia 5.1

compared to other regions. This trend was evident prior to the
Republic of Ghana 4.8
pandemic, during the pandemic, and in the post-pandemic era,
Republic of Lebanon 4.7
highlighting the growing importance of fintech in the region.
Kingdom of Morocco 4.1
■ Unique characteristics: Each country selected for inclusion in this
Republic of Rwanda 3.9 report possesses unique characteristics related to its economic
People's Democratic Republic of Algeria 3.8 development. Whether it’s a large population, a developed
Republic of Senegal 3.3 economy, or a vibrant entrepreneurial ecosystem, each country
Republic of Uganda 3.1 offers something distinctive that contributed to its selection.
Democratic Republic of the Congo 2.8
Federal Democratic Republic of Ethiopia 2.7 Chapter Four will further analyse the findings of the fintech
United Republic of Tanzania 2.7 hubs in the MEA region and subsequently conclude this report.

106 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

COMPARISON OF THE FINTECH TIMES: MIDDLE EAST AND AFRICA 2024 TO THE PREVIOUS REPORTS SCORING ON FINTECH HUBS
TOTAL WEIGHT TOTAL WEIGHT TOTAL WEIGHT
COUNTRY SCORE 2024 SCORE 2023* SCORE 2021
United Arab Emirates 9.4 8.8 7.2
State of Israel 8.8 8.9 7.35
Kingdom of Saudi Arabia 8.4 7.7 6.27
Republic of Türkiye (Türkiye) 8.0 7.6 5.10
Kingdom of Bahrain 6.6 6.5 5.18
Arab Republic of Egypt 6.6 6.1 4.25
State of Kuwait 6.2 6.2 4.48
State of Qatar 6.1 6.3 4.91
Federal Republic of Nigeria 6.0 6.1 4.55
Republic of South Africa 5.9 5.9 4.53
Republic of Mauritius 5.8 6.0 4.20
Republic of Kenya 5.6 5.5 3.95
Sultanate of Oman 5.2 5.3 3.94
Hashemite Kingdom of Jordan 5.1 5.3 4.05
Republic of Tunisia 5.1 5.0 3.59
Republic of Ghana 4.8 4.7 3.25
Republic of Lebanon 4.7 4.9 3.35
Kingdom of Morocco 4.1 3.9 2.52
Republic of Rwanda 3.9 3.9 2.96
People's Democratic Republic of Algeria 3.8 Not studied Not studied
Republic of Senegal 3.3 3.3 1.99
Republic of Uganda 3.1 3.2 2.31
Democratic Republic of the Congo 2.8 Not studied Not studied
Federal Democratic Republic of Ethiopia 2.7 2.7 Not studied
United Republic of Tanzania 2.7 2.3 1.59
Source: *2022 was not added as this is for illustrative purposes. Also note, in the first
edition (2021) and second edition (2022) the scoring mechanism was slightly different

PREMIER GLOBAL FINTECH HUB (TIER ONE)

UAE, ISRAEL, SAUDI ARABIA AND TÜRKIYE (Scores higher then 8)

EMERGING FINTECH HUBS (TIER TWO)

High Level: None for 2024 (Scores of 7-7.99)
Middle Level: Bahrain, Egypt, Kuwait, Qatar, Nigeria, South Africa,
Mauritius, Kenya, Oman, Jordan and Tunisia (Scores of 5-6.99)
Early Level: Ghana, Lebanon and Morocco (Scores of 4-4.99)

EARLY-STAGE FINTECH
HUBS (TIER THREE)
High Level: Markets to watch:
Rwanda, Algeria, Senegal and Uganda (Scores of 3-3.99)
The Rest: DRC (New), Ethiopia and Tanzania
(Countries with scores below 2.99)

Source: The Fintech Times and various; prefiltration (due to nearly

70 countries in MEA) was done based on available data and expert opinion.
Later the chosen countries were scored through three wider indicator themes
(wider economic development, digital and wider tech and fintech-specific).
Premier fintech hub (tier-one) – leading hubs in MEA for fintech as a whole;
plays strong impact globally; stable and sophisticated fintech landscape
Emerging fintech hub (tier-two) – strong commitment and desire to further solidify their
fintech ecosystem; strong investments either at government level or organically is underway
Source: The Fintech Times: Early-stage fintech hub (tier-three) – overall infancy in fintech ecosystem yet for those in the
Middle East and Africa 2024 Report higher ranking (ones to watch-top scorers) show potential to be in the emerging category one day

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 107

MEA2024: THE FUTURE OF FINTECH

Chapter Four
Reflection and
summary on
the future of fintech
in the Middle East
and Africa and beyond
108 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024
A
fter reviewing the 2024 fintech higher-end tier-two fintech hubs
hubs in the Middle East and last year. This rise can be attributed to
Africa in the previous chapter, various government-led initiatives
this section will delve deeper into not that have significantly impacted both
only the changes and outcomes of those wider economic development and
findings but also provide insights into fintech within these countries.
the broader fintech ecosystem in MEA, Another notable development is the
drawing from previous iterations of this emergence of the UAE as the top-scoring
report as well as future prospects. This will country in MEA for the first time in this
be achieved through the following steps: year’s report. If viewed as a competition, the
UAE stands out as the leader in 2024.
■ Reflection on the findings of fintech While Israel has historically been a leader
hubs in the Middle East and Africa in technology, recent events, including the
■ Assessment of predictions made ongoing situation in Gaza, have presented
in 2023 – were they accurate? challenges for the country. Prior to October,
■ Summary and future outlook for Israel faced internal challenges such as
fintech in the Middle East and Africa judicial protests, which have also impacted
its wider tech and economic landscape. The
A. Reflection on the fintech hubs of region’s challenges, coupled with potential
the Middle East and Africa findings repercussions from the humanitarian crisis
This subsection aims to provide a in Gaza, have implications for both the
detailed analysis of the results obtained broader economy and the fintech sector.
from the 2024 study on fintech hubs.
From the inception of this report Another notable development
to the present, The Fintech Times:
Middle East and Africa 2024 Report
is the emergence of the UAE
seeks to corroborate existing research, as the top-scoring country in
which often focuses on specific MEA for the first time in this
regions within MEA or particular
fintech subsectors, by offering a
year’s report. If viewed as a
comprehensive examination of competition, the UAE stands
potential fintech hubs. out as the leader in 2024
It considers not only fintech but
also the broader macroeconomic
factors influencing sectors like Nevertheless, these four countries have
fintech. Therefore, while some continued to demonstrate highly developed
findings may align with existing economies, with all but Türkiye classified as
knowledge in the field, this report developed economies, while Türkiye remains
offers a unique perspective and a high-middle-income economy. They have
methodology, contributing to witnessed both market-led demand sparking
the ongoing validation of fintech innovation and notable government-led
hubs in the region. initiatives prioritising wider economic
development and diversification, particularly
Tier-one Premier in the fintech and digital sectors.
global fintech hubs The emergence of Saudi Arabia and Türkiye
A significant shift in this year’s in the tier-one category of this report is a
report, unlike previous versions, testament to the concerted efforts of both
is the ascension of Saudi Arabia countries in nurturing mature fintech
and Türkiye to tier-one premier ecosystems. As highlighted in this report, both
fintech hubs. Their fintech nations now boast multiple fintech unicorns,
journeys, while not highlighted significant VC investments (each nearing
in earlier reports, are $1billion in 2023, a challenging year for global
noteworthy, with notable VC funding), and a substantial number of
advancements in scoring since fintech companies relative to their populations
2021 and their elevation from and compared to the wider MEA region.

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 109

 Tier-two Emerging fintech hubs
In comparison to previous assessments, there hasn’t been much
change in the overall scores of the participating countries. This isn’t
necessarily negative but indicates that there is still much room for
growth and development in their fintech ecosystems.
One significant change is the absence of any new higher-end tier
two nations. Previously, this category was filled by Saudi Arabia
and Türkiye, both of which have now ascended to tier one. No other
country has stepped in to take their place; the closest contender
is Bahrain, which ranks highest in the middle-level tier-two
category. Additionally, Morocco has entered the tier-two category
for the first time, landing in the lower level.
The remaining countries on the list, including the GCC countries
not in tier one (Bahrain, Kuwait, Oman, and Qatar), Africa’s Big
Four fintech players (Egypt, Kenya, Nigeria, and South Africa),
Mauritius, Ghana, Tunisia, Jordan, and Lebanon, generally maintain
similar scores to those of the past few years in this study.

