MENA Fintech Outlook: High Growth, Rising Risks and Expanded Access

The MENA fintech market, valued at USD 8.9 billion in 2024, is projected to reach nearly USD 32 billion by 2032, expanding at a CAGR of 20.1%. Growth is being fueled by the rising adoption of digital payments, government-backed financial inclusion initiatives and supportive regulatory frameworks. While digital wallets, buy-now-pay-later (BNPL) services and mobile-first platforms are driving consumer adoption, Shariah-compliant fintech solutions are also gaining traction in key markets (e.g. Saudi Arabia, the UAE). Governments across the region are accelerating the sector’s development with regulatory sandboxes and digital asset frameworks, positioning the region as a fintech hub. However, challenges remain, most notably rising compliance costs, escalating cybersecurity threats and intensifying competition from traditional banks (which are investing heavily in digital transformation). Despite these hurdles, strong demand for inclusive financial services (combined with rapid advances in AI, blockchain and digital identity) is creating significant opportunities. With expanding investment and innovation, fintech is set to reshape financial services and inclusion across the region.