As the fintech landscape in the Middle East and North Africa region continues to scale , we catch up with the man empowering the industry ’ s growth and success
5 MINUTES WITH ...
As the fintech landscape in the Middle East and North Africa region continues to scale , we catch up with the man empowering the industry ’ s growth and success
Nameer , tell us about your role as Chairman of the MENA Fintech Association – what is your vision and what are your responsibilities ? My vision is to empower the fintech industry to grow and succeed through knowledge sharing , networking , and advocacy . The foundations of MFTA were laid in 2018 to create and promote a conducive environment for the fintech industry , be the sounding board for regulators , and be the voice of the fintech community .
Despite having full-time roles or being entrepreneurs , we all put in a tremendous effort to make this happen . We ' re proud to say that we started this effort in support with Abu Dhabi Global Market ( ADGM ), Dubai International Financial Centre ( DIFC ), Central Bank of UAE , Arab Monetary Fund and regional central banks and authorities , who we have been working with closely since our inception .
My responsibilities while also managing my entrepreneurial ventures is to lead the organisation and ensuring that we stay true to our four foundational pillars : advocating , education , empowering innovation , and collaboration . I ' m proud to say that our efforts have paid off by seeing the fintech ecosystem grow organically , and today we ’ re the 4th best global fintech body .
What inspires me most is the potential for fintech to drive sustainability and positive social impact . Our unwavering passion for green fintech innovation continues to inspire a brighter , sustainable , and prosperous future .
How would you describe the current landscape for fintechs in the region ? Which countries are leading the way ? The fintech landscape in the MENA region is incredibly exciting with 700 + fintechs and growing , with several countries emerging as significant players in the industry . The MENA region has been experiencing impressive economic growth , and the UAE and Saudi Arabia are among the leading countries driving this trend . In 2022 , the GDP growth rate in the MENA region reached 4 %, and the UAE and Saudi Arabia have set ambitious goals to diversify their economies and become less reliant on oil revenue .
But let ’ s look at some of the many opportunities . In payments , the region presents significant commercial opportunities for fintechs , with a large underbanked and unbanked population .
And for cross-border , the MENA region has a strong use case for more convenient and mature cross-border payment ecosystems . This is reflected in the remittance volume sent from MENA countries , where 80 % of remittance is sent outside the region . Therefore , building a seamless and well-protected payment ecosystem within the region can provide a significant boost to the economy and promote financial inclusion .
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