While consumers in the Middle East and Africa region continue to increase their usage of card payments and the digitalisation of the financial industry also continues to advance, cash still remains important in many countries, especially the African nations. However, electronic and card payments are expected to continue gaining ground in the coming years, particularly given the stated ambitions of many countries to become cashless economies.
This report comes in PPT.
There has been an increasing number of approvals for the licensing of digital banks in Saudi Arabia, including D360 Bank, STC Bank and the Saudi Digital Bank. Banking platforms such as Meem and Xpence also provide digital solutions, such as Sharia-compliant banking services.
BNPL services have been gaining traction among price-sensitive South Africa shoppers seeking affordable payment solutions as an alternative to credit cards. Moreover, the prevalence of cash across informal activities patronised by lower-income groups continues to delay the country’s move towards a cashless society.
The First International Bank of Israel’s FibiPay is described as a revolutionary mobile wallet app similar to popular e-wallets like Google Wallet. FibiPay enables seamless money transfers and purchases directly from smartphones, eliminating the need for physical credit or debit cards. This aligns with the government's policy of enhancing competition within the financial sector.
Nigerian consumers will continue to shift towards card payments, with debit cards set to remain by far the most common type of payment card. The Central Bank of Nigeria will continue to drive card payments through its cashless agenda, with the new national card AfriGo slated to result in lower processing fees.
This is the aggregation of ATM, charge, credit, debit, e-purse and retail cards. Note that smart cards are not included in financial cards.
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