© 2018. Mena Fintech Association - MFTA
Cross-border payments are vital to the financial ecosystem in the MENA region, with two of the world’s three largest remittance corridors located in the – United Arab Emirates (UAE) and Saudi Arabia (KSA). Both the UAE and KSA have handled $78 billion in payments in 2020 (source Mckinsey) as millions of unbanked and underbanked ex-pats reside in the region.
The report provides an understanding of the cross-border payments scenario in the MENA region, making a case that there is a strong need for new and innovative technologies to help boost financial inclusion and access to financial services.