The MENA Fintech Market report segments the industry into By Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending & Lending Marketplaces, Online Insurance & Insurance Marketplaces, Other Service Propositions) and By Country (United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Iran, Egypt, Israel, Rest of MENA). Get five years of historical data as well as five-year forecasts.

The MENA (Middle East and North Africa) Fintech market is experiencing robust growth, projected to reach a market size of $1.51 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 9.71% from 2019 to 2033. This expansion is fueled by several key drivers. Increasing smartphone penetration and internet access across the region are creating a fertile ground for digital financial services. A young and tech-savvy population readily embraces innovative payment solutions and investment platforms. Furthermore, supportive government initiatives promoting digital transformation and financial inclusion are accelerating market adoption. The rise of e-commerce and the need for efficient cross-border payments further contribute to the market's growth trajectory. While challenges such as regulatory hurdles and cybersecurity concerns exist, the overall market outlook remains positive. The market is segmented by various service types, including payment gateways, digital lending, and investment platforms, each experiencing significant growth. Leading players such as Tamara, Liv, Pepper, PayTabs, Tabby, Sarwa, Ila Bank, Bayzat, Eureeca, and Cwallet are actively shaping the competitive landscape, constantly innovating to cater to evolving consumer needs. Competition is expected to intensify, driving further innovation and efficiency within the sector. Looking forward to 2033, the MENA Fintech market is poised for continued expansion, driven by sustained economic growth, technological advancements, and increasing financial inclusion efforts. The market's evolution will likely involve further diversification of services, increased integration with existing financial infrastructure, and a greater focus on enhancing user experience and security. The region's unique demographic and economic characteristics will continue to present both opportunities and challenges for Fintech companies operating within this dynamic landscape. Further penetration into underserved segments and the development of tailored financial products will be crucial for sustained growth and success in this rapidly evolving market. Recent developments include: 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.. Key drivers for this market are: Customers' Growing Need for E-Commerce and Mobile Banking Platforms, Rising Internet Penetration & Adoption of Smartphones will Continue to Lead the Growth of the Market. Potential restraints include: Customers' Growing Need for E-Commerce and Mobile Banking Platforms, Rising Internet Penetration & Adoption of Smartphones will Continue to Lead the Growth of the Market. Notable trends are: Rising Digital & Cashless Payments is Driving the Growth of The Market.

The MENA (Middle East and North Africa) Fintech market is experiencing robust growth, projected to reach $1.51 billion in 2025 and exhibiting a Compound Annual Growth Rate (CAGR) of 9.71% from 2019 to 2033. This expansion is fueled by several key drivers. Increasing smartphone penetration and internet access across the region are creating a vast pool of potential users for digital financial services. Furthermore, a young and tech-savvy population is readily adopting innovative financial solutions, driving demand for mobile payments, digital lending, and investment platforms. Government initiatives promoting financial inclusion and digital transformation are also playing a significant role. The rise of e-commerce and the increasing need for efficient and accessible financial services are further accelerating market growth. Competition is intense, with established players like Tamara, Tabby, and PayTabs competing alongside newer entrants and regional banks integrating fintech solutions. Challenges remain, however, including regulatory hurdles in some markets, cybersecurity concerns, and the need to address financial literacy gaps among certain demographics. Despite these challenges, the long-term outlook for the MENA Fintech market remains positive, driven by continuous technological advancements and evolving consumer preferences. The forecast period of 2025-2033 promises continued expansion, with significant opportunities for both established and emerging players. Growth will likely be driven by the expansion of digital lending platforms catering to SMEs and individuals, the increasing adoption of open banking APIs facilitating seamless data sharing, and the rise of embedded finance, integrating financial services within non-financial platforms. The market segmentation will continue to evolve, with specialized niches emerging in areas like Islamic fintech and insurtech. To succeed, companies will need to prioritize robust cybersecurity measures, build strong relationships with regulatory bodies, and focus on delivering user-friendly, culturally relevant products and services that meet the specific needs of the diverse MENA population. The focus on customer experience, coupled with innovative technology and strategic partnerships, will be crucial in capitalizing on the considerable growth potential of this dynamic market. Recent developments include: 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.. Key drivers for this market are: Customers' Growing Need for E-Commerce and Mobile Banking Platforms, Rising Internet Penetration & Adoption of Smartphones will Continue to Lead the Growth of the Market. Potential restraints include: Customers' Growing Need for E-Commerce and Mobile Banking Platforms, Rising Internet Penetration & Adoption of Smartphones will Continue to Lead the Growth of the Market. Notable trends are: Rising Digital & Cashless Payments is Driving the Growth of The Market.

