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Middle EastDecember 8 2022

The untapped segment in Middle Eastern banking

A report reveals the great opportunity for newcomers to address the unmet needs of the region’s unbanked, amid expectations for massive expansion of the fintech sector in the coming years. Bill Lumley reports.
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The untapped segment in Middle Eastern bankingImage: Getty Images

A recent report focusing on the digital banking landscape in the Middle East has found that opportunities for fintechs and new banks centre on the unbanked, while incumbent banks are catering for wealthier citizens.

The research, ‘Digital Banking in the Middle East’, was carried out by global banking, payments and commerce company BPC, in conjunction with the Fintech Consultancy Group (Fincog), and focuses on the six nations of the Gulf Cooperation Council (GCC) while considering adjacent regions from western Asia to north Africa.

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