
Study Period | 2020 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 1.66 Billion |
Market Size (2030) | USD 2.63 Billion |
CAGR (2025 - 2030) | 9.71 % |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
MENA Fintech Market Analysis
The MENA Fintech Market size is estimated at USD 1.66 billion in 2025, and is expected to reach USD 2.63 billion by 2030, at a CAGR of 9.71% during the forecast period (2025-2030).
The MENA fintech ecosystem is experiencing unprecedented transformation, characterized by robust investment flows and technological advancement. The region has demonstrated remarkable resilience despite global economic headwinds, with investment activities concentrated in key innovation hubs. According to recent data, 99% of the region's fintech investments are concentrated in four primary markets: the United Arab Emirates, Saudi Arabia, Bahrain, and Egypt, highlighting the emergence of strong regional fintech centers. The ecosystem's maturity is further evidenced by the prediction that over 45 fintech startups are expected to achieve unicorn status (valued at $1 billion or more) by 2030, signaling growing investor confidence and market potential.
The payments and digital transactions landscape is witnessing revolutionary changes, driven by shifting consumer preferences and technological innovation. Digital payment solutions have emerged as the dominant force in the fintech sector, capturing 42% of all investments and achieving an impressive annual growth rate of 152%. This transformation is supported by strong consumer adoption, with 95% of consumers in the MENA region actively considering emerging payment methods such as wearables, biometrics, digital wallets, and QR codes. The integration of advanced technologies like blockchain finance and artificial intelligence is further accelerating the evolution of payment systems, making transactions more efficient and secure.
The fintech sector's resilience is particularly noteworthy in the context of challenging global market conditions. Despite facing headwinds from rising interest rates and technological disruptions, the sector has maintained its fundamental strength. While total funding experienced a 47% year-over-year decrease to USD 484 million in 2023, the stability in seed valuations indicates sustained investor confidence in early-stage fintech innovations. This resilience is complemented by the rapid expansion of the startup ecosystem, with the region projected to host over 250 fintech startups by 2025.
The regulatory landscape is evolving to support fintech innovation while ensuring market stability. Key markets have introduced progressive regulatory frameworks, including regulatory sandboxes and specialized regtech licenses, to facilitate innovation while maintaining oversight. The Central Bank of the United Arab Emirates' Financial Infrastructure Transformation (FIT) program, launched in 2023, exemplifies this approach, aiming to accelerate the digital transformation of financial services. Similarly, Saudi Arabia's Fintech Strategy Implementation Plan is working to establish Riyadh as a global fintech hub, demonstrating the region's commitment to fostering a conducive environment for fintech growth and innovation.
MENA Fintech Market Trends
Government Support and Regulatory Initiatives
The MENA fintech market is experiencing substantial growth driven by strong government support and progressive regulatory frameworks across the region. The UAE government has taken a leading role by implementing the Financial Infrastructure Transformation (FIT) program to accelerate the digital transformation of financial services and promote the UAE's position as a global center for finance and digital payment systems. Additionally, the government has introduced targeted incentives for green fintech initiatives through tax benefits, demonstrating its commitment to combining financial innovation with environmental sustainability. These initiatives are complemented by the establishment of regulatory sandboxes across major financial hubs, providing safe testing environments for innovative fintech solutions.
The regulatory landscape has evolved significantly with the introduction of comprehensive frameworks for various fintech segments. For instance, the Central Bank of the UAE (CBUAE), along with other regulatory authorities, has issued detailed guidelines for financial institutions adopting enabling technologies, covering crucial areas such as API implementation, cloud computing, biometrics, and distributed ledger technology. The Saudi Arabian Monetary Authority (SAMA) has also made significant strides by introducing the Payment Service Provider Regulations and developing an open banking framework, which was released in November 2022, establishing clear guidelines for banks and fintech companies to offer open banking services.
Digital Payment Adoption and Cashless Economy Transition
The rapid transition towards cashless payments and digital financial services is serving as a major catalyst for the MENA fintech market's expansion. According to recent data, approximately 70% of SMEs in the UAE have either implemented or are planning to implement cashless systems by 2024, indicating a significant shift in business operations. This trend is further reinforced by consumer behavior, with 52% of UAE consumers already embracing or planning to transition to a cashless lifestyle by 2024, substantially exceeding the global average of 41%. The market has also witnessed the successful integration of global payment solutions, with major players like GPay, Apple Pay, and Samsung Pay establishing strong presences in the region.