Morocco has become

Tier-three Early-stage fintech hubs
a tier-two fintech hub in The remaining countries on the list fall into the tier-three early stage
MEA as per The Fintech Times: fintech hubs category. Compared to previous iterations of this report,
Middle East and Africa 2024 report
there haven’t been significant changes, except for Morocco, which

10 Predictions from 2023 –

did they materialise or not?
The 2022 and last year’s 2023 reports made 10 predictions for
developments in the fintech space in the MEA region. This
The Fintech Times website published nearly 100 standalone
articles highlighting partnerships in the Middle East and
subsection will analyse those predictions to determine their Africa, indicating a significant level of activity in this area.
accuracy up until early 2024, when this report was written.

1 Partnerships between financial

services industry and fintechs
2 Regulation challenges for fintechs and
the wider financial services sector
The prediction regarding regulation remaining a
The prediction regarding partnerships between the challenge for many fintechs and the broader financial
financial services industry and fintechs thriving, services and tech sectors appears to hold true. Regulation
as well as an increase in mergers and acquisitions has historically posed challenges globally in the financial services
(M&A), appears to be accurate. This trend is evident due to sector, and the MEA region is no exception. While it’s challenging
several factors within the diverse landscape of the MEA region. to quantify the exact extent of this challenge, the report accurately
Partnerships between fintech companies and traditional highlights the ongoing difficulties faced by fintech companies
banks, as well as between different fintech firms, have become and other stakeholders in navigating regulatory landscapes.
increasingly common. These collaborations have facilitated However, there have been positive developments in the form
the expansion of solutions across different territories within of government-led reforms and support aimed at facilitating
the region, addressing the challenges and costs associated with innovation, including within fintech. Collaborative efforts
scaling operations independently. between governments, such as AfCFTA in Africa and initiatives
Moreover, governments have actively promoted cross-border within the GCC, further indicate a commitment to fostering
collaborations, particularly in areas such as Africa with initiatives cross-border trade and innovation.
like PaPPS and among GCC countries, focusing on enhancing Looking ahead, it is anticipated that further regulatory
cross-border payment systems. For instance, in 2023 alone, adaptations will occur, particularly in areas such as digital

110 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: THE FUTURE OF FINTECH

transitioned from this category to tier two this year. Additionally,

the two new entrants to the list, Algeria and the Democratic
Republic of the Congo (DRC), also belong to this category. These
tier-three countries share several common characteristics:

■ Middle or lower-middle income or low-income economies:

These countries generally have middle-income, lower-middle
income, or low-income economies. Limited access to
technology and financial services hinders fintech innovation
or renders it entirely inaccessible.

■ Lack of fintech-specific infrastructure: While some

countries aspire to develop fintech and financial services
sectors, these areas are still in their infancy compared
to global standards. However, efforts are underway to foster
their growth, as seen in the DRC with its Startup Law.

■ Aspirations for future economic growth: Despite

facing challenges, these countries aspire to elevate
their income status in the long term and leverage The UAE is recognised as the leading fintech
hub in the Middle East and Africa region
technology and digitalisation to combat poverty.

currencies and open finance (e.g, open banking). Partnerships

are expected to continue playing a crucial role in facilitating
expansion into different parts of the MEA region, serving as a
4 Mobile money driving
growth, especially in Africa
While mobile money has played a significant role in
strategy to both drive growth and mitigate regulatory risks. driving fintech growth, particularly in Africa, it’s
important to acknowledge that it’s not the sole driver of

3 Brain drain challenges

in the region
The prediction regarding brain drain continuing to
growth across the MEA region. The assumption that mobile money
would universally fuel growth overlooks the unique characteristics
of each market within MEA. MEA countries exhibit diverse fintech
be a challenge in the region appears to be accurate, landscapes, with solutions tailored to specific market needs.
particularly in the context of remittances. Countries Superapps, for example, have filled gaps in both affluent and
like Egypt and Lebanon, as highlighted in Chapter One, continue less affluent MEA nations, indicating that growth is not solely
to rely on remittances as a significant source of income. driven by mobile money. Fintech subsectors like paytechs,
Despite the challenges posed by brain drain, innovative lending, digital currencies, open banking, and insurtechs have
solutions have emerged to address gaps in the market. A also seen substantial growth and interest across the region.
notable example is the rise of mobile money in East Africa, Furthermore, emerging trends such as banking-as-a-service
exemplified by m-pesa, which originated from market needs (BaaS), embedded finance, and products compliant with
and urgent demands. environmental, social, and governance (ESG) standards present
Governments will need to implement strategies to retain talent significant opportunities for fintechs in MEA.
within the region. However, it’s worth noting that brain drain has MEA-based fintechs, such as TymeBank and Careem, have
also spurred innovation, with entrepreneurs often developing demonstrated the potential for regional and global expansion.
solutions tailored to the needs of their markets. An interesting Additionally, non-MEA fintechs have contributed to the growth of
area for further exploration would be to examine the number of the region’s fintech ecosystem. Collaborations between MEA-based
fintechs founded by individuals from the MEA region who have companies and non-MEA entities, such as M-Pesa’s partnership
relocated elsewhere, such as the United States. between Safaricom and Vodafone, highlight the importance of
While many fintechs in the GCC region have expatriate international collaboration in driving fintech innovation.
founders, countries like Saudi Arabia have seen a rise in locally The influx of non-MEA talent into the region further enriches
founded fintech solutions. For instance, Tamara, the second the fintech sector, driving growth across various subsectors. While
Saudi fintech unicorn, was founded by three Saudis, highlighting this report has primarily focused on MEA-born fintechs, future
the potential for homegrown innovation despite challenges reports should acknowledge and highlight the contributions
associated with brain drain. of non-MEA fintechs to the region’s fintech ecosystem.

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MEA2024: THE FUTURE OF FINTECH

5 Global economic challenges

impacting fintech
The ongoing inflation and recession worries in the
and dynamism of MEA-based fintech startups, attracting
substantial investment and attention from global investors.

global economy are expected to have a significant impact

on the fintech sector in the Middle East and Africa.
These economic challenges have evolved and become increasingly
7 Potential impact of
layoffs in fintech
Contrary to predictions of potential layoffs in the
unpredictable, particularly in light of recent geopolitical events fintech sector, MEA has experienced relatively minimal
such as the war and humanitarian crisis in Gaza. impacts compared to other regions, particularly
MEA countries are experiencing both global and regional the West. While global economic challenges have prompted
challenges, which have ripple effects across their economies. caution and prudence in hiring practices, layoffs in MEA-based
While global inflation may have peaked, its potential to fluctuate fintech companies have been less pronounced.
rapidly poses a risk to the fintech sector. Inflationary pressures Despite challenges, the MEA fintech sector continues to
can affect investor sentiment and funding availability, leading demonstrate resilience and growth, maintaining its status as a
to cautious investment behaviour and increased due diligence. key recipient of venture capital funding in the region. While there
The impact of these economic challenges is evident in global may be hesitancy in over-hiring and increased precaution in
venture capital funding trends, with investors becoming more staffing decisions, widespread layoffs have not been observed,
cautious and selective in their investment decisions. Fintech indicating a more stable outlook for the industry in MEA.
startups may face greater scrutiny as investors seek to underst
and the value proposition and resilience of these ventures in the
face of economic uncertainty.
As the global economy navigates these challenges, MEA-based
8 Evolution of payments and
non-payment fintech solutions
The prediction regarding the dominance of payments
fintech companies must remain vigilant and adaptable to in the MEA fintech sector remains accurate, as
mitigate risks and capitalise on emerging opportunities. evidenced by the continued growth of payment,
Collaborative efforts between governments, financial institutions, money transfer, and remittance solutions. However, the
and fintech startups may be necessary to foster resilience prediction may have underestimated the rapid expansion
and drive innovation in the face of economic headwinds. of non-payment fintech solutions in the region.

