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The Top 10 MEA Countries with the Most Fintech Startups
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
Related Report
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Shaping the Future of Fintech in MENA: Key Trends & Market Insights
The MENA region is emerging as one of the world’s most dynamic fintech frontiers. This Lucidity Insights report explores 19 MENA markets, spotlighting fintech hotbeds like Egypt, the UAE, and Israel. It provides deep analysis of market readiness, smartphone and internet penetration, and investment trends. With fintech unicorns rising and massive unbanked populations ripe for digital transformation, the report highlights opportunities across digital banking, BNPL, payments, and remittances. A must-read for fintech investors, entrepreneurs, and policy makers eyeing exponential growth in the Middle East and North Africa.
