Please Wait.....
Report
Middle-East And Africa Banking-As-A-Service - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020-2029
Market Report I 2024-02-17 I 150 Pages I Mordor Intelligence
The Middle-East And Africa Banking-As-A-Service Market size is estimated at USD 65.51 billion in 2024, and is expected to reach USD 100.53 billion by 2029, growing at a CAGR of 7.40% during the forecast period (2024-2029).
The Middle East and Africa region is home to around 460 million people. Approximately half the population is under the age of 26. With such a large and young population, the Middle East and Africa Banking-as-a-Service (BaaS) Market is expanding its reach among early technology adopters. The number of fintech firms in the Middle East region is observing a continuous increase over the years rising to more than 460 companies last year expanding the BAAS market size in the region. Qatar National Bank, First Abu Dhabi Bank, Emirates NBD Bank, Standard Bank Group, and Saudi National Bank are among some of the National banks in the Middle East expanding their BaaS services in collaboration with fintech companies in the region.
BaaS has emerged as a service to extend the reach of financial and banking into new geographic markets and it exists as a faster way to bring financial products to market. UAE, Israel, and Saudi Arabia are among the countries in the region with online banking penetration of more than 40% and are observing a continuous expansion of digital financial products and transactions. Payments and exchange companies and the insurance industry (online borrowings, RegTech, online banking, fundraising, blockchain, and cryptocurrency firms) are observing a continuous expansion in the region with the launch of various fintech service products. More than 80% of FinTech enterprises in the Middle East are involved in payments, transfers, and remittance services. Over the period Fawry, Madfooat.com, Optasia, MNT-Halan, Tabby, and Pay Tabs have emerged as the leading fintech providers in the region with a large segment of the customer base existing in the major cities of Damascus, Riyadh, Istanbul, and Turkey, Iraq, Iran and other in the Middle East and Africa region.
MEA BaaS Market Trends
Rising Volume of Transaction in the Region
With a rise in the number of financial services products and applications volume of digital transactions in banking services is observing a continuous increase. UAE Bahrain, Kuwait, and Saudi Arabia are among the countries in the region with the largest share of adults having bank account owners. As the financial markets of banking, stock exchange, insurance, credit/loans, and Mutual funds are expanding in the region they are leading to a rise in the number of financial transactions being made digitally increasing the adoption of BaaS by fintech and financial service providers. Saudi Arabia, UAE, and Egypt have emerged as countries in the region with the largest annual growth in the transaction volume of mobile payments. With a continuous rise in Internet usage penetration in the countries, more businesses and customers are adopting banking apps for financial transactions resulting in an expansion of BaaS services by the financial services providers.
Increase In Digital Banking
Israel, UAE, Turkey, Saudi Arabia, and Bahrain have emerged as the countries in the Middle East and Africa region with the largest number of digital banking services. The region exists with a share of more than 40% of the global fintech companies and with a continuous increase in their partnership with existing banks in the region digital banking service in the region is observing a continuous increase. With a large segment of the population in the region not having access to banking services, digital banking has emerged as a solution in the region to increase the financial inclusion of the population with banking services. Abu Dhabi Global Market (ADGM), Bahrain FinTech Bay, Fintech Saudi, and FinTech Hive at the Dubai International Financial Centre (DIFC) have emerged as the leading digital payment provider hubs in the Middle East expanding the financial service. Saudi Arabia, Bahrain, Egypt, and UAE have emerged as countries observing a continuous rise in digital payment investment raising demand for BaaS platforms.
MEA BaaS Industry Overview
The Middle East and Africa "Banking-As-A-Service" market exists in a fragmented form with an increase in the number of fintech and other financial services companies offering a wide range of financial products in the market. The rapidly changing demand for enhanced banking products and digitization from diverse organizations is prompting key companies to rely on third parties and build new API services. Some of the existing players in the market are Sarwa Co, Beehive, Solaris Bank, Now Money, and Treezor.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Digital Banking the Region
4.2.2 Rise in Volume of Financial Transaction in the Region
4.3 Market Restraints
4.3.1 Higher Cost of BaaS Technology for Some Banking Entities.
4.4 Market Opportunities
4.4.1 Rise In Government Initiatives Towards Digitizing Economy
4.4.2 Rise In Customized Financial Services Products By Businesses
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Technological Innovations in the Middle East and Africa Banking-As-A-Service Market
4.7 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 API-based BaaS
5.1.2 Cloud based baaS
5.2 By Service Type
5.2.1 Payment Process Services
5.2.2 Digital Banking Services
5.2.3 KYC Services
5.2.4 Customer Support Services
5.2.5 Others
5.3 By Enterprises Size
5.3.1 Large Enterprises
5.3.2 Small & Medium Enterprises
5.4 By Country
5.4.1 South Africa
5.4.2 GCC
5.4.3 Egypt
5.4.4 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Sarwa Co
6.2.2 Beehive Federal Credit Union
6.2.3 Solaris Bank
6.2.4 NOW Money
6.2.5 Treezor
6.2.6 Telr
6.2.7 Mamo Pay
6.2.8 Felix
6.2.9 Jingle Pay
6.2.10 Al Baraka Bank*
7 MARKET FUTURE TREND
8 DISCLAIMER AND ABOUT US
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security