While payments continue

to play a significant
role in MEA fintech,
non-payment sectors
such as lending,
wealthtech, investing,
and digital currencies
are experiencing
notable growth

6 Emergence of more unicorns

in the MEA region
Previous versions of this report expressed cautious
While payments continue to play a significant role in MEA
fintech, non-payment sectors such as lending, wealthtech,
investing, and digital currencies are experiencing notable
optimism regarding the emergence of unicorns from growth. Central bank digital currencies (CBDCs) are gaining
the Middle East and Africa region. However, recent traction among governments, while open finance, including
developments have exceeded expectations, particularly in countries open banking, is emerging as a key trend.
such as the UAE, Türkiye, Saudi Arabia, and Egypt. These nations The report acknowledges the role of superapps in driving fintech
have witnessed the birth of several fintech unicorns, marking growth, demonstrating their widespread adoption and increasing
significant milestones in their respective fintech ecosystems. influence across MEA. Superapps, such as Careem in the UAE,
In the UAE and Türkiye, the emergence of their first direct fintech have expanded their services beyond payments, contributing to
unicorns, followed by Saudi Arabia and Egypt’s subsequent the diversification of the fintech landscape in the region.
unicorns, reflects the region’s growing prominence in the global In hindsight, the prediction could have provided a more
fintech landscape. These achievements demonstrate the maturation comprehensive overview of the diverse range of non-payment

112 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

fintech solutions, including digital currencies, open finance,
insurtech and gametech.

9 Fintech growth aligned with

wider economic development
The prediction accurately highlights the symbiotic
relationship between fintech growth and the
broader economic development strategies in
the MEA region. Fintech expansion is intricately linked to
the success of both organic and government-led economic
development initiatives, which prioritise digital transformation
and fintech innovation as key drivers of growth.
Many countries in MEA have adopted comprehensive Conclusion
economic development and diversification strategies In conclusion, our analysis of the top 10 predictions for the
that include specific emphasis on digitalisation, financial MEA fintech landscape generally proved to be accurate,
services, and fintech. These strategies aim to not only foster although we recognise that there were aspects we may have
economic growth but also to enhance competitiveness and overlooked or underestimated.
sustainability in the digital age. Additionally, we introduced a framework for economic
The report’s observation extends beyond well-known prosperity through fintech in the Fintech Times: Middle East
tech hubs like Tel Aviv and the UAE, highlighting emerging and Africa 2022 Report, which remains relevant and adaptable
innovation ecosystems such as Silicon Savannah and to the MEA context. Reflecting on the framework’s key
Silicon Zanzibar. These developments underscore the pillars in the context of 2024, we observe the following:
region’s commitment to leveraging technology and
fintech to drive economic diversification and innovation ■ Regulatory and business environment: Overcoming
across diverse sectors. regulatory challenges and fostering a business-friendly
ecosystem continue to be critical for fintech growth.

10 Continued focus on
financial inclusion
The prediction accurately identifies financial
Initiatives such as regulatory sandboxes and incentives
for foreign investment remain valid strategies.

inclusion as a central narrative driving fintech ■ Talent fostering and retention: Investing in entrepreneurship
growth in the MEA region, echoing themes from and tech education remains essential for developing a skilled
previous reports. The diverse socio-economic landscape of MEA, workforce and addressing brain drain, contributing to
characterised by a mix of affluent nations and underserved sustainable fintech innovation.
populations, underscores the importance of fintech solutions
in promoting financial access and inclusion. ■ Financial literacy: Increasing financial literacy and
The report rightly emphasises the significance of awareness of fintech solutions are crucial for promoting
addressing the needs of the underbanked and under inclusive access to financial services, particularly in
financially excluded populations in MEA, highlighting diverse socio-economic circles across the MEA region.
the complexity of inclusion beyond basic financial
services. Future fintech solutions must navigate ■ Infrastructure development: Advancements in digital
this complexity to effectively reach marginalised infrastructure, including access to high-speed connectivity
communities and facilitate their participation in the and innovation hubs, are essential for supporting fintech
formal financial ecosystem. growth and fostering innovation.
Moreover, the observation regarding the presence of
underserved populations even in affluent MEA nations ■ MSME prioritisation and engagement: Supporting micro,
underscores the ongoing challenges of financial exclusion small, and medium enterprises through targeted interventions
within the region. Despite apparent sophistication, significant and industry dialogues remains vital for driving inclusive
segments of the population remain excluded from traditional economic growth and reducing rejection rates for MSMEs.
financial services, presenting opportunities for innovative
fintech solutions to bridge this gap. In summary, the ongoing progress in these areas underscores
Overall, the prediction accurately captures the enduring the positive trajectory of fintech-driven economic development
importance of financial inclusion as a driving force in the MEA region. While challenges persist, the concerted
behind fintech innovation in the MEA region, signalling efforts to address regulatory, talent, literacy, infrastructure, and
ongoing opportunities for impactful solutions that address MSME priorities are yielding tangible results and contributing
the diverse needs of underserved populations. to broader economic prosperity across the region.

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MEA2024: THE FUTURE OF FINTECH

c: Summary
The fourth edition of this report maintains continuity
with its predecessors – The Fintech Times: Middle East

and future on
and Africa 2023, 2022, and 2021 Reports. It retains a similar
format and chapter structure, particularly resembling
last year’s edition. Furthermore, it continues to highlight

fintech in the
the prevailing theme that has significantly impacted the
region, which is financial inclusion.
However, unlike in 2021 and 2022 when fintech globally

Middle East experienced a boom despite Covid-19, more recent trends

indicate a slowdown in the wider startup and tech sector,

and Africa
with VC funding declining overall in MEA. Additionally,
ongoing conflicts, such as those in Sudan and the humanitarian
crisis in Gaza, have affected regional stability, albeit not
directly related to the economy but still influencing it.

114 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 Despite these challenges, fintech in the region possesses to observe further developments in these areas, particularly
opportunities for further growth and advancement. While many as they show promise in fintech and wider financial services.
initiatives have been market-led, especially in Africa where digital Ideally, future reports will no longer need to mention words
infrastructure limitations have spurred innovations like mobile like coronavirus, inflation, and war. While progress has been
money payments, government support for fintech has been made on the first two fronts, the hope remains for peace to
increasing. Over the past few years, governments across MEA have prevail and for such topics to be omitted altogether.
implemented strategies prioritising digital transformation and Additionally, it is imperative to shift the narrative from
fintech, with notable initiatives ranging from CBDCs to regulations portraying fintech as in its infancy in the region to celebrating
on cryptocurrencies and frameworks for open banking. its achievements in promoting financial inclusion, both within
This report also identifies emerging trends and growth beyond MEA and globally. Despite not leading in VC funding or the
the traditional hubs, highlighting developments in places like number of fintechs, the region’s contribution to closing the gap
Francophone Africa. The inclusion of countries like Algeria and the in financial inclusion holds immense value, especially for those
Democratic Republic of the Congo demonstrates the expanding previously excluded from the traditional financial ecosystem.
fintech landscape in the region. Moving forward, it will be interesting Richie Santosdiaz and the MEA 2024 Report team at The Fintech Times

FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024 | 115

Chapter Five
Appendix
WIDER ECONOMIC DEVELOPMENT INDICATORS
1. GDP PER CAPITA 2. HIGHER EDUCATION 3. ENTREPRENEURSHIP
RANGE SCORE OUT OF 10 RANGE SCORE OUT OF 10 RANGE SCORE OUT OF 10
$40+ 10 60%+ 10 60+ 10
$30k-39999 9 50-69 8 55-59.9 9
$20k-29999 8 40-59 7 50-54.9 8
$15k-19999 7 30-39 6 45-49.9 7
$10k-14999 6 20-29 5 40-44.9 6
$5k-99999 5 10-19 4 35-39.9 5
$4k-4999 4 Less than 10 2 30-34.9 4
$3k-3999 3 Range is % from 0-100% 25-29.9 3
$2k-2999 2 The number of college-educated people 15-24.9 2
$500-1999 1 in the country to assess human capital. less than 14.9 1
Less than $499 0 Range is out of a score from 0-100
Public data from the Global Entrepreneurship
and Development Institute 2018 Report
helped grasp this in MEA – its score of 0 to
100 was used with 100 being the highest.

