2020 MENA Fintech Report
At Global Ventures we believe that innovation has the potential to transform economies and empower both consumers and communities.
Fintech embodies all these aspects of innovation, which is why we have been monitoring the industry with great interest and enthusiasm. Throughout our research we have learned that Fintech and Venture Capital share a lot of the same DNA: the ability to see the world in a different light; the creativity to rethink how things are done; and the boldness to get things done.
Fuelled by these ambitions, global Finechs have repeatedly demonstrated their ability to leverage technological advancements to democratise, disrupt, and ultimately spur tectonic shifts of not only the digital payment industry, but a range of adjacent industries such as eCommerce, consumer goods and services, capital markets, real estate, and insurance.
The systemic effects of Fintech innovation have placed the industry on the radar of every stakeholder in the payment system— from government institutions and corporations, to entrepreneurs and individuals. Strong precedence set by leading players in the US, Europe, and Asia is spurring other international markets to quickly follow suit.
The Middle East and North Africa region is no exception: propelled by regulatory tailwind and entrepreneurial momentum, the MENA region has witnessed unprecedented growth of the Fintech industry in the recent years. Both established players as well as entrepreneurs are seizing opportunities and filling market gaps across a multitude of subsectors— each time making profound impacts on the lives of individuals and business owners.
We believe this is only the beginning. As governments continue to implement favourable incentives and regulatory initiatives, opportunities will continue to develop, giving the region’s Fintech industry the potential to elevate not only payment ecosystems, but also the overall welfare of participating countries.
In this report we cover development of the ever-evolving MENA Fintech industry by sector and solution, discussing key industry drivers, government and regulatory efforts, and expected future outlooks.