Doha – The financial technology sector in the Middle East and North Africa region is witnessing rapid growth, at a time when emerging companies seek to exploit the opportunities provided by technical development to provide new financial products and services to consumers and companies.
Participants in the activities of the Arab Financial Technology Forum, held in Doha betwen 10 & 11 october believe that financial technology (Fintech) is a driving force for economic growth and innovation around the world, and that its use would contribute to expanding access to financial services. And promoting financial inclusion.
In a session entitled “Shaping the future of financial technology in the Middle East and North Africa region,” participants pointed out that International Monetary Fund data showed that the volume of project financing in the field of financial technology in the region grew from $587 million in 2021 to $925 million in 2022, an increase. Its amount is 58%.
The IMF also expects financial technology revenues to rise from $1.5 billion in 2022 to between $3.5 and $4.5 billion by 2025 in the Middle East, North Africa, and Pakistan region.
According to the World Bank, financial inclusion: means that individuals and businesses have access to useful and affordable financial products and services that meet their needs; Such as: transactions, payments, savings products, credit facilities, loans, and insurance services.