The fintech industry in the Middle East is growing rapidly and could triple by 2025 – if the sector continues to see appropriate levels of investments and innovation. The Middle East and North Africa (MENA) region has been enjoying a fintech explosion in recent years. Investor funding for fintech startups more than quadrupled from around $200 million in 2020, reaching a massive $885 million in 2022. Previously, investors were most keen on backing pragmatic and straightforward fintech start-ups – those offering services like mobile wallets and payment apps. The top five categories among these new fintech companies driving the wave in MENAP are: homegrown fintech start-ups, international fintech firms, banks, other nonbank financial institutions, and cross-sector fintech firms.

Source: The North Africa Journal August 07, 2023 18:23 UTC