Market Size of Middle East and Africa Neobanking Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East and Africa Neobanking Market Analysis
A neobank is a digital bank that does not have any branches. Instead of having a physical presence at a set location, neobanking is entirely online. A broad collection of financial service providers, who primarily target tech-savvy customers, comes under the umbrella of neobanking. Neobanks are financial institutions that give customers a cheaper alternative to traditional banks. You could think of them as digital banks without any physical branches, offering services that traditional banks don't, and doing so efficiently. They leverage technology and artificial intelligence to offer personalised services to customers while minimising operating costs.
The Covid-19 crisis has further pushed banks to undergo digital transformations. Technology promises greater resiliency, innovation and opportunities alongside improved efficiency and customer service.
The Middle East and Africa is a blossoming region in fintech, especially when it comes to banking technologies. And as far as untapped potential goes, the Middle East and Africa region is perfectly poised to become the next bubbling hub of digital banking innovation. The UAE has become one of the fastest-growing economic and technological hubs, owing to the National Innovation Strategy.
