The rate of bank customers compared to the total population reached 14%, added the report of financial technology in the Middle East and North Africa (MENA). The report showed a boom in the amount of investments received by startups in the field of financial services technology in the MENA region in 2016 compared to 2015. The number of investment transactions during 2015 reached seven transactions with investments of $15m, while the number of transactions during 2016 reached 10 transactions with investments worth $20m. Only 10% of startup companies are actually emerging, while, 43% of investments in emerging companies in 2016, amounting to $61m, went to financial technology companies, according to the report. Egypt accounts for 16% of the startup companies in the field of financial services technology, after the UAE, which accounts for 29% of emerging technology companies, 14% for Jordan, and 12% for North African countries.

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