The Fintech Times has released its third annual report examining the fintech landscape in the Middle East and Africa (MEA) region. The Middle East & Africa Report 2023: Economic Development through Prosperity with Fintech highlights the region’s economic development as well as how market demand and government support have impacted the growth and development of the fintech industry in the region. The key takeaways from this year’s report include:
- While fintech is making a significant impact on the GDPs of some countries in the region, ongoing global economic challenges are impacting further growth potential.
- Fintech activity in the MEA region is concentrated in certain areas, most notably Egypt, Israel, Kenya, Nigeria, Saudi Arabia, South Africa and the United Arab Emirates.
- While there are similarities in the key components of fintech ecosystems across the world, the MEA region is developing its own unique ecosystem to support fintech growth.
- Salt Edge, a leading open banking and open finance provider globally, is taking a more active role in the Middle East financial ecosystem by building strong collaborations with regulators and financial institutions in ways that contribute to an organic adoption of open banking regulations and standards.