According to report by local payment services outfit Payfort and entrepreneurial platform Wamda, the MENA region will experience a boom in fintech innovation over the next three years, propelled by a large unbanked population, VC inflows and the rapid emergence of a host of new startups.
The report states that the number of startups in Mena’s Fintech ecosystem doubled from 46 to 105 over the three years 2013 to 2015 and the region could see a total of 250 fintech startups launch by the year 2020.
Fintech startups have sprung up in 12 Arab countries, yet three-in-four are based in Egypt, Jordan, Lebanon or the United Arab Emirates, with the latter accounting for half of these. Collectively, these emerging technology firms already employ around 1,600 people. Payment services include startups offering bill payment, electronic wallets, mobile and online payment solutions, including integrated payment services platforms.