116 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: APPENDIX

4. EASE OF DOING BUSINESS 5. POPULATION 6. HUMAN DEVELOPMENT INDEX (HDI)

RANGE SCORE OUT OF 10 RANGE SCORE OUT OF 10 RANGE SCORE OUT OF 10
100-90 10 100m+ 10 Very High (.8-1) 10
80-89 9 80m-99m 9 High (.7-.799) 8
75-79 8 50m-79m 8 Medium (.6-.699) 6
70-74 7 30m-49m 7 Lower (lower than .59) 4
65-69 6 20m-29m 6 Score is from the UNDP from 0 -10
60-64 5 10m-19m 5 A human development index was factored
55-59 4 5m-9m 4 in via public data from the United Nations
50-54 3 2m-4m 3 Development Programme (UNDP) 2020
Human Development statistics. The score
45-49 2 Less than 2m 2
is 10 being the highest possible human
44 and less 1 Range is Population
development and 0 being the least.
Range is out of a score from 0-100 A quantitative metric is needed, and population
Overall ease of doing business in the country? is good to determine the size of the country.
The baseline of a World Bank Doing Business The larger the population, the larger the score.
Report was used, whereby it was given a
score of 0 to 100, with 100 being the highest.

DIGITAL & TECH INDICATORS

7. NUMBER OF TECH STARTUPS 8. TECH STARTUPS PER CAPITA 9. VC DEALS
RANGE SCORE OUT OF 10 RANGE SCORE RANGE SCORE
3000+ 10 31,000-4,999 10 500 million+ 10
2,000-3,000 9 5,000-10,000 9 400-500 million 9
1,000-2,000 8 10,000-20,000 8 200-399 million 7
700-999 7 20,000-40,000 7 100-199 million 6
600-699 6 40,000-50,000 6 50-99 million 5
500-599 5 50k-70,000 5 40-49 million 4
400-499 4 70k-90,000 4 30-39 million 3
300-399 3 90k-100,000 3 20-29 million 2
200-299 2 100k-200,000 2 Less than 19 million 1
199 less 1 200,000+ 1 Known VC deals for startups
Number of tech startups Startups per capita of total pop How many VC deals were done in the
How many startups are based in the country? A holistic approach is needed, so the number ecosystem (old ones)?
of tech/startups also has its indicator that
takes into account the number of startup/tech
companies per person (factoring in population).

FINTECH ONLY INDICATORS

10. REGULATORY SANDBOX 11. NUMBER OF FINTECHS 12. NO. FINTECHS PER CAPITA
ANSWER SCORE RANGE SCORE RANGE SCORE
Yes 10 450+ 10 1-50,000 10
Soft launch 5 400+ 9 51k-100,000 9
In development 3 350+ 8 100K-150,000 8
No 0 300+ 7 150K-200,000 7
Does the country have a sandbox? 250+ 6 200K-250,000 6
Is there a regulatory sandbox in place? 200+ 5 250K-300,000 5
150+ 4 300K-400,000 4
13. UNICORNS 100+ 3 400K-500,000 3
ANSWER SCORE 50+ 2 500K-600,000 2
Yes 10 Below 50 1 600,000+ 1
No 0 Number of fintechs Fintechs per capita of total pop.
Country produced at least one unicorn? Similar to the tech/startup indicator, A holistic approach is needed, so the number
Has the country produced a fintech unicorn? the number of fintech companies in of fintechs also has its indicator that takes into
the country is counted. account the number of fintechs per person.

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MEA2024: APPENDIX

Endnotes
Chapter One
A. MEA OVERVIEW – GEOGRAPHY ● https://www.fitchratings.com/research/ ● https://www.swfinstitute.org/fund-rankings/

● The Fintech Times – Fintech: Middle non-bank-financial-institutions/iraq- sovereign-wealth-fund

East and Africa 2023 Report islamic-banks-growth-to-continue- ● https://businesschief.ae/corporate-finance/top-10-
structural-issues-remain-05-07-2022 biggest-sovereign-wealth-funds-in-the-arabian-gulf
B. MEA OVERVIEW – POPULATION & ECONOMICS ● https://www.mfw4a.org/blog/recent-
● The Fintech Times – Fintech: Middle trends-access-finance-africa F. THE MEA CONSUMER
East and Africa 2023 Report ● https://www.meinsurancereview.com/ ● https://www.ilo.org/africa/events-and-meetings/
● International Monetary Fund News/View- NewsLetter-Article?id=87111& WCMS_842674/lang--en/index.htm
● World Population Review Type=MiddleEast ● https://blogs.worldbank.org/en/arabvoices/
● The United Nations ● https://www.leadway.com/insurance-nigeria- informal-employment-egypt-morocco-tunisia-
statistics/#:~:text=The%20rate%20of%20 what-can-we-learn-boost-inclusive-growth#:~:text
C. BREAKDOWN OVERVIEW BY SIX REGIONS insurance%20penetration%20in%20Nigeria%20 =Most%20recent%20estimates%20place%20informal,
● The Fintech Times – Fintech: Middle has%20been%20regarded,rate%20as%20of%20 workers%20hold%20an%20informal%20job.
East and Africa 2023 Report March%2C%202022. ● https://www.imf.org/external/np/vc/2012/061312.
● The World Bank ● https://www.statista.com/topics/4206/insurance- htm?id=186569#:~:text=Moreover%2C%20at%20
● The United Nations industry-in-africa/#topicOverview about%2025%25%2C,activity%20and
● World Population Review ● https://www.weforum.org/agenda/2023/11/africa- %20to%20increased%20unemployment.
digital-mobile-banking-financial-inclusion/ ● https://www.globalmediainsight.com/blog/
D. FINANCIAL SERVICES OVERIVEW ● https://www.statista.com/statistics/1383501/ uae-population-statistics/
● The Fintech Times – Fintech: Middle mena-share-of-banked-population-by- ● https://www.ktpress.rw/2023/10/mobile-phone-
East and Africa 2023 Report country/#:~:text=Share%20of%20banked%20 penetration-in-africa-to-reach-88-by-2030/
● The Fintech Times population%20MENA%202022%2C%20by%20 ● https://unconnected.org/blog/impact-of-the-
● https://www.statista.com/statistics/421060/ country%20or%20territory&text=In%20 internet-in-africa-2021
global-financial-institutions-assets/ 2022%2C%20Israel%20had%20the,Africa%20 ● https://www.gsma.com/solutions-and-impact/
● Global Financial Centres Index 35 Report was%20at%2046%20percent. connectivity-for-good/mobile-economy/
– March 2024 ● https://www.meed.com/fintech-promotes- wp-content/uploads/2023/12/051223-Mobile-
● Islamic Finance Development Report 2023 financial-inclusion-in-bahrain#:~:text=In%20 Economy-Middle-East-and-North-Africa-2023-
– Islamic Corporation Bahrain%2C%20bank%20account%20penetration, infographic.pdf
for the Development of the Private Sector part%20driven%20by%20fintech%20innovation. ● https://www.digitalmarketingcommunity.com/
● https://www.statista.com/statistics/1350281/ ● https://www.thebanker.com/The-untapped- indicators/middle-east-internet-usage-stats/
bank-account-penetration-rate-in-south-africa/ segment-in-Middle-Eastern-banking-1670493822 ● https://www.weforum.org/agenda/2023/11/
● https://www.theglobaleconomy.com/rankings/ ● https://www.bpcbt.com/hubfs/2022_campaigns/ africa-digital-mobile-banking-financial-inclusion/
percent_people_bank_accounts/Africa/ DGB%20report%20Africa/BPC_Digital%20
● https://medmsmes.eu/algeria#:~:text=SMEs%20 banking%20in%20Africa.pdf G. ECONOMIC DEVELOPMENT
in%20Algeria%20represent%20a,employ%20 ● https://www.centralbank.go.ke/wp-content/ ● The Fintech Times – Fintech: Middle

less%20than%2010%20employees. uploads/2022/08/2021-Finaccesss-Survey-Report.pdf East and Africa 2023 Report

