Mobile financial services in the Middle East

Mobile financial services in the Middle East

The mobile economy in the Middle East experienced rapid growth over the last 5 years, generating a unique subscriber base of 199m by the end of 2014, with a CAGR of 7.0%. Though this rate of growth is expected to moderate in the coming years, the region remains a key area for development and investment.

Here are some highlights from the GSMA’s most recent report.

  • By 2020, there will be 327m smartphones in the region, with a growth of 210m from 2014, putting the Arab States four percentage points above the global average.
  • Mobile broadband connections will increase from 24% in 2014, to 69% in 2020.
  • Data growth will drive revenues and operator investments from $48bn in 2014, to $53bn in 2020.

“The region is now seeing an accelerating technology migration to higher speed networks and smartphones, facilitated by operator investments to extend network coverage. The number of mobile broadband connections will reach 180 million by the end of 2015, and just under 350 million by 2020. “ – GSMA

Major players in the telecoms and financial industries are currently in conversations regarding the future of mobile financial services in the Middle East. This month the Bill & Melinda Gates Foundation met with the Government of Egypt to discuss increasing financial inclusion in their country. While, participants attending a FinTech forum in Dubai, indicated that they would look to advancements in mobile technologies as one of the most compelling to their business.

eServGlobal are attending Cards & Payment Middle East 2016 in Dubai on 31 May and 1 June. To arrange a meeting to discuss your mobile money solutions please contact us on this link.

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