Challenger Banks in the Middle East: For The Digitally Savvy

Challenger Banks in the Middle East: For The Digitally Savvy

The challenger bank landscape in the Middle East is generally focused on the regions younger generations. Around 30% of the population of the Middle East and Africa is aged between 15 and 29, representing around 110 million people. In addition to this, there is a large emphasis on mobile and digital banking when it comes to the regions challengers, with most offering digital-only services. The MEA region has a huge reach when it comes to mobile connectivity. The GCC has some of the worlds highest usage of mobile phones, where it is estimated that by the end of 2019 nearly 280 million people in the MENA region (45% of the population) were connected to the internet.