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AfricaMarch 1 2021

Fintechs drawn to underdeveloped Middle East and Africa markets

The underdeveloped banking markets of Africa and the Middle East offer plenty of scope for digital and mobile expansion, attracting the interest of remittance giants Western Union and WorldRemit. 
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Fintechs drawn to underdeveloped Middle East and Africa markets

Africa and the Middle East are the world’s least developed markets when it comes to retail banking services and financial inclusion. While mobile money services have had a dramatic impact in many African countries, sub-Saharan Africa as a whole remains underserved, with just 43% of adults over the age of 15 holding a bank account in 2017, according to the World Bank’s Global Findex Database.

The picture remains broadly true for the Middle East as well. Overall account ownership in 2017 stood at just 48% of adults across the region, according to the World Bank, despite high levels of account ownership in affluent countries such as the United Arab Emirates (UAE), Israel and Saudi Arabia.

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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