Egypt has most lucrative financial tech. market in MENA with 74M potential users: Official report

CAIRO – 28 March 2022: Egypt has the “most promising, attractive, and lucrative” financial technology market in the MENA region, according to a Sunday report by the Information and Decision Support Center (IDSC).

IDSC, which is affiliated with the Cabinet, said Egypt has 62-74 million potential users in the field of financial technology as it witnesses increasing rates of cellphone and internet usage. The figure makes it the biggest country in terms of potential users in the area, followed by Iran at 61.7 million users.

Egypt is also home to the first unicorn company in the fields of financial technology in the Arab world, as well as the first Buy Now and Pay Later application in the Middle East. It hosts 80 financial technology companies, accounting for 14 percent of all similar companies in the area. It is the third biggest number of such companies in the MENA region after UAE and Israel.