Middle East and Africa Fintech Market size will be USD 5028.42 million in 2024 and will expand at a compound annual growth rate (CAGR) of 18.9% from 2024 to 2031.

The Fintech Market report segments the industry into Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending and Lending Marketplaces, Online Insurance and Insurance Marketplaces, Other Service Propositions) and Geography (North America, Europe, Latin America, Asia-Pacific, Middle East and Africa). Five-year historical data and five-year forecasts are included.

As of 2024, 39 percent of 136 fintechs surveyed in the United Arab Emirates were operating in the payments, e wallets and remittances sector. The UAE has also invested heavily in blockchain technologies, and out of the surveyed companies, roughly 7.3 percent were focused on blockchain and crypto services. UAE’s diverse fintech landscape The UAE has an extensive fintech market, home to the second highest number of fintechs in the MENA region. The country has become an attractive destination for startups to set up shop due to a variety of government initiatives and the country's high overall fintech readiness score, positioning it as a premier global fintech hub.
While payments currently dominate the country’s fintech sector, other industries are steadily emerging. Insurtech, for instance, which represents 11.76 percent of the fintech market and includes notable players like Bayzat. In addition to providing human resource and payroll SaaS solutions, Bayzat enables both individuals and businesses to purchase health insurance. The success of the sector can be attributed to government initiatives fostering startup growth and a regulatory environment that has adapted to accommodate fintech innovations.
A push to digitize Digitization has been a priority for many Gulf Cooperation Council countries, and the UAE is no exception. Similar to the broader GCC region, the UAE boasts one of the highest internet penetration rates and some of the fastest internet speeds globally, [896768] powered by a robust fiber optic network. This strong digital infrastructure has enabled digital sectors like fintech to thrive. Government-led initiatives, such as the Smart City projects implemented in Dubai and Abu Dhabi, leverage digital connectivity to enhance public services and promote sustainable living. Additionally, the UAE has digitized many government services, making them more accessible to residents. Other nations in the region are adopting similar strategies, with smart city projects and e-governance forming key components of initiatives like Saudi Arabia’s Vision 2030. A combination of advanced telecommunications infrastructure, state-sponsored digitization policies, and a young, tech-savvy population is driving greater connectivity across the region.

According to Cognitive Market Research, the global financial technology fintech market size will be USD 345215.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 17.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 138086.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 103564.65 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 79399.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 17260.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 6904.31 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.9% from 2024 to 2031.
The blockchain category is the fastest-growing segment of the financial technology fintech industry.

Market Dynamics of Financial Technology FinTech Market

Key Drivers for Financial Technology FinTech Market

Growing Adoption of Blockchain Technology for Secure Transactions Will Boost Market Growth

The growing adoption of blockchain technology is expected to boost the financial technology market significantly. Blockchain offers secure, transparent, and decentralized transaction solutions, addressing key concerns around fraud, data integrity, and privacy. Financial institutions and fintech companies are increasingly integrating blockchain into payment systems, cross-border transactions, and identity verification processes, enhancing efficiency and reducing costs. The technology's ability to provide real-time, immutable transaction records is driving its adoption in areas such as digital payments, supply chain finance, and smart contracts. As blockchain adoption accelerates, it paves the way for innovation in various financial services, fostering trust among users and contributing to the overall growth of the fintech market. For instance, in July 2024, Finovate announced its lineup of demo companies for FinovateFall 2024, which was held at the Marriott Marquis Times Square in New York City. As one of the leading events shaping the digital future of the financial services industry, FinovateFall attracted over 2,000 senior-level attendees, including more than 600 from banks, investors, and other financial institutions. Eighteen of the top 20 U.S. banks had already registered to attend.

Increased Focus on Cybersecurity and Fraud Prevention Propels the Market Growth

Increased focus on cybersecurity and fraud prevention is a key factor propelling growth in the financial technology (FinTech) market. As digital transactions and online banking services continue to increase, so does the risk of cyber threats, fraud, and data breaches. This has led financial institutions and fintech companies to invest heavily in advanced security technologies, including encryption, biometric authentication, and AI-powered fraud detection systems. These innovations not only protect consumers and businesses but also foster trust in digital financial services. The growing demand for secure digital payments, identity verification, and transaction monitoring is accelerating the adoption of cybersecurity solutions, thus driving the expansion of the FinTech market.