● https://www.tralac.org/blog/article/15863-the- ● https://www.intellinews.com/africa-s-massive-
micro-and-small-medium-enterprises- unbanked-population-creates-huge-opportunities- H. DIGITAL INFRASTRUTURE
development-in-kenya.html#:~:text=Micro%2C%20 for-incumbent-banks-and-fintech-start-ups-301344/ ● The Fintech Times – Fintech: Middle

small%2C%20and%20medium%2D,MSMEs%20 East and Africa 2023 Report

operate%20as%20 licenced%20entities. E. TECH OVERVIEW
● https://www.intellinews.com/africa-s-massive- ● The Fintech Times – Fintech: Middle Chapter Two
unbanked-population-creates-huge-opportunities- East and Africa 2023 Report INTRODUCTION AND OVERVIEW
for-incumbent-banks-and-fintech-start-ups- ● The Fintech Times ● The Fintech Times – Fintech: Middle

301344/#:~:text=However%2C%20only%20 ● Startup Blink - The Global Startup East and Africa 2023 Report
43%25%20of%20sub,to%20BPC%2C%20a%20 Ecosystem Index Report 2023 ● The Fintech Times

fintech%20company ● https://kpmg.com/xx/en/home/media/ ● https://100-2020.webflow.io/unicornes-eng

● https://www.statista.com/topics/9696/banking- press-releases/2024/01/q4-2023-global-vc-deals- ● https://www.imf.org/en/Publications/fandd/

industry-in-kenya/#:~:text=Increasing%20 volume-drops-to-level-not-seen-since-q3-2016. issues/2023/09/unleashing-mideast-fintech-

banked%20population&text=In%20general%2C%20 ● html#:~:text=2023%E2%80%94Key%20Highlights, amjad-ahmad#:~:text=Fintech%20revenues%20
formal%20access%20to,mobile%20banking%20 from%20%24269.6%20billion%20in%202022. are%20expected%20to,percent%20to%20
and%20mobile%20money. ● https://www.gulf-insider.com/middle-east-sees-23- 2%E2%80%932.5%20percent.
● https://www.weforum.org/agenda/2023/11/ drop-in-vc-funding-qatar-bahrain-uae-hardest-hit/ ● https://www2.deloitte.com/xe/en/pages/

africa-digital-mobile-banking-financial- ● https://www.fdiintelligence.com/content/ financial-services/articles/fintech-solutions.html

inclusion/#:~:text=Today%2C%2048%25%20of%20 feature/algerias-grand-startup-plan-faces- ● https://salaamgateway.com/story/oic-markets-

Africa’s%20population,at%20pace%20across%20 teething-issues-82312 key-players-in-global-islamic-fintech-space

the%20continent. ● https://news.crunchbase.com/venture/ ● https://www.digipay.guru/blog/challenges-and-
israel-vc-backed-startup-funding-q4-2023/ solutions-of-financial-inclusion-in-africa/

118 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

PAYMENTS ● The Fintech Times ● https://www.spa.gov.sa/w1844333
● The Fintech Times – Fintech: Middle ● https://www.visualcapitalist.com/ ● https://www.reuters.com/world/africa/
East and Africa 2023 Report cities-most-millionaires/ kenya-central-bank-says-digital-currency-
● The Fintech Times ● Knight Frank – The Wealth Report 2024 not-compelling-priority-2023-06-02/
● McKinsey & Co – Fintech in Africa: ● Henley & Partners – World’s Wealthiest ● https://digitalpolicyalert.org/change/5922-
The End of the Beginning Report Cities 2023 Report south-african-reserve-bank-sarb-feasibility-
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INSURTECH -of-wealthtech-trends-and-predictions/ digital-currency-cbdc
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East and Africa 2023 Report -rising-of-african-middle-class/ of Cryptocurrency Report
● The Fintech Times ● https://www.businessdailyafrica.com/bd/
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insurtech-landscape-in-africa must-begin-at-home--4168630 ● The Fintech Times – Fintech: Middle
● https://www.tamimi.com/news/health- ● https://fintechnews.ae/19433/saudiarabia/saudi- East and Africa 2023 Report
insurance-becomes-mandatory-across-uae- wealthtech-hakbah-closes-us5-1-million-series-a/ ● The Fintech Times
effective-january-1-2025/ ● https://thepaypers.com/interviews/insights-on-
● https://www.fragomen.com/insights/qatar- REGTECH open-banking-evolution-in-africa-interview-with-
certain-categories-exempt-from-mandatory- ● The Fintech Times – Fintech: Middle deloitte--1266549#:~:text=Most%20African%20
health-insurance.html#:~:text=Since%20 East and Africa 2023 Report markets%20have%20not,%2C%20Ghana%2C%20
2022%2C%20Qatar%20has%20imposed,is%20 ● The Fintech Times and%20South%20Africa
for%20informational%20purposes%20only. ● https://dabafinance.com/en/news/ ● https://www.wamda.com/2023/02/open-banking-
● https://insights.omnia-health.com/clinical/ Regulation-focused-startups-in-Africa mena-shifting-gears-making-strides
why-gcc-needs-tackle-diabetes-urgently ● Fintech Regulation in the Middle East and North ● https://www.openbankingmap.com
Africa – Cambridge Judge Business School ● World Bank – The Role of Consumer Consent in
GAMETECH ● Deloitte – Regtech: The Way Forward for KSA Report Open Banking report
● The Fintech Times – Fintech: Middle ● https://www.fintech-galaxy.com/media-center/
East and Africa 2023 Report DIGITAL CURRENCIES news/-navigating-the-sands-of-innovation-open-
● The Fintech Times ● The Fintech Times – Fintech: Middle finance-in-the-gcc
● https://enrich.africa/news/a-quick-look- East and Africa 2023 Report ● https://www.legalink.ch/groups/newsletter-
at-africas-gaming-sector-unlocking- ● The Fintech Times articles/open-banking-is-taking-off-in-israel/
growth-and-opportunities-g4Cjr3 ● https://techpoint.africa/2023/12/11/egypt-to- 3157/#:~:text=The%20statute%20entered%20into%
● https://startuplist.africa/industry/gaming launch-digital-currencies/#:~:text=Senegal%20 20force,%2C%20fees%2C%20interest%2C%20etc.
● https://www.fintechfutures.com/2020/07/ launched%20its%20digital%20currency,of%20
emirates-nbds-challenger-live-moves-to its%20currency%2C%20dubbed%20eNaira. LENDING
-super-app-status/ ● https://www.centralbanking.com/central-banks/ ● The Fintech Times – Fintech: Middle
● https://techcrunch.com/2024/01/31/ financial-market-infrastructure/7857171/france East and Africa 2023 Report
despite-glimmers-of-profit-most-african- -and-tunisia-carry-out-cross-border-cbdc-transfer ● The Fintech Times
neobanks-remain-in-the-red/ ● https://www.ledgerinsights.com/Türkiye- ● https://techcrunch.com/2023/02/01/south-african-
● https://www.moec.gov.ae/documents/ cbdc-trials-2nd-phase/ digital-lender-lulalend-to-launch-banking-
20121/ 0/2022_03_25_Gaming+Sector ● https://cbdctracker.org/currency/jordan product-off-the-back-of-35m-series-b/
+Heatmap+in+English.pdf ● https://mecouncil.org/publication/cbdc-global-
● https://african.business/2024/02/technology- pioneers-a-roadmap-for-gulf-countries/ SUPERAPPS
information/mobile-games-and-esports-new- ● https://www.ledgerinsights.com/uae-cross- ● The Fintech Times – Fintech: Middle
frontiers-africa-video-games#:~:text=Africa’s%20 border-cbdc-payment-mbridge/ East and Africa 2023 Report
videogame%20market%20has%20been,a%20 ● https://cointelegraph.com/news/qatar- ● The Fintech Times
South%20African%20gaming%20platform central-bank-in-foundation-stage-of- ● https://www.citizen.digital/business/safaricom-
● https://www.fastcompany.com/91022527/Türkiye- launching-digital-currency acquires-full-ownership-of-m-pesa-holding-
gaming-saudi-arabia-competition-middle-east ● https://thepaypers.com/online-mobile- n329615#:~:text=Safaricom%20has%20
● https://edition.cnn.com/2023/09/07/business/ banking/qfca-and-r3-agree-to-support-qatars- announced%20the%20acquisition,the%20
uae-gambling-new-regulatory-body/index.html financial-technology-industry--1262269 M%2DPesa%20trust%20arrangement.
● https://www.arabnews.com/node/2346431/ ● https://www.unlock-bc.com/111618/kuwait- ● https://www.Yassir.com
business-economy finance-house-ripple-join-forces-redefine- ● http://www.beyon.com
● National Gaming and Esports cross-border-banking-middle-east/ ● https://impact.economist.com/perspectives/
Strategy – Saudi Arabia ● https://www.ledgerinsights.com/central-bank- sites/default/files/the-super-app-model-in-
of-bahrain-jpm-coin-digital-currency-tests/ the-middle-east-and-africa.pdf
WEALTHTECH AND INVESTING ● https://www.thenationalnews.com/business/
● The Fintech Times – Fintech: Middle banking/2022/05/31/oman-developing-its-own-
East and Africa 2023 Report digital-currency-central-bank-official-says/