The evolution of payment preferences is reflected in the diverse adoption of payment methods across the region. Credit cards have emerged as the dominant payment method in e-commerce transactions, while digital wallet and online payments account for 24% of total transaction value, establishing themselves as the second most popular payment method in the UAE. This shift is supported by the development of robust payment infrastructure, with over 85% of fintech firms in the MENA region focusing on payment and transfer services, creating a comprehensive ecosystem that facilitates the transition to digital payment systems.
Investment Climate and Innovation Ecosystem
The MENA fintech market is experiencing unprecedented growth in investment activity, creating a robust foundation for continued innovation and expansion. Investment in the UAE's fintech sector has witnessed a remarkable 92% increase in 2024, driven by the country's strategic geographic location and its growing attractiveness for foreign direct investment. This surge in investment is supported by the establishment of specialized fintech hubs and accelerator programs across the region, such as the Qatar Fintech Hub (QFH) and DIFC FinTech Hive, which provide crucial infrastructure and support for fintech startups.
The innovation ecosystem is further strengthened by the collaborative approach between traditional financial institutions and fintech companies. Banks across the region are actively engaging with fintech startups through partnerships and investments, creating a synergistic environment that promotes technological advancement. For instance, in Bahrain, the ecosystem has developed to include more than 19 incubators and accelerator networks, with nearly eight investors actively participating in financial technology development. This collaborative environment has led to the emergence of diverse fintech solutions, ranging from digital payment and lending platforms to innovative insurance and investment products, including banking as a service offerings.
Financial Inclusion and Cross-Border Solutions
The drive for financial inclusion across the MENA region has emerged as a significant catalyst for fintech innovation and adoption. The presence of large unbanked populations in several countries has created substantial opportunities for fintech solutions to bridge the financial services gap. For instance, in Egypt, where financial inclusion is a key priority, the Central Bank launched a national plan for financial inclusion in late 2022, aiming to expand access to financial services and increase financial literacy through innovative fintech products targeted at consumers and SMEs, including mobile banking solutions.
The growing demand for efficient cross-border payment solutions has also become a major driver for fintech development in the region. With significant expatriate populations and strong international trade connections, the MENA region has witnessed the emergence of numerous fintech solutions focused on facilitating seamless cross-border transactions. This has led to the development of comprehensive embedded finance solutions and the implementation of advanced technologies such as blockchain for cross-border payments. For example, Ripple, a blockchain-based payments platform, has established partnerships with several banks in the Middle East to enable real-time, cross-border payment capabilities, demonstrating the region's commitment to adopting innovative solutions for international financial transactions, including digital remittance services.
Segment Analysis: By Service Proposition
Money Transfer and Payments Segment in MENA Fintech Market
The Money Transfer and Payments segment continues to dominate the MENA fintech market, holding approximately 41% of the market share in 2024. This dominance is driven by the increasing adoption of digital payment solutions across the region, particularly in countries like the United Arab Emirates and Saudi Arabia. The segment's growth is further supported by the rising penetration of mobile wallets, the expansion of e-commerce platforms, and the growing preference for contactless payments. According to recent studies, about 95% of consumers in the MENA region are actively considering emerging payment methods such as wearables, biometrics, digital wallets, and QR codes. The segment's strong performance is also attributed to significant investments in payment processing infrastructure and the implementation of favorable regulatory frameworks by regional governments.

Digital Lending and Lending Marketplaces Segment in MENA Fintech Market
The digital lending and Lending Marketplaces segment is emerging as the fastest-growing segment in the MENA fintech market, with a projected growth rate of approximately 13% from 2024 to 2029. This rapid growth is primarily driven by the increasing demand for alternative lending solutions, particularly among small and medium-sized enterprises (SMEs) that face challenges in accessing traditional banking services. The segment's expansion is further supported by the adoption of advanced technologies such as artificial intelligence and machine learning for credit assessment, making lending processes more efficient and accessible. The rise of peer-to-peer lending platforms, the introduction of innovative lending products, and supportive regulatory environments in countries like Saudi Arabia and the UAE are also contributing to the segment's accelerated growth trajectory.
Remaining Segments in MENA Fintech Market
The remaining segments, including Savings and Investments, Online Insurance & Insurance Marketplaces, and Other Service Propositions, play crucial roles in shaping the MENA fintech ecosystem. The Savings and Investments segment is witnessing significant traction due to the increasing demand for digital investment platforms and robo-advisory services. The Online Insurance & Insurance Marketplaces segment is transforming the traditional insurance sector through digitalization and innovative insurtech solutions. Other Service Propositions, including emerging technologies like blockchain and cryptocurrency services, are contributing to the market's diversification and innovation. These segments collectively demonstrate the market's maturity and the growing sophistication of fintech solutions in the MENA region.
