Financial Technology Prospects in The Middle East and Africa

Tahanout Kheira

Abstract

Fintech can enhance access to affordable financial services for unbanked populations and underserved SMEs. It can reduce delays and costs in cross-border remittances and foster efficiencies in government operations. The scale and pace of fintech in MENA, however, lags other regions. Fintech is yet to foster an inclusive digital economy, and there is a strong preference for cash payments.