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WIDER FINTECH ECOSYSTEM ● World Trade Organization – https://www. ● National Investment Promotional Agency
● The Fintech Times – Fintech: Middle wto.org/english/forums_e/public_forum12_e/ – https://www.investindrc.cd/en/
East and Africa 2023 Report art_pf12_e/art15.htm Creation-d-une-banque
● Afrikan Heroes – https://afrikanheroes. ● Enrich Africa – https://enrich.africa/news/
Chapter Three com/2023/07/07/algeria-approves-new-law- fintech-startups-in-the-drc-forge-alliance-
25 COUNTRIES FINDINGS permitting-fintech-and-digital-banks-for-the- with-government-to-advance-financial-
● The Fintech Times – Fintech: Middle first-time-heres-what-it-says/ inclusion-yjRjGO
East and Africa 2023 Report ● Buyouut – https://theouut.com/how-fintech-can-
● The Fintech Times – Fintech: Middle improve-financial-inclusion-in-algeria/ EGYPT
East and Africa 2022 Report ● Tracxn – https://tracxn.com/d/explore/fintech- ● The Fintech Times – Fintech: Middle
● The Fintech Times – Fintech: Middle startups-in-algeria/__LuI-7EGZUl99pcA3eQLIj_ East and Africa 2023 Report
East and Africa 2021 Report 1weFOHrHcwMti_WtQ8JIc/companies ● The Fintech Times
● The Fintech Times ● Fintech News – https://fintechnews.ae/8557/ ● Egypt Fintech Landscape Reports 2023,
● Times Higher Education algeria/fintech-development-in-algeria-lags- 2022 and 2021 – Fintech Egypt
● OECD Library behind-mena-counterparts/ ● Central Bank of Egypt
● The Global Entrepreneurship and Development ● Algerie Poste ● Tamimi – https://www.tamimi.com/news/
Institute (GEDI) – http://thegedi.org/tool/ ● Fintech News – https://fintechnews.africa/41284/ navigating-regulatory-changes-in-egypts
● The World Bank fintech-algeria/algerian-super-app-yassir-raises- -fintech-sector/
● World Population Review 150-million-in-series-b-funding/ ● Techcabel – https://techcabal.com/2023/07/19/
● The United Nations ● Crunchbase egyptian-fintech-report-2023/
● https://startupstash.com/uae-startups/ ● SmartVista – https://www.bpcbt.com/blog/ ● DailyNewsEgypt – https://www.dailynewsegypt.
● https://dealroom.co/blog/ecosystem-spotlight- bpc-facilitates-interoperability-in-algeria- com/2024/01/09/egypts-fra-streamlines-fintech-
code-saudi-arabia#:~:text=In%20Saudi%20 millions-to-use-country-wide-network startup-licensing-with-new-requirements/
Arabia%20itself%2C%20there,from%20various%20 ● BCP – https://www.bpcbt.com/blog/bpc-
backgrounds%20fosters%20innovation. facilitates-interoperability-in-algeria- ETHIOPIA
● https://techcrunch.com/2023/10/13/israels- millions-to-use-country-wide-network ● The Fintech Times – Fintech: Middle
startup-ecosystem-down-but-not-out/ East and Africa 2023 Report
● https://blog.teamwave.com/turkiyes-startup- BAHRAIN ● The Fintech Times
ecosystem-data-insights-and-trends/ ● The Fintech Times – Fintech: Middle ● National Banko of Ethiopia
● Magnitt East and Africa 2023 Report ● International Trade Administration
● https://www.tanzaniainvest.com/startups#:~: ● The Fintech Times – https://www.trade.gov/market-intelligence/
text=The%20most%20recent%20country%2Dwide ● Bahrain Fintech Ecosystem Report 2022 ethiopia-fintech-sector
,rising%20from%20247%20to%20587. – Bahrain Fintech Bay ● Africa Review – https://africanreview.com/ict/
● http https://www.jica.go.jp/english/our_work/ ● Digital Payment Landscape Report 2022 – CBB ethiopia-africa-s-sleeping-fintech-giant
thematic_issues/private/information/20230713. ● Retail Banking Benchmarking Report 2023 ● DW – https://www.dw.com/en/ethiopia-becomes-
htmls://startupgenome.com/ecosystems/tunisia – Bahrain Fintech Bay brics-member-amid-economic-crisis/a-68000253
● https://www.jica.go.jp/Resource/nigeria/english/ ● Central Bank of Bahrain (CBB), ● Fintech Global – https://fintech.global/
office/topics/emo4vc000000w6jr-att/ Bahrain Fintech Bay 2023/08/30/safaricom-launches-m-pesa-
● https://www.agenceecofin.com/telecom/1006- mobile-money-service-in-ethiopia/
77383-l-ecosysteme-tech-de-rd-congo-un-enorme- DEMOCRATIC REPUBLIC OF THE CONGO (DRC) ● The Africa Report – https://www.theafricareport.
potentiel-mal-canalise230316_01.pdf ● The Fintech Times – Fintech: Middle com/328179/ethiopia-working-on-full-
● Magnitt Venture Investment 2023 Report East and Africa 2023 Report banking-sector-opening-central-bank-
● https://www.statista.com/outlook/fmo/ ● The Fintech Times governor-mihretu-says/
capital-raising/traditional-capital-raising/ ● The DRC Financial Inclusion Roadmap 2016-2021
venture-capital/oman ● Visa – https://navigate.visa.com/cemea/ GHANA
● https://techcrunch.com/2024/01/23/2023-vc- spotlight-the-democratic-republic-of-the- ● The Fintech Times – Fintech: Middle
funding-in-africa/ congo-on-the-path-to-digitizing-payments/ East and Africa 2023 Report
● https://www.agbi.com/tech/2023/11/e-commerce- ● Fintech Global - https://fintech.global/2024/01/09/ ● Bank of Ghana
beats-fintech-to-jordan-vc-funding-top-spot/ mastercard-partners-with-illicocash-to-launch- ● Moody’s Analytics - https://www.moodys
● https://www.statista.com/outlook/fmo/ virtual-cards-in-drc/ analytics.com/regulatory-news/feb-21-23-bog-
capital-raising/traditional-capital-raising/ ● Techcabel – https://techcabal.com/2024/ launches-regulatory-sandbox-in-ghana
venture-capital/lebanon#capital-raised 01/24/fintech-and-energy-illuminate-dr- ● Chambers and Partners - https://practiceguides.
● https://www.openbankproject.com/blog/ congos-nascent-startup-ecosystem/ chambers.com/practice-guides/fintech-2023/
regulatory-sandboxes-in-africa/ – https://techcabal.com/2023/06/22/tuma/ ghana/trends-and-developments
● https://afrelafrica.org/bank-al-maghribs-annual- ● World Bank – Democratic Republic of Congo ● GIPC – Ghana ICT and Fintech Sector Report 2022
report-on-financial-market-infrastructures/ Digital Economy Assessment Report ● Bank of Ghana – Fintech Sector Report 2023
● Fintech Egypt News and Events|Fintech Egypt ● Inclusive Fintechs in Francophone Africa: ● Businesswire - https://www.businesswire.com/
(fintech-egypt.com) Democratic Republic of the Congo Report news/home/20231218355185/en/EMTECH-
● Digital Economy Assessment Successfully-Pilots-Its-Web3-based-Digital-Cash-
ALGERIA ● US State Department – https://www.state.gov/ Infrastructure-Solution-With-Bank-of-Ghana
● The Fintech Times – Fintech: Middle reports/2018-investment-climate-statements/
East and Africa 2023 Report congo-democratic-republic-of-the/
● The Fintech Times