Restraint Factor for the Financial Technology FinTech Market

Security Concerns Regarding Data Breaches and Cyber-Attacks Hampers Market Growth

Security concerns regarding data breaches and cyber-attacks significantly hamper the growth of the financial technology (FinTech) market. As financial services increasingly move online, the risk of hacking and data theft grows, undermining consumer trust in digital platforms. Cyber-attacks on payment systems, mobile wallets, and digital banking solutions expose vulnerabilities that can lead to financial losses and regulatory penalties. These threats force fintech companies to invest heavily in cybersecurity measures, adding to operational costs. Additionally, the potential for reputational damage makes it difficult to attract and retain cust...

Middle East Artificial Intelligence In Fintech Market is expected to grow during 2025-2031

The MENA (Middle East and North Africa) wealth management industry is experiencing robust growth, projected to reach a market size of $1.25 billion in 2025, expanding at a Compound Annual Growth Rate (CAGR) of 7.49% from 2025 to 2033. This expansion is fueled by several key factors. Firstly, a burgeoning affluent population within the region is driving increased demand for sophisticated investment and wealth management services. Secondly, economic diversification initiatives across several MENA countries are fostering a more stable and attractive investment climate. Furthermore, technological advancements, particularly in fintech, are enhancing accessibility and efficiency within the wealth management sector, attracting a wider range of investors and improving service delivery. The industry is also witnessing a rising demand for personalized and tailored investment strategies, catering to the unique financial goals of high-net-worth individuals and families. Finally, increasing awareness of wealth preservation and succession planning further contributes to the market’s sustained growth. However, challenges remain. Regulatory changes and increasing competition from both established international players and nimble fintech startups pose ongoing hurdles. Geopolitical uncertainties within the region can also influence investment decisions and market volatility. Nevertheless, the long-term outlook for the MENA wealth management industry remains positive, with continued growth projected throughout the forecast period. Key players such as NCB Capital, Investcorp, Riyad Capital, and others are actively shaping the industry landscape through strategic partnerships, acquisitions, and the development of innovative product offerings. The expansion into digital channels and the adoption of advanced data analytics are expected to be critical success factors for firms seeking to thrive in this dynamic market. Recent developments include: January 2023: Emirates NBD Securities, a leading brokerage firm in the UAE, partnered with Abu Dhabi Securities Exchange (ADX) to provide traders with instant access to the exchange's listed companies, enabling it to offer instant trading account opening and digital onboarding to another UAE stock exchange., January 2023: Emirates NBD, one of the leading banks in the MENAT region, announced the successful pricing of its inaugural AED 1 billion dirham-denominated bonds, the first such issue by a UAE bank.. Key drivers for this market are: Adoption of New Age Digital Platforms by Millenials, Increasing HNWI in MENA Region. Potential restraints include: Adoption of New Age Digital Platforms by Millenials, Increasing HNWI in MENA Region. Notable trends are: Saudi Arabia Asset Under Management Trend Shows Growth in Wealth Management Industry on MENA Region.

The report covers MENA Wealth Management Market Growth and it is Segmented by Client Type (HNWI, Retail/ Individuals, Mass Affluent, and others), by Provider (Private Bankers, Fintech Advisors, Family Offices, and others), and by Country (Saudi Arabia, Algeria, Egypt, United Arab Emirates, and Others). The market Size and forecasts are provided in terms of value (USD million) for all the above segments.

The size and share of this market is categorized based on Application (Financial Transactions, Investment Management, Insurance, Banking) and Product (Blockchain Technology, Mobile Payment Systems, Robo-Advisors, Insurtech Solutions) and geographical regions (North America, Europe, Asia-Pacific, South America, Middle-East and Africa).

