Entrepreneur Middle East Publishes Special Report Looking into The State of Fintech in The MENA Region

2021 was a great year for fintech around the world. During it, there were 206 fintech unicorns all over the world and $1 out of every $5 spent by venture capital funds went to fintech startups, according to an article published on Entrepreneur Middle East.

A special report named “Shaping the Future of Fintech: MENA Overview”, was published by Entrepreneur Middle East, in partnership with Lucidity Insights to highlight the role played by the region’s startups and countries in the global fintech ecosystem.

This special report sheds light on fintech in the MENA region, the opportunities and potentials for fintech startups. It points out the extreme variances between countries that make up the MENA, some of which have the highest wealth, consumer spending, internet and smartphone penetration rates in the world and others that have some of the lowest rates.

The report also referred to the top five markets for fintech in the region; includes Israel, the United Arab Emirates, Egypt, Saudi Arabia, and Morocco, and clarified the reasons behind their lead.

The report also highlights some fintech players that are making waves in the MENA region. It deep-dive into a case study on ValU, the app that’s geared up to be the market leader in Egypt’s BNPL market forecasted to reach $1.6 billion by 2028.

The report also highlights various payment solution providers such as Egypt’s PayTabs and included an interview with its General Manager, who discusses how BNPL solutions are helping a nation of largely unbanked people get access to financial services through fintech.

As fintech unicorns are getting minted around the world at unprecedented rates, the Middle East and North Africa region is gearing up to follow the global trend with the investments made in the past 12 months.

Check out the full report from this link.