120 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

 MEA2024: APPENDIX

ISRAEL ● SEMAFOR - https://www.semafor.com/ ● UNSGSA – https://www.unsgsa.org/country-visits/

● The Fintech Times – Fintech: Middle article/01/16/2024/nigerian-fintechs-prepare-for- morocco-has-opportunity-harness-digital-
East and Africa 2023 Report new-central-bank-licensing-regime payments-fintech-and-green-finance-expand-
● The Fintech Times ● GFRID – https://gfrid.org/kenyas-mobile-money- financial-inclusion
● Bank of Israel tax-is-one-of-africas-highest/ ● Wamda – https://www.wamda.com/2016/06/3-
● Fintech Global – https://fintech.global/2023/09/17/ ● https://www.reuters.com/world/africa/ reasons-why-morocco-is-lagging-in-e-payments
israeli-fintech-funding-on-track-to-half-in-2023- kenya-central-bank-says-digital-currency-not- and https://www.wamda.com/2016/06/
as-average-deal-size-declines/ compelling-priority-2023-06-02/ the-year-moroccos-digital-economy-levels-up
● Jerusalem Post – https://www.jpost.com/ ● The Banker – https://www.thebanker.com/
business-and-innovation/banking-and-finance/ KUWAIT Morocco-kicks-off-instant-interbank-
article-761310#google_vignette ● The Fintech Times – Fintech: Middle payments-1691479728
● Chambers and Partners – https:// East and Africa 2023 Report ● HESPRESS – https://en.hespress.com/73973-
chambers.com/content/item/3271 ● The Fintech Times morocco-access-points-to-financial-services-up-
● Gornitzky – https://www.gornitzky.com/ ● Central Bank of Kuwait 18-in-2022.html
new-regulation-in-israel-payment-services-and- ● Al Tamimi & Co – https://turtl.tamimi.com/ ● Forbes – https://www.forbes.com/sites/
payment-initiation-law/ story/updates-in-the-fintech-sector-in-kuwait- roselynewanjiru/2023/07/05/crypto-regulation-in-
● Mondaq – https://www.mondaq.com/fin- in-2023/page/1/2 africa-here-are-seven-nations-and-their-
tech/868058/chapter-on-fintech-2nd-edition regulatory-stance-in-the-last-five-
● Reuters – https://www.reuters.com/business/ LEBANON years/?sh=7e88f59c4005
finance/bank-israel-still-unsure-digital-shekel- ● The Fintech Times – Fintech: Middle ● Morocco World News – https://www.
garners-public-support-2022-05-09/ East and Africa 2023 Report moroccoworldnews.com/2023/01/353487/
● The Fintech Times tax-authorities-to-gain-access-to-bank-accounts-
JORDAN ● Codebase Technologies – eWallets in Lebanon of-moroccans-residing-abroad
● The Fintech Times – Fintech: Middle Report – https://www.codebtech.com/
East and Africa 2023 Report ewallets-in-lebanon/ NIGERIA
● The Fintech Times ● Lexology – https://www.lexology.com/library/ ● The Fintech Times – Fintech: Middle
● The Central Bank of Jordan (including Jordan detail.aspx?g=5b8a7862-07d5-4166-b974- East and Africa 2023 Report
Payments and Clearing Company) 00800a1b3151#:~:text=Lebanon%20has%20 ● The Fintech Times
● Wamda – https://www.wamda.com/2023/ not%20adopted%20an,incorporated%20and%20 ● Central Bank of Nigeria
05/jopacc-rainmaking-collaborate-launch- licenced%20in%20Lebanon. ● Global Legal Insights – https://www.
fintech-incubator-jordan globallegalinsights.com/practice-areas/
● Jordan Times – https://jordantimes.com/news/ MAURITIUS fintech-laws-and-regulations/nigeria
local/cbj-launches-fintech-innovation-vision- ● The Fintech Times – Fintech: Middle ● ICLG – https://iclg.com/practice-areas/
focus-jordans-ict-talent East and Africa 2023 Report fintech-laws-and-regulations/nigeria
● Fintechnews.ae – https://fintechnews.ae/ ● The Fintech Times
18834/fintechjordan/fintech-funding-in- ● Business Magazine – https://www.business- OMAN
jordan-accelerates/ magazine.mu/rencontre/parole-dexperts- ● The Fintech Times – Fintech: Middle
● Information and Communications Technology rencontre/ the-arrival-of-legislation-in-the- East and Africa 2023 Report
Association of Jordan – https://intaj.net/startups/ fintech-industry/ ● The Fintech Times
● Zawya – https://www.zawya.com/en/economy/ ● Mondaq – https://www.mondaq.com/fin- ● Central Bank of Oman
levant/cbj-launches-fintech-innovation-vision- tech/1391426/fintech-developments-mauritius-- ● BSA Ahmad Bin Hezeem & Associates – https://
with-focus-on-jordans-ict-talent-sj8xybbp the-fsc-launches-a-new-fintech-webpage-and- bsabh.com/uploads/files/2022_in_review_-__the_
● Financial inclusion Diagnostic Study in Jordan 2022 updates-its-regulatory-sandbox-guidelines legal_and_regulatory_updates_impacting_
● CGAP – https://www.cgap.org/blog/harnessing- ● UNECA – https://www.uneca.org/eca-events/ businesses_in_Oman.pdf
fintech-in-arab-world-opportunity-worth-billions 1st-committee-meeting-draft-fintech-policy- ● Thawani – https://thawani.om/2023/02/15/
● https://cbdctracker.org/currency/jordan guidelines-mauritius thawani-amp-fintech-regulations-in-oman/
● Elliptic – https://www.elliptic.co/ ● Open Banking Project – https://www.
KENYA country-guides/mauritius openbankproject.com/blog/open-banking-in-
● The Fintech Times – Fintech: Middle oman/
East and Africa 2023 Report MOROCCO
● The Fintech Times ● The Fintech Times – Fintech: Middle QATAR
● Chambers and Partners – https://practiceguides. East and Africa 2023 Report ● The Fintech Times – Fintech: Middle
chambers.com/practice-guides/fintech-2023/ ● The Fintech Times East and Africa 2023 Report
kenya/trends-and-developments ● Fitch Solutions ≠ https://www.fitchsolutions.com/ ● The Fintech Times
● CR Advocates – https://www.cradvocatesllp.com/ bmi/telecommunications/morocco-fintech- ● Qatar Central Bank
regulation-of-fintech-companies-in- financial-inclusion-drives-regulation-distrust- ● Qatar Financial Centre and Qatar Fintech Hub
kenya/#:~:text= All%20Fintech%20companies%20 hampers-adoption-23-08-2022?fSWebArticle ● Hubbis – https://www.hubbis.com/news/
in%20Kenya, keeping %20Fintech%20 Validation=true&mkt_tok=NzMyLUNLSC03Njc qfc-issues-proposals-for-the-introduction-of-a-
companies%20in%20check. AAAGR8M6-ZWHGtAPBmonfb7L1_5KtLpgGzWD digital-assets-framework
● MMAN – https://mman.co.ke/content/fintech- w0vh5MXu01plFvB0pF_ ● Open Banking Expo – https://www.
regulation-kenya-0 ● NX1tuvjhm1YtQkLpahPq8bX2xOx openbankingexpo.com/news/qatar-central-bank-
● Tech Labari – https://techlabari.com/kenya-to- ohTEa5z7wkO5NrN6gMA6aOwRKO27m7uZ1EV2g to-launch-instant-payment-service/
sign-startup-bill-into-law-in-2024/ ● Bank Al-Maghrib

