The Fintech Times has launched its third annual report into the fintech landscape in the Middle East and Africa (MEA) region. It begins with a macro-level overview and then delves into specific aspects of the industry to offer a comprehensive picture of the fintech ecosystem in the area.
The Fintech Times’ The Middle East & Africa Report 2023: Economic Development Through Prosperity With Fintech puts the spotlight on the region’s economic development and how its market demand and government support have impacted the growth and development of the fintech industry.
Since the last edition of this report in 2022, the global world order has changed significantly. The war in Ukraine continues to drag on, bringing ongoing challenges that the world has faced, including inflation, an energy crisis, and food shortages, such as wheat from Ukraine and Russia. This is in addition to the challenges of recovering from the Covid-19 pandemic and other destabilising factors.
Richie Santosdiaz, economic development advisor for emerging economies at The Fintech Times, said: “The MEA region is an exciting and dynamic area and I am delighted to share our latest report which shines a spotlight on emerging economies. From the wealthy Arabian Gulf region to the less affluent parts of the Middle East and Africa, the region is undergoing some of the biggest transformations the world has ever seen.
“While fintech in MEA is still in its infancy, it has already addressed challenges and opportunities across many demographics in the region. The region has a unique position to drive financial inclusion, including through the involvement of the rich sovereign wealth funds of the Gulf in global fintech investments.
Highlights from the report:
- The MEA region comprises over 70 countries, and this report focuses on a sample of key countries
and analyses their fintech ecosystems.
- The fintech landscape in MEA is diverse, with an estimated 3,000 fintech solutions in the region and 26,000 globally
- While fintech is making a significant impact on the GDPs of some countries in the region, ongoing global economic challenges pose challenges for further growth
- Fintech activity in MEA is concentrated in certain areas, including Israel, the big four African countries (Nigeria, Kenya, Egypt, and South Africa), Turkey, and the GCC countries, particularly the UAE and Saudi Arabia which are increasingly taking a leading role
- While there are similarities in key components of the fintech ecosystem across the world, MEA is developing its own unique ecosystem to support fintech growth
- Salt Edge, a leading global open banking and open finance provider, is a strategic partner in this year’s report. The company aims to have an active role in the Middle East financial ecosystem, building strong collaborations with regulators and financial institutions to contribute to an organic adoption of the open banking regulations and standards.
Read The Fintech Times’ The Middle East & Africa Report 2023: Economic Development Through Prosperity With Fintech online