Market Size of Middle East and Africa Buy Now Pay Later Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 25.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle East & Africa Buy Now Pay Later Market Analysis
The Buy Now Pay Later (BNPL) payment sector in Africa and the Middle East has grown rapidly over the previous four quarters, aided by rising e-commerce penetration and the impact of the economic slowdown induced by the Covid-19 epidemic. Buy now, pay later (BNPL) services have grown in popularity among e-Commerce companies and their clients over the last several years. The Covid-19 repercussions started these phenomena, and it appears that the buy now pays later (BNPL) platforms sector will continue to flourish even after the epidemic. The reasons for this are straightforward: BNPL is a handy and less expensive option to obtain fast loans for online purchases.
The breakout of COVID-19 has increased the use of BNPL platforms in the MEA area since distant working and social distances have allowed BNPL service providers to build a large client base. The pandemic has increased BNPL's appeal since it offers more flexible financing alternatives and low-interest rates, particularly in the Middle East.
As a result, clients who faced financial difficulties during the pandemics may still shop online. BNPL providers, on the other hand, may make significant income from an increasing number of clients who pay low to no interest rates and merchants who are compensated for utilizing the BNPL payment method to attract more buyers.
The Middle East and Africa market has already had tremendous growth, but because of the unexpected COVID-19 epidemic, the market will experience more growth in 2022. There are several reasons for the sudden interest in BNPL, but they are clearly related to the fast expansion of online commerce.
Furthermore, the rising adoption of mobile banking solutions by users and the growing awareness of BNPL as a payment alternative have prepared the path for an expanded offering in MEA. Finally, the COVID-19 epidemic has created a "perfect storm," moving more business online, improving consumer trust in online buying, and raising the need for personal cash-flow management, at least for certain customers.