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MEA2024: APPENDIX

● Zawya – https://www.zawya.com/en/press- ● Bowmans Law – https://bowmanslaw.com/ UGANDA

release/companies-news/qatar-fintech-hub- wp-content/uploads/2021/08/2022_fintech_ ● The Fintech Times – Fintech: Middle
announces-wave-5-of-its-incubator-and- south_africa.pdf East and Africa 2023 Report
accelerator-programs-lpk8en37 ● IFC Review – https://www.ifcreview.com/ ● The Fintech Times
● https://thepaypers.com/online-mobile-banking/ news/2024/february/africa-south-africa-eyes- ● Bank of Uganda and FITSPA
qfca-and-r3-agree-to-support-qatars-financial- digital-payments-revolution-with-stablecoins- ● FITSPA and Deloitte Study on the State of
technology-industry--1262269 and-blockchain-initiatives/ Uganda’s Fintech Industry Report 2022
● Wee Tracker – https://weetracker.com/2024/ ● Dentons – Trends to Watch Uganda 2024 Report
RWANDA 03/04/south-africa-fintech-laws/ ● Daily Monitor - https://www.monitor.co.ug/
● The Fintech Times – Fintech: Middle uganda/business/finance/fintech-firms-grow-
East and Africa 2023 Report TANZANIA to-24-4117836
● The Fintech Times ● The Fintech Times – Fintech: Middle ● New Vision– https://www.newvision.co.ug/
● National Bank of Rwanda (BNR) East and Africa 2023 Report category/business/2023-fintech-landscape-
● MINICT – https://www.minict.gov.rw/index.php?eI ● The Fintech Times exhibition-for-thursda-NV_164308
D=dumpFile&t=f&f=41305&token=4bcac6970c5d43 ● Bowmans Law – https://bowmanslaw.com/insights/
3ff070e4b9c25bb346763debed tanzania-the-fintech-regulatory-sandbox- UNITED ARAB EMIRATES
● CENFRI – https://cenfri.org/wp-content/uploads/ regulations-2023/ ● The Fintech Times – Fintech: Middle
BNR-Open-Finance_Validation-mission-workshop_ ● ABC Attorneys – https://abcattorneys.co.tz/ East and Africa 2023 Report
slide-deck.pdf fintech-and-laws-in-tanzania/ ● The Fintech Times
● Stears – https://www.stears.co/premium/article/ ● Digest – https://www.digest.tz/tanzania-startup- ● Central Bank of the UAE (CBUAE), Dubai
plugging-rwandas-financial-exclusion-gaps/ policy-to-tackle-startup-challenges-by-year-end- International Financial Centre (DIFC), and Abu
announces-nape-nnauye/ Dhabi Global Markets (ADGM)
SAUDI ARABIA ● Fintech for Who? Tanzania UNCDF 2023 Report ● Government of the UAE, Dubai and Abu Dhabi
● The Fintech Times – Fintech: Middle ● North Africa Post – https://northafricapost. ● https://www.ledgerinsights.com/uae-cross-
East and Africa 2023 Report com/60365-zanzibar-launches-new-wasoko- border-cbdc-payment-mbridge/
● The Fintech Times tech-hub-for-start-ups.html
● Saudi Central Bank (SAMA), Capital Markets ● QZ – https://qz.com/africa-is-betting-big- Chapter Four
Authority (CMA) and Fintech Saudi on-open-banking-1849623583 REFLECTION ON THE FINTECH HUBS OF
● Z&Co – https://zamakhchary.com/ THE MIDDLE EAST AND AFRICA FINDINGS
financial-regulations/fintech-regulations/ TUNISIA ● The Fintech Times – Fintech: Middle
● ICLG – https://iclg.com/practice-areas/fintech- ● The Fintech Times – Fintech: Middle East and Africa 2023 Report
laws-and-regulations/saudi-arabia East and Africa 2023 Report ● The Fintech Times – Fintech: Middle
● Magnitt VC Funding Report MENA 2023 ● The Fintech Times East and Africa 2023 Report
● Zawya – https://www.zawya.com/en/economy/ ● The Fintech Times
SENEGAL north-africa/tunisia-for-53-of-fintechs-national- ● CNN
● The Fintech Times – Fintech: Middle regulatory-framework-is-discouraging-p9cn9921 ● Al Jazeera
East and Africa 2023 Report ● Oxford Business Group – https:// ● https://www.npr.org/2024/01/12/1223677088/
● The Fintech Times oxfordbusinessgroup.com/reports/tunisia/2019- israel-gaza-war-tech-economic-toll
● MFW4A – https://www.mfw4a.org/news/ report/economy/fundamental-revamp-the-
waemu-central-bank-bceao-sets-fintech- authorities-pursue-reforms-to-bring-regulations- PREDICTIONS
promotion-bureau in-line-with-international-standards ● The Fintech Times – Fintech: Middle
● Ecofin Agency – https://www.ecofinagency.com/ ● Afrikan Heroes – https://afrikanheroes. East and Africa 2023 Report
finance/0702-45187-bceao-sets-regulatory- com/2023/02/10/central-bank-of-tunisia-launches- ● The Fintech Times – Fintech: Middle
framework-for-payment-service-providers-in-the- a-new-sandbox-licensing-regime-fintech-startups- East and Africa 2023 Report
wamu-mandates-approval-within-6-months not-welcome/ ● The Fintech Times
● Smart Tunisia – http://www.smarttunisia.tn/ ● Onespan – https://www.onespan.com/resources/ ● https://www.reuters.com/markets/Türkiyes-yapi-
senegal-becomes-2nd-african-nation-to- financial-regulations/tunisia kredi-shares-jump-report-fab-bid-interest-2024-04-05/
pass-startup-act/ ● IFC – https://pressroom.ifc.org/all/pages/ ● https://www.bloomberg.com/news/
● Central Banking – https://www.centralbanking. PressDetail.aspx?ID=27289 articles/2024-04-10/standard-bank-to-deepen-
com/fintech/cbdc/2478564/central-bank-of-west- ● OECD Library – https://www.oecd-ilibrary.org/ mideast-ties-with-new-egypt-office?utm_
african-states-to-regulate-national-digital-currency sites/142fcac4-en/index.html?itemId=/content/ campaign=socialflow-organic&cmpid=socialflow-
● Practice Guides – https://practiceguides.chambers. component/142fcac4-en facebook-business&utm_medium=social&utm_
com/practice-guides/comparison/926/12312/ content=business&utm_source=facebook&fbclid=I
19521-19523-19525-19527-19531-19533-19535- TURKIYE wAR3GznsoNxwu4jbD-Tgp6ZV8xL8MJh2kiQUrFgNX-
19537-19539-19541-19543 ● The Fintech Times – Fintech: Middle QUWzmYX3jJRhvnMG5s
East and Africa 2023 Report ● https://www.arabnews.com/node/2383261/
SOUTH AFRICA ● The Fintech Times business-economy
● The Fintech Times – Fintech: Middle ● Turkiye Fintech Guide 2023 Report – President’s ● https://african.business/2023/08/trade-investment/
East and Africa 2023 Report Office of the Republic of Turkiye Finance Office the-south-african-bank-using-singapore-to-
● The Fintech Times ● Presidents Office of the Republic of expand-in-asia
● South African Reserve Bank, Financial Türkiye Finance Office ● https://www.zawya.com/en/wealth/alternative-
Sector Conduct Authority ● https://www.ledgerinsights.com/ investments/uaes-careem-enters-indian-
Türkiye-cbdc-trials-2nd-phase/ remittance-market-eyes-philippines-egypt-htba5eyl
● http://www.careem.com

122 | FINTECH: THE MIDDLE EAST & AFRICA REPORT 2024

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