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As of 2025, there were ***fintech companies in Nigeria, which was the highest in the entire MENA region. The United Arab Emirates and Israel followed with ***and *** fintech companies, respectively. The majority of countries in the region had less than 100 fintech companies in operation.

Fintech in MENA

At its core, fintech not only assists consumers but also companies and business owners to better manage their financial operations using specialized software. High smartphone and internet penetration in the MENA region in recent years has been a factor in driving the rise in fintech startups. Additionally, the region holds a sizeable youthful population who tend to be more flexible to change and early technology adopters.

Burdensome and outdated regulations in the region have historically slowed down adoption and investment. However, a recent rapid change in the regulatory environment has been observed in different countries such as Egypt and Jordan, especially during the COVID-19 pandemic. The online banking penetration rate in Egypt was forecasted to expand to **** percent by 2025. Despite being in their relative infancy, the region now has different levels of regulatory aspects that pertain to fintech specifically. Adding to this, the region hosts a high percentage of unbanked adults, which provides opportunities for fintech startups to step in and fill in the market gaps.