The UAE Fintech market, valued at $3.16 billion in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 12.56% from 2025 to 2033. This surge is driven by several key factors. The UAE's proactive regulatory environment fosters innovation and attracts significant foreign investment in the sector. Furthermore, a young, tech-savvy population readily adopts digital financial services, fueling demand for money transfer and payment solutions, digital lending platforms, and online insurance marketplaces. The government's ongoing digitalization initiatives, coupled with a thriving e-commerce ecosystem, are also major contributors to this growth. Increased smartphone penetration and improved internet infrastructure further enhance the accessibility and convenience of fintech services, accelerating market expansion. Competition among established players like Tabby, Yalla Compare, and emerging fintech startups fuels innovation and drives down costs, benefiting consumers. However, challenges remain. Data privacy concerns and cybersecurity threats pose significant risks to the industry's growth. Maintaining consumer trust and ensuring robust security measures are critical for sustained market expansion. Furthermore, regulatory changes and the need for ongoing compliance can impact the operational costs of fintech companies. Despite these hurdles, the long-term outlook for the UAE Fintech market remains positive, fueled by ongoing technological advancements and the government's commitment to establishing a leading digital economy. The diversification of services offered, including savings and investment platforms, is expected to further broaden the market's appeal and drive future growth. Recent developments include: August 2023: MENA’s number one shopping and fintech app, Tabby, launched its latest all-in-one shopping tool, Tabby Shop. This is the biggest update to Tabby’s app since its inception. Tabi Shop is a comprehensive shopping app that brings together more than 500,000+ products from over 10,000+ brands in the Fashion, Beauty, Home, and Electronics categories. Tabby Shop offers several shopping tools, such as smarter search, better wishlists, deal notifications, and more., January 2023: Tabby, the number one shopping and fintech app in MENA, closed a USD 58 million Series C funding round led by Sequoia Capital India (SCI), STV (STV), and PayPal Ventures (PV), with participation from Mubadala investment capital (MIC), Arbor Ventures (ARAM) (CIVB) (CVC) and Endeavour Catalyst (Endeavor). According to PayPal Ventures, Tabby's Series C funding brings its total valuation to USD 660 million, making it the second-most valuable startup in MENA and the number one in the GCC.. Key drivers for this market are: Rise in the Number of Fintech Startups is Driving the Market, Favorable Regulatory Compliance Landscape is Promoting the Fintech Market. Potential restraints include: Rise in the Number of Fintech Startups is Driving the Market, Favorable Regulatory Compliance Landscape is Promoting the Fintech Market. Notable trends are: The Market is Being Driven by the Development of New Technologies.

The MENA (Middle East and North Africa) digital payments industry is experiencing robust growth, projected to reach $226.53 million in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 10.95% from 2025 to 2033. This expansion is fueled by several key factors. Increasing smartphone penetration and internet access across the region are significantly expanding the addressable market for digital payment solutions. Furthermore, a young and tech-savvy population readily adopts innovative financial technologies, driving demand for faster, more convenient, and secure payment methods compared to traditional cash transactions. Government initiatives promoting financial inclusion and digital transformation are also contributing to this upward trajectory. The rise of e-commerce and the growing popularity of online services are creating a surge in online transactions, further bolstering the demand for efficient digital payment systems. Competition among established players like PayPal, Mastercard, and Apple Pay, alongside the emergence of regional fintech startups, fosters innovation and enhances the overall user experience. While challenges such as concerns about data security and the need for robust regulatory frameworks persist, the overall outlook for the MENA digital payments market remains exceptionally positive. The segmentation of the MENA digital payments market reveals strong growth across various segments. Production analysis indicates a steady increase in digital payment infrastructure and service development. Consumption analysis shows a significant shift from traditional payment methods towards digital alternatives, driven by factors like convenience and security. Import and export analyses would likely show increasing cross-border digital transactions, reflecting the growing interconnectedness of the regional economy. Price trend analysis likely indicates a general decrease in transaction fees due to heightened competition, further incentivizing adoption. Regional variations exist, with countries like the UAE and Saudi Arabia leading in terms of digital payment adoption, while others in the region are still in the process of significant development. This disparity presents both opportunities and challenges for market players; those successfully navigating regulatory hurdles and catering to diverse consumer needs are poised to capture the significant growth potential of this dynamic market. Recent developments include: May 2024: Nium revealed a strategic collaboration with Emirates NBD, a prominent banking group in the MEANT market, which encompasses the Middle East, North Africa, and Türkiye. The partnership aims to introduce an innovative global payment solution poised to reshape the financial services industry in the Middle East and beyond., May 2024: At the Visa Payments Forum for Central and Eastern Europe, the Middle East, and Africa, Visa unveiled a suite of new products and services set to revolutionize the card landscape. The company is rolling out an innovative portfolio, emphasizing digital identity, streamlined checkout experiences, flexible payments, enhanced micro-merchant acceptance, and bolstered security for account-to-account transactions. Furthermore, Visa introduced 'Visa Pay,' a cutting-edge payments-as-a-service platform. This platform is designed to offer top-tier mobile-first payment experiences and seamless send-and-receive capabilities tailored specifically for Central and Eastern Europe, Middle East, and African countries.. Key drivers for this market are: High Proliferation of Smartphones & Social Interactions, Enablement Programs by Key Retailers to Bridge the Gap Between Physical and Digital Worlds; Launch of Real-time Payment Systems in Key GCC and North African Countries; Increasing Emphasis on Customer Satisfaction and Convergence of Global Trends in the Region. Potential restraints include: High Proliferation of Smartphones & Social Interactions, Enablement Programs by Key Retailers to Bridge the Gap Between Physical and Digital Worlds; Launch of Real-time Payment Systems in Key GCC and North African Countries; Increasing Emphasis on Customer Satisfaction and Convergence of Global Trends in the Region. Notable trends are: High Proliferation of Smartphones and Social Interactions to Drive Market Growth.

