919% To $296 Million Hike in Egypt’s Fintech Funding : CITI
Egypt’s fintech funding is expected to hike by 919% to $296 in 2021 , in 2021 it was $296million and in 2020 it was $29 million says latest Citi reports. The report says that fintech is trending globally, especially in the AME region that is Africa and the Middle East.
The report says that fintech companies in Egypt and Pakistan are on the cusp of gaining traction. On the other hand, Nigeria and Kenya are growing interested in available finance and cryptocurrencies.
According to CITI, as mobile phones are very much affordable nowadays and access to basic financial services is low, it has created the opportunity for new startup ideas to serve the underbanked with the help of the internet.
One of the tops funded fintech startups in Egypt is Paymob. It has its headquarters in Cairo, Egypt total funding of Paymob is the US $18.5 million. Paymob provides different payment methods like online payment digital wallet and POS solutions.
Risk capital and supportive regulatory backdrops are fuelling the fintech agenda across the region, and hence it is growing globally, says the report.
According to CITI, the Middle East and Africa is a hub of new business models like mobile money. However, even the report says that Africa was first to use mobile money adoption GCC, the gulf of corporate councils, experimenting with new technologies like blockchain and new products like BNPL.
According to Worldpay, the AME region has the highest cash usage globally. It was 2.5 times the global average.
CITI expects that Africa and the middle east growth in digital payments will hike at a double speed, and among regional markets, UAE is the most developed
So, at last, we are neither in support nor in favor of the above details, and the details mentioned above are purely based on facts and figures.