The MENA Fintech sector has been witnessing major growth in the number of startups founded yearly. In 2017 alone, 20 Fintech startups were founded in the MENA region - the highest number of startups founded in a year over the period covered by our in-depth research (2001 till 2017).
Up until the end of 2017, over 100 Fintech startups were founded in the MENA region. Those Fintech startups are concentrated in four main countries (UAE, Egypt, Lebanon, and Jordan) that contribute to 83% of the total number of startups. UAE hosts the largest ratio of all Fintech startups (38%), while Egypt, Lebanon, and Jordan together add up to another 45%.
With the introduction of UAE’s 2020 Vision, the UAE has been increasing the number of Fintech startups founded each year to achieve their vision of being coming cashless by the year 2020. Fintech startups in the UAE have been creating innovative alternatives, especially for payments, to reach the country’s goal.
Not only are digital payment services the most founded Fintech startups in the UAE, but they also dominate the Jordanian and Egyptian markets as these countries are shifting from being cash-dependent to becoming cashless.
Lebanon, on the other hand, exhibits the highest number of digital banking startups as people are resorting to the use of digital banking transactions.