Financial Cards and Payments in Middle East and Africa

February 2025

While paper payments continue to lose share to card and electronic transactions in Middle East and Africa, driven by the ongoing digitalisation of the financial industry in the region, cash still remains the main personal payment method in a number of countries, especially the African nations. Nevertheless, 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.

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Key Findings

Saudi Arabia targeting 70% cashless payments by 2025

The rise in card payments in Saudi Arabia is a direct result of the government's push towards a cashless society. Promoting digital payments is a key part of Vision 2030, which aims to reduce cash usage and boost electronic payments to account for 70% of all transactions by 2025.

Aani instant payments platform launched in the United Arab Emirates

Al Etihad Payments, a subsidiary of the Central Bank, has launched Aani, an instant payments platform designed to transform digital transactions in the United Arab Emirates. By providing instant fund transfers and settlements within 10 seconds, Aani aims to enhance the efficiency and convenience of digital payments.

New payment reform law introduced in Israel

Israel’s new Regulating the Practice of Payment Services and Payment Initiation law is aimed at boosting competition, reducing costs and driving innovation in the payments industry. The law opens the market to non-banking entities, including global fintechs, enabling services like digital wallets that accept salaries, earn interest and facilitate instant transfers.

Financial inclusion rate continues to rise in Egypt

The financial inclusion rate in Egypt continues to flourish, which will support ongoing developments in financial cards over the forecast period. This allows for further growth in the financial sector overall, alongside support from the ongoing development in internet penetration, digital products, e-commerce and m-commerce.

Scope
Key findings
Middle East and Africa seeing strong growth in card payment transactions value
Consistent 5-6% annual growth rates expected in the coming years
Middle East and Africa has the lowest p ersonal payment transactions per capita figure
More consistent growth expected after the fluctuations caused by COVID-19 and inflation
Major declines in cash usage in Egypt, Nigeria and Saudi Arabia
Debit cards generally more popular than credit cards
Remote mobile payments tend to lead or even dominate m-commerce payment value
Saudi Arabia’s Vision 2030 includes drive towards becoming a cashless society
Strong growth for debit cards in Egypt over 2019-2024
Card payment transactions add the bulk of the new value over 2019-2024
Debit cards dominate the new value added over 2019-2024
Development of the consumer finance industry a key facet of Saudi Arabia’s Vision 2030
Consumer finance continues to evolve in Egypt
Very concentrated competitive landscapes across the region
Visa and Mastercard tend to dominate the card operators landscape
Mastercard teams up with Loop in Saudi Arabia
Israel’s new “Regulating the Practice of Payment Services and Payment Initiation” law
Positive annual growth expected for card payment transactions value over 2024-2029
Payments through financial cards will continue growing in Saudi Arabia in the coming years
Continued shift from cash to card expected in personal payments
Saudi Arabia targeting 80% non-cash transactