UAE Leads MENA in Financial Inclusion: Research

UAE Leads MENA in Financial Inclusion: Research

In the MENA Financial Inclusion Report 2020 , the fintech organizations explore the state of financial inclusion across MENA, delve into the key initiatives launched in the region, and share recommendations to overcome the challenges hampering financial inclusion.. According to the report, as of 2016, the financial inclusion rate stood at 20% in MENA, with men being more dominant at 19%, compared to women at only 9%.. A breakdown of key categories found that 36% of the region's population has access to financial services, while 24% have access to payments functions.. In the region, the UAE has the highest financial inclusion rate at 46%, followed by Bahrain at 39% and Saudi Arabia at 31%.. According to the report, the UAE's relatively good results is due to the numerous initiatives launched by both the public and private sector to foster innovation and improve access to financial services.. In Bahrain, financial inclusion has been supported by initiatives from the public and private sector.. Some people in the region still find it difficult to trust the financial system, implying that emotional and cultural beliefs are hindering financial inclusion.. On the topic, the report notes the importance of Sharia compliant banking and financial