The Top 10 MEA Countries with the Most Fintech Startups
10 September 2024•
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The fintech industry is a key driver of financial inclusion for both unserved and underserved individuals, as well as SMEs. In Sub-Saharan Africa, fintech contributes a substantial US $150 billion to the region’s GDP. Israel's fintech sector accounts for approximately 11% of the country's GDP, while in Turkey, the industry is valued at US $15 billion, with an annual growth rate of 14%. Similarly, the Arab world’s fintech sector is estimated to be worth at least US $15 billion.
Across the MEA region, more than 40% of the 3,700+ fintech startups are based in Turkey, the UAE, and Israel. Meanwhile, 60% of Africa's fintech activity is concentrated in the "Big 4": Nigeria, Kenya, Egypt, and South Africa.
The top three fintech sectors in MEA are:
- Payments, money transfers, and remittances
- Lending solutions
- Wealthtech and investment platforms
Author
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We are a team of passionate Researchers, Data Junkies, and Story-Tellers that believe there is not enough quality business insights and compelling data analysis available in the marketplace, told in the formats users want. We want to give an insider's look into the industries, businesses and economies that are changing the world today, so our users can become inspired, empowered and equipped to run their businesses as best they can.
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