MENA Fintech Market Geography Segment Analysis
MENA Fintech Market in United Arab Emirates
The United Arab Emirates continues to dominate the MENA fintech landscape, commanding approximately 33% of the regional market share in 2024. The country's fintech ecosystem is particularly concentrated in Dubai, which serves as a major hub for fintech innovation and development. The UAE's success in fintech can be attributed to its robust regulatory framework, including the Financial Infrastructure Transformation (FIT) program launched by the Central Bank of the UAE to accelerate the digital transformation of financial services. The country's high internet penetration rate of 99% and financial inclusion rate of 85% have created fertile ground for fintech adoption. With over 465 fintech companies operating in the UAE, the ecosystem spans various segments including payments, e-wallets, remittances, insurtech, and digital lending. The government's strong support through initiatives like FinHub973 and comprehensive regulatory frameworks has created a viable environment for fintech startups and established players alike. The UAE's position is further strengthened by its large expatriate population, which drives significant demand for innovative financial solutions, particularly in cross-border payments and remittances.
MENA Fintech Market in Bahrain
Bahrain has emerged as the fastest-growing fintech market in the MENA region, projected to grow at approximately 15% annually from 2024 to 2029. The kingdom's fintech landscape has evolved significantly, supported by its position as one of the oldest banking centers in the world with 364 authorized financial institutions. Bahrain's fintech ecosystem is particularly strong in payments and cryptocurrency segments, with the Central Bank of Bahrain implementing progressive regulations for cryptocurrencies and digital assets. The country's financial services sector contributes over 16.8% to its GDP, making it one of the most important non-oil sectors. The ecosystem benefits from more than 19 incubators and accelerator networks, with nearly eight investors actively participating in financial technology. The adoption of digital payments has been remarkable, as evidenced by the widespread use of BenefitPay, the national electronic wallet. Bahrain's regulatory environment, including its comprehensive framework for eKYC and open banking regulations, has created a conducive environment for fintech innovation and growth.
MENA Fintech Market in Saudi Arabia
Saudi Arabia has established itself as a major force in the MENA fintech landscape, driven by its Vision 2030 economic transformation agenda. The kingdom's fintech ecosystem benefits from one of the highest adoption rates of contactless payments through Near-Field Communication (NFC) at 94%, leading the MENA region. The Saudi Central Bank's implementation of the open banking framework has created new opportunities for innovation and collaboration between traditional banks and fintech companies. The country's young population and high technology adoption rate have created strong demand for digital banking services. The government's Fintech Strategy Implementation Plan aims to transform Riyadh into a global fintech hub, with ambitious goals to triple the number of fintechs and create thousands of new jobs. The ecosystem is particularly strong in payments, transfers, and remittances, with various initiatives supporting the development of digital banking and payment solutions.
MENA Fintech Market in Egypt
Egypt has emerged as a significant player in the MENA fintech ecosystem, distinguished by producing the region's first fintech unicorn, Fawry. The country's fintech landscape has shown remarkable evolution, driven by the Central Bank of Egypt's national plan for financial inclusion and the broader Egypt Vision 2030 strategy. The market presents significant opportunities, particularly given that two-thirds of the population remains unbanked. Egypt's fintech ecosystem is characterized by a diverse range of services, with payments and remittances accounting for a significant portion of the market. The country's regulatory environment has become increasingly supportive, with the Central Bank of Egypt implementing various initiatives to promote digital transformation in the financial sector. The ecosystem benefits from a growing network of incubators, accelerators, and venture capital firms that provide crucial support to fintech startups.
MENA Fintech Market in Other Countries
The broader MENA fintech ecosystem encompasses several other dynamic markets, each with unique characteristics and growth trajectories. Qatar has been developing its fintech sector through initiatives like the Qatar Fintech Hub, although its development has been more measured compared to its GCC neighbors. Morocco's fintech landscape presents significant opportunities, particularly given its high mobile penetration rate and growing digital payment adoption. Algeria's fintech sector, while still nascent, shows potential for growth, especially in mobile money and digital payments. Kuwait has demonstrated strong willingness to adopt fintech solutions, with traditional banks actively partnering with blockchain experts and implementing biometric solutions. These markets collectively contribute to the diverse and evolving MENA fintech landscape, each bringing unique strengths and opportunities to the regional ecosystem.