In 2020, the share of financial technology amongst the leading industries with the most startup deals in the Middle East and North Africa was 16 percent. Businesses in the E-Commerce and technology sector also had a share of 14 percent of startup deals.

Middle East And Africa Neobanking Market size was valued at USD 2.85 Billion in 2024 and is projected to reach USD 16.56 Billion by 2032, growing at a CAGR of 24.6% from 2026 to 2032.

Key Market Drivers:

Increasing Smartphone Penetration: The growing use of smartphones across the Middle East and Africa has provided an enabling climate for neobanks to provide their services via user-friendly mobile applications. This growth is especially noticeable in the UAE, which leads the region with roughly 24% of fintech companies operating within its borders.

Rising Digital Literacy: A significant growth in digital literacy has been noticed, with a growing number of people adopting digital tools for everyday activities such as banking. This trend is especially noticeable in Morocco and Egypt, which have 12% and 10% of the region's fintech companies, respectively. Supportive Regulatory Frameworks: Governments in the Middle East and Africa are enacting favorable regulatory frameworks to foster fintech innovation.

The UAE's real-time payments market is experiencing robust growth, driven by the government's digital transformation initiatives and the increasing adoption of mobile and online banking. The market's expansion is fueled by a surge in e-commerce transactions, coupled with the rising demand for faster, more efficient payment solutions among both consumers and businesses. This preference for instant payments is further boosted by the convenience and security offered by real-time systems, minimizing delays and fraud risks. Key players like Alipay, PayPal, and several regional banks are actively investing in upgrading their infrastructure and developing innovative products to cater to this growing demand. While precise market sizing for the UAE specifically is unavailable from the provided data, extrapolating from the global CAGR of 14.56% and considering the UAE's advanced digital infrastructure and high mobile penetration, a conservative estimate would place the 2025 market value in the range of $500 million to $750 million. Growth is expected to continue at a healthy pace in the coming years, propelled by increasing financial inclusion efforts and the government's focus on fostering a cashless economy. The P2P segment is currently dominant, driven by peer-to-peer transfers facilitated through mobile apps, while the P2B segment is exhibiting rapid growth, particularly in the e-commerce sector. Challenges remain, however, including cybersecurity concerns and the need for further interoperability between different payment systems. Addressing these issues will be crucial in unlocking the full potential of the UAE's real-time payments market. The competitive landscape in the UAE is dynamic, with both international and domestic players vying for market share. The success of these players hinges on factors such as technological innovation, customer experience, and strategic partnerships. Government regulations play a crucial role in shaping the market landscape, encouraging competition while ensuring consumer protection and financial stability. Furthermore, the expansion of fintech startups and the integration of innovative payment technologies like blockchain and AI are expected to further revolutionize the UAE's real-time payment ecosystem. Future growth will likely be driven by the adoption of open banking initiatives, which could further enhance interoperability and spur innovation. The continued focus on digital financial inclusion will also expand the user base for real-time payment solutions, driving market expansion throughout the forecast period (2025-2033). While challenges remain in terms of infrastructure development and regulatory frameworks, the overall outlook for the UAE's real-time payments market is extremely positive. Recent developments include: February 2022 - An association of companies led by Accenture was selected by the Central Bank of UAE (CBUAE) to build and operate instant payments platform for the country over the next five years. The new platform lays the groundwork for transforming the financial services ecosystem in the UAE., January 2022 - ACI Worldwide, a global provider of real-time payment software, announced that the company is working with national banks to help connect to the United Arab Emirates' real-time payments scheme set to launch in October 2022. The UAE Instant Payments Platform (IPP) will enable instant transfers between bank accounts, with participation mandatory for all financial organizations in the country.. Key drivers for this market are: Increased Smartphone Penetration, Falling Reliance on Traditional Banking; Ease of Convenience. Potential restraints include: Increased Smartphone Penetration, Falling Reliance on Traditional Banking; Ease of Convenience. Notable trends are: Significant Growth in Real Time Payment is Expected due to Digitalization.

