Image Credit: Unsplash
Simone Remba and Charlotte Al Usta • 15 November, 2022

Infographic: MENA Fintech Landscape, 2022

General Observations
  • The Fintech landscape in MENA is developing rapidly including many start-ups and heavy investment in recent years. Payments, in particular merchant payment acceptance, is one of the largest verticals for investment activities.
  • The MENA fintech sector attracted $519 mil. of fundraising and 92 newly launched fintech start-ups in 2021.
  • Both external investors and banks are investing in fintech franchises. Some of the major banks in MENA started and spun-off card processing/merchant fintechs, for example Geidea in the Kingdom of Saudi Arabia (KSA) and Magnati in the United Arab Emirates (UAE).
  • UAE, KSA, and Egypt are the largest markets by activity level.
  • Several MENA countries are launching real-time payment and/or open banking initiatives (e.g., SARIE network in KSA and IPP network in UAE).
  • The region remains mostly localized although some global fintechs such as Checkout, Stripe, and Adyen are investing and rapidly expanding their presence in the region.
  • The UAE is often the first entry point for international fintech entering the MENA region. Adyen and Stripe both launched in UAE in 2021.

MENA Fintech Landscape 2022_17Nov2022-1

MENA Fintech Landscape 2022_17Nov2022-2

Please do not hesitate to contact Simone Remba at Simone@FlagshipAP.com or Charlotte Al Usta at Charlotte@FlagshipAP.com with comments or questions.