MENA Fintech Industry Overview
Top Companies in MENA Fintech Market
The MENA fintech landscape is characterized by dynamic players like Tabby, Tamara, PayTabs, Paymob, and Fawry leading significant market developments. Companies are increasingly focusing on product innovation through the introduction of digital payment solutions, buy-now-pay-later services, and integrated financial platforms. Operational agility is demonstrated through rapid market expansion strategies, particularly in key markets like Saudi Arabia, UAE, and Egypt. Strategic partnerships with traditional banking institutions and telecommunications providers have become a crucial growth lever for fintech companies. The market has witnessed substantial expansion through cross-border operations, with companies actively pursuing multi-country strategies to achieve broader regional coverage. Innovation in areas such as digital lending, payment processing, and digital wallet solutions continues to drive competitive differentiation, while investments in technological infrastructure and customer experience remain priority areas for market leaders.
Fragmented Market with Strong Growth Potential
The MENA fintech market exhibits a fragmented structure with a mix of local startups and international players competing for market share. Local specialists have gained significant traction by leveraging their understanding of regional nuances and regulatory frameworks, while global players bring technological expertise and established operational models. The market has witnessed increased participation from traditional financial institutions either through their own fintech initiatives or strategic partnerships with existing players. The competitive landscape is further shaped by the presence of telecommunications companies and large conglomerates entering the fintech space, particularly in digital payments and mobile wallet solutions.
Merger and acquisition activity has been notably active, with larger financial institutions acquiring stakes in promising fintech startups to expand their digital capabilities. The market has also seen consolidation through strategic partnerships between fintech companies to combine complementary strengths and achieve greater market penetration. Investment from regional and international venture capital firms has remained robust, supporting the growth of innovative startups and enabling market expansion. The ecosystem is further strengthened by government initiatives and regulatory support, particularly in hub countries like UAE and Saudi Arabia, which have established dedicated fintech zones and regulatory sandboxes.
Innovation and Compliance Drive Market Success
Success in the MENA fintech market increasingly depends on the ability to balance innovation with regulatory compliance while maintaining strong customer relationships. Incumbent players are focusing on expanding their digital service offerings, enhancing user experience through advanced technologies, and strengthening their market presence through strategic partnerships. Companies are investing in developing Sharia-compliant solutions to cater to the regional market requirements while also focusing on building trust through robust security measures and transparent operations. The ability to scale operations across multiple markets while maintaining localized service delivery has become a crucial differentiator for market leaders.
For new entrants and challenger firms, success factors include developing niche market solutions, establishing strong partnerships with traditional financial institutions, and leveraging technology to reduce operational costs. The market presents significant opportunities for companies that can effectively address the needs of underserved segments, particularly in areas like digital lending and investment platforms. Regulatory compliance remains a critical success factor, with companies needing to navigate varying regulatory requirements across different countries while maintaining operational efficiency. The ability to attract and retain technical talent, particularly in areas like artificial intelligence and blockchain, has emerged as a key determinant of long-term success in the market. Additionally, the integration of financial analytics and banking technology is becoming increasingly important for companies aiming to enhance their competitive edge.
MENA Fintech Market Leaders
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Tamara
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Liv.
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Pepper
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PayTabs
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Tabby
- *Disclaimer: Major Players sorted in no particular order

MENA Fintech Market News
- In February 2024, MeasA’s (MEASA) award-winning payments leader, PayTabs, Egypt, announced a strategic partnership with Egypt’s leading BNPL platform, Souhoola. This new BNPL platform will provide merchants with a new way to pay, expanding the variety of online payment options PayTabs Egypt offers.
- In February 2024, MENA’s leading payment orchestration company, PayTabs Group, partnered with Saudi Arabia's leading payment infrastructure as a service fintech brand, Nearpay, to provide users across Jordan and PayTabs' other markets in the region with an enhanced soft POS payment experience.
- In January 2024, MENA’s premier universal financial technology leader, Valu, entered into a strategic alliance with Bosta, one of the leading technological providers of last-mile delivery services in Egypt and in Saudi Arabia. PayTabs Egypt has developed this revolutionary feature to enable the payment of shipments through the IOD feature of the Valu app in Egypt for the first time. This agreement aims to improve the purchasing process and increase the sales of e-commerce companies.
- In March 2023, CoreLogic and Pepper Money, the world’s leading independent property data & analytics provider, entered into a strategic five-year agreement. The agreement covers Australia, New Zealand, and beyond. Pepper Money and CoreLogic have long been partners in Australia, with Pepper Money extending its existing Australian relationship until 2028 and CoreLogic continuing to expand into New Zealand to expand its capabilities and capitalize on operational synergies.