Middle East Buy Now Pay Later Market size was valued at USD 8.9 Billion in 2023 and is projected to reach USD 90.42 Billion by 2030, growing at a CAGR of 34.72% during the forecast period 2024-2030.

Middle East Buy Now Pay Later Market Drivers

The market drivers for the Middle East Buy Now Pay Later Market can be influenced by various factors. These may include:

E-commerce Growth: The demand for BNPL services may be fueled by the Middle East's growing e-commerce market. The ease of BNPL alternatives may draw in a wider clientele as more people shift their shopping habits to internet channels.

Young Population: People in the Middle East are generally tech-savvy and young. Younger customers might be more likely to use BNPL services since they are accustomed to using smartphones for payments and other digital activities.

Financial Inclusion: By enabling customers who might not have access to standard credit cards or banking services to make purchases and make payments over time, BNPL services help promote financial inclusion. This might support the expansion of the BNPL market in the area.

Collaborations with Retailers: Retailers and BNPL providers working together can increase the uptake of these payment options. Customers may be encouraged to utilise BNPL possibilities by special relationships or marketing campaigns with well-known retailers.

Flexible Payment Options: Customers searching for easy and affordable ways to finance their purchases may find the flexibility provided by BNPL services, such as interest-free periods or personalised payment plans, to be appealing.

FinTech's rise: The Middle East's FinTech industry is expanding, which may help BNPL services flourish. FinTech enterprises have the potential to offer inventive solutions and digital platforms that address changing customer demands.

Customer Demand for Convenience: The adoption of BNPL services may be influenced by rising customer expectations for easy and convenient payment methods. If customers look for easier and more flexible ways to make payments, they might choose BNPL.

The Mobile Payment Systems market in the Middle East and Africa (MEA) is experiencing explosive growth, driven by increasing smartphone penetration, a young and tech-savvy population, and the expanding reach of mobile network operators. The region's relatively low banking penetration, coupled with a rising demand for convenient and secure financial transactions, fuels the adoption of mobile payment solutions. Key players like Vodafone Cash, Orange Money, and MTN MoMoPay are leading the charge, leveraging their established mobile networks to offer seamless payment services. Furthermore, the growth of e-commerce and the increasing use of mobile money for everyday transactions, from utility bill payments to micro-financing, are propelling market expansion. Government initiatives aimed at promoting financial inclusion and digital transformation are also contributing significantly to the sector's rapid growth. The market is segmented by type (Proximity and Remote payments), with both segments demonstrating robust growth, although remote payments are likely experiencing faster expansion due to the convenience factor and wider accessibility. The forecast period (2025-2033) promises continued expansion, fuelled by further technological advancements, innovative payment solutions, and the ongoing rise of fintech startups in the region. While precise market size figures for 2025 and beyond aren't provided, we can make a reasonable estimation based on the given 30.10% CAGR and the stated value unit of millions. Assuming a 2025 market size of $10 billion (a conservative estimate given the regional growth dynamics), applying the 30.10% CAGR suggests significant increases in subsequent years. Challenges remain, including addressing cybersecurity concerns, ensuring financial literacy among the population, and navigating regulatory complexities that vary across the diverse MEA landscape. Nevertheless, the long-term outlook for the MEA mobile payment systems market remains exceptionally positive, promising substantial returns for investors and significant benefits for the region's economic development and financial inclusion. Recent developments include: June 2022 - Egypt's Tanmeyah a financing company has collaborated with MyFawry to facilitate the electronic collection process, in the region which expands its electronic payment network to facilitate for the existing and potential customers., June 2022 - UAE's ADIB, has announced a partnership with Visa to boost the adoption of digital payments which increases the speed of the delivery of solutions for individual and business banking customers and will enable ADIB to create payment offerings that are unmatched in value and scale, enhancing to their customers.. Key drivers for this market are: Increasing internet penetration and growing E-commerce & M-commerce market, Increasing number of loyalty benefits in mobile environment. Potential restraints include: Increasing internet penetration and growing E-commerce & M-commerce market, Increasing number of loyalty benefits in mobile environment. Notable trends are: Increasing internet penetration and growth of E-commerce in the region.

