Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Egypt has seen a remarkable 181% increase in financial inclusion over the past eight years, with 71.5% of eligible citizens gaining access to banking services. Key initiatives, including targeted events and programs for underserved groups, have contributed to this growth, fostering economic development and access to financial services across the nation.
Egypt has achieved a 181% increase in financial inclusion between December 2016 and June 2024, expanding financial access to 48.1 million citizens. MSMEs have also seen substantial growth, with microfinance funding rising 1,350%. Efforts include expanding financial technology and supporting women’s empowerment and public service improvements.
MNT-Halan, Egypt’s leading fintech company, has entered the UAE market with its innovative Halan Advance salary financing solution. This marks the company’s expansion across the region, bringing financial inclusion, cash flow management, and economic empowerment to underserved communities. MNT-Halan aims to reach 250,000 customers by 2025.
Jordan’s Association of Banks has launched FinApp.jo, the country’s first Financial Awareness Platform, to improve financial literacy and inclusion. The platform, developed with the Central Bank of Jordan and local institutions, focuses on banking, financial literacy, entrepreneurship, and fintech to promote responsible financial behavior and economic growth.
LankaPay has become Sri Lanka’s digital backbone, driving economic growth through secure digital payment solutions. In 2023, its transactions exceeded the nation’s GDP, highlighting its impact on financial efficiency. With innovations like SLIPS, JustPay, and LankaQR, LankaPay is revolutionizing payments, fostering inclusivity, and enhancing government revenue collection.
Sehat Kahani has partnered with Neem to enhance its digital payment solutions, optimizing financial operations and improving the payment experience for patients. The collaboration focuses on digital wellness, seamless transactions, and the introduction of a tailored wallet system, benefiting both patients and corporate clients, especially in rural areas.
Qatar Central Bank has launched a regulatory framework for digital banks to enhance the country’s financial sector. This move supports Qatar’s digital economy and financial inclusion, allowing 24/7 banking through mobile and online platforms. The framework aims to reduce costs and foster innovation in line with Qatar National Vision 2030.
Visa, Network International, and Gate To Pay have partnered to enhance digital payments in Jordan, aiming to build a more inclusive and digitally connected financial ecosystem. The collaboration will address gaps in the financial sector and support economic growth, helping make digital payments a core component of Jordan’s digital transformation.
Morocco is set to legalize cryptocurrencies, reversing its 2017 ban, and exploring a Central Bank Digital Currency (CBDC), the e-dirham. This move supports financial inclusion and digital transformation, with the goal of enhancing public sector efficiency. The country aligns with global trends in blockchain technology and digital assets.
Artificial Intelligence is transforming financial services in Bangladesh, enhancing operational efficiency and customer experience, while also broadening financial inclusion. AI applications range from customer service chatbots to sophisticated fraud detection algorithms, contributing significantly to the development of a more inclusive and efficient financial landscape.