MENA FinTech market to attract $2 billion in deals
By Adelle Geronimo
The current MENA fintech market is estimated at $2 billion and expected to witness an annual growth of $125 million until 2022, according to MENA Research Partners (MRP).
This trend, according to the study, is increasingly compelling business models of fintech are expected to drive the market growth further.
Going forward, when benchmarked against emerging markets, MENA is anticipated to experience a new era of fast growth. Fintech funding has been rapidly gaining traction in the past five years, reflecting investors’ rising interest in the fintech opportunity in MENA. This has supported the proliferation of new fintech startups: with six startups founded in 2005, the figure is expected to reach 252 by 2020.
Photo courtesy of Institute for Money, Technology and Financial Inclusion.