Over 50 Fintechs Driving Mobile Wallet Growth in MEA

The mobile wallet in the Middle East & Africa (MEA) is booming with over 50 fintech startups clawing for market dominance. It has become a full-scale financial revolution. From local disruptors to global payment giants, competition is fierce, and traditional banks are feeling the heat.

Several fintech startups have emerged with iron-clad market shares:

• Kenya: M-Pesa owns an unshakable 95% of mobile transactions.
• Egypt: Fawry commands 40% of the market.
• Nigeria: OPay holds 51% like a heavyweight champion.
• Turkey: Papara controls 32% and is still climbing.

Their success is driven by localized payment solutions, integration with national ID systems, and user-friendly interfaces. M-Pesa pioneered mobile money via SMS, allowing transactions without internet access.

Telcos Drive Financial Inclusion

Telecom operators remain key players in mobile finance. Leading telco-backed wallets include:

• MTN MoMo (55% market share in Ghana).
• Airtel Money (active in 10+ African markets).
• Vodafone Cash (30% share in Egypt).

These services use agent networks to serve cash-dependent communities, expanding digital financial access.

Bank Wallets Dominate High-Income Markets

Bank-owned mobile wallets play a significant role in urban economies:

• South Africa: Bank wallets hold 41% of mobile payments.
• Turkey: Bank wallets account for 23%.
• Saudi Arabia: 18% of mobile transactions go through bank apps.

Their growth is linked to high banking penetration, which exceeds 80% in some markets.

Global Tech Wallets Gain Ground

Apple Pay leads in Gulf countries, holding:

• 36% market share in Saudi Arabia.
• 27% in the UAE.

Google Pay and Samsung Pay are also growing, fueled by high smartphone adoption and card-linked payment ecosystems.

With over 50 fintechs shaping the market of mobile wallet in the Middle East & Africa, growth is expected to accelerate. Regulatory shifts and fintech innovation will further drive digital payments and financial inclusion in the region.