Fintech in Middle East and North Africa - statistics & facts
Financial technology or fintech describes the delivery of financial services through IT and internet solutions. Important subcategories of fintech are digital payments, mobile banking, and money transfer services as well as cryptocurrency. According to forecasts for 2024, the total revenue of the global fintech sector will grow to 188 billion U.S. dollars.
Fintech services in the Middle Eastern region are an essential sector within the financial industries. Many new startups in the Middle East are operating in the fintech sector. According to projections, by 2022 there will be more than 465 fintech companies in the Middle East. The United Arab Emirates was at the forefront of the fintech startups in the region. This was followed by Egypt with 17 and Jordan and Lebanon with 15 fintech startups each.
