Middle East and North Africa braces for fintech boomThe Middle East and North Africa (Mena) is set to experience a boom in fintech innovation over the next three years, propelled by a large unbanked population, VC inflows and the rapid emergence of a host of new startups, according to a state of the nation report prepared by local payment services outfit Payfort and entrepreneurial platform Wamda. According to the report, the number of startups in Mena’s Fintech ecosystem doubled from 46 to 105 over the three years 2013 to 2015 and the region could see a total of 250 fintech startups launch by the year 2020. Payments is the most developed of the sectors, with startups offering bill payment, electronic wallets, mobile and online payment solutions, including integrated payment services platforms. The report forecasts that some $50 million will be invested in the local fintech space during 2017 alone. “We’re also seeing more talented people choose entrepreneurship over corporate employment and more professionals from the financial sector identifying fintech opportunities.”

Source: The North Africa Journal March 16, 2017 09:45 UTC