MENA Fintech Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Customers' Growing Need for E-Commerce and Mobile Banking Platforms
- 4.2.2 Rising Internet Penetration & Adoption of Smartphones will Continue to Lead the Growth of the Market
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4.3 Market Restraints
- 4.3.1 Data Privacy Concerns
- 4.3.2 Increasing Cybersecurity Risks
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4.4 Market Opportunities
- 4.4.1 Rising Investments in Fintech Startups
- 4.4.2 Robo-Advisors Will Continue to Grow in the Future
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4.5 Industry Attractiveness - Porter's Five Forces Analysis
- 4.5.1 Bargaining Power of Buyers
- 4.5.2 Bargaining Power of Suppliers
- 4.5.3 Threat of New Entrants
- 4.5.4 Threat of Substitutes
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Insights of Technology Innovations in the Market
- 4.7 Insights on Government Regulations and Industry Policies
- 4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Service proposition
- 5.1.1 Money Transfer and Payments
- 5.1.2 Savings and Investments
- 5.1.3 Digital Lending & Lending Marketplaces
- 5.1.4 Online Insurance & Insurance Marketplaces
- 5.1.5 Other Service Propositions
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5.2 By Country
- 5.2.1 United Arab Emirates
- 5.2.2 Saudi Arabia
- 5.2.3 Bahrain
- 5.2.4 Qatar
- 5.2.5 Iran
- 5.2.6 Egypt
- 5.2.7 Israel
- 5.2.8 Rest of MENA
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Tamara
- 6.2.2 Liv.
- 6.2.3 Pepper
- 6.2.4 PayTabs
- 6.2.5 Tabby
- 6.2.6 Sarwa
- 6.2.7 Ila Bank
- 6.2.8 Bayzat
- 6.2.9 Eureeca
- 6.2.10 Cwallet*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
MENA Fintech Industry Segmentation
Fintech is one of the most widely anticipated and quickly adopted fields of financial services as people adopt urbanization and smart connectivity. The MENA fintech market is segmented by service proposition and by country. By service proposition, the market is segmented into money transfer and payments, savings and investments, digital lending and lending marketplaces, online insurance and insurance marketplaces, and other service propositions. By country, the market is segmented into United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Iran, Egypt, Israel, and Rest of the Middle East and North Africa. The report offers market sizes and forecasts for the MENA fintech market in terms of value in USD for all the above segments.
By Service proposition | Money Transfer and Payments |
Savings and Investments | |
Digital Lending & Lending Marketplaces | |
Online Insurance & Insurance Marketplaces | |
Other Service Propositions | |
By Country | United Arab Emirates |
Saudi Arabia | |
Bahrain | |
Qatar | |
Iran | |
Egypt | |
Israel | |
Rest of MENA |
MENA Fintech Market Research FAQs
How big is the MENA Fintech Market?
The MENA Fintech Market size is expected to reach USD 1.66 billion in 2025 and grow at a CAGR of 9.71% to reach USD 2.63 billion by 2030.
What is the current MENA Fintech Market size?
In 2025, the MENA Fintech Market size is expected to reach USD 1.66 billion.
Who are the key players in MENA Fintech Market?
Tamara, Liv., Pepper, PayTabs and Tabby are the major companies operating in the MENA Fintech Market.
What years does this MENA Fintech Market cover, and what was the market size in 2024?
In 2024, the MENA Fintech Market size was estimated at USD 1.50 billion. The report covers the MENA Fintech Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the MENA Fintech Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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MENA Fintech Market Research
Mordor Intelligence provides a comprehensive analysis of the fintech industry. We specialize in deep-dive research covering areas such as digital banking, mobile banking, and emerging payment gateway solutions. Our extensive report examines the evolution of cryptocurrency adoption and digital wallet innovations. It also highlights the growing influence of open banking initiatives across the MENA region. The analysis includes crucial developments in the insurtech, regtech, and wealthtech sectors. Additionally, it provides detailed insights into peer to peer lending platforms and neobanking operations. This report PDF is available for download, offering strategic intelligence on payment processing systems and digital payment frameworks.
Our research benefits stakeholders by providing actionable insights into banking as a service models and embedded finance opportunities. The report explores emerging trends in financial software development, decentralized finance protocols, and blockchain finance applications. We offer comprehensive coverage of financial analytics, banking technology advancements, and digital lending solutions. The analysis also examines robo advisory services, digital investment strategies, financial cloud infrastructure, and digital remittance systems. This enables businesses to make informed decisions in this rapidly evolving sector.