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Islamic Banking Software Market Size 2025-2029

The Islamic banking software market size is forecast to increase by USD 4.39 billion at a CAGR of 13.4% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing adoption of technology in the financial sector and the expanding Islamic banking industry. One key trend is the issue of smart cards by Islamic banks to provide greater security and convenience for their customers. Another trend is the adoption of blockchain technology, which offers enhanced security, transparency, and efficiency in transactions. However, the market also faces challenges, including the lack of expertise, awareness, and training in Islamic banking software. This creates an opportunity for companies to provide solutions that address these challenges and help Islamic banks navigate the complexities of Sharia-compliant software.
To capitalize on this market, companies must stay abreast of the latest trends and regulations, invest in research and development, and offer comprehensive training and support to their clients. By doing so, they can differentiate themselves and gain a competitive edge in the market. Cloud-based solutions, artificial intelligence, and blockchain technology are transforming Islamic finance by streamlining processes, enhancing security, and enabling real-time transactions. Retail sector players are also leveraging Islamic banking software for asset administration and cellular banking services.

What will be the Size of the Islamic Banking Software Market during the forecast period?

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The market encompasses a range of solutions designed to facilitate the unique operations of financial institutions practicing Islamic finance. Key market drivers include the growing demand for profit-and-loss sharing and asset-backed financing models, necessitating advanced risk administration, analytics, and reporting capabilities. Online transactions and customer service are further areas of innovation, with a focus on enhancing banking efficiency through technology adoption in corporate and retail banking.

How is this Islamic Banking Software Industry segmented?

The Islamic banking software industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ApplicationRetailCorporateOthersDeploymentOn-premisesCloudComponentsSoftwareSolutionsEnd-UserIslamic BanksConventional Banks with Islamic WindowsOther Financial InstitutionsFunctionalityCore BankingRisk ManagementCompliance and ReportingDistribution ChannelDirect SalesThird-party VendorsOnline PlatformsGeographyMiddle East and AfricaEgyptQatarSouth AfricaAPACChinaIndiaJapanSouth KoreaEuropeNorth AmericaSouth America

By Application Insights

The retail segment is estimated to witness significant growth during the forecast period. The retail segment in the market caters to the unique needs of individual clients in Islamic banks, providing solutions for Shariah-compliant retail banking products and services. These include savings accounts, personal loans, mortgages, and wealth management solutions. The software automates and streamlines retail banking procedures, integrating Islamic banking principles such as profit-sharing agreements and specific functionalities for calculating profit rates and managing Islamic contracts. The retail segment's growth is driven by the increasing global demand for Islamic banking services among retail clients, fueled by the growth of Muslim populations and greater awareness of Islamic banking principles. To meet the growing demand for automation and efficiency in Islamic banking operations, software providers offer solutions for risk administration, analytics and reporting, smart cards, and sukuk issuances.

Major software providers offer retail-focused solutions, including core banking systems, CRM systems, mobile banking apps, and Internet banking platforms. Key features of these solutions include asset administration, risk administration, analytics and reporting, integration skills, asset-backed financing, and sukuk issuances. Additionally, the adoption of fintech partnerships, data protection, and moral investing is on the rise. The industry is experiencing upheaval due to fintech disruption and regulatory initiatives. Cloud-based solutions, artificial intelligence, and blockchain technology are also transforming Islamic banking operations.

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The Retail segment was valued at USD 1.65 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

Middle East and Africa is estimated to contribute 69% to the growth of the global market during the forecast period. Technavio's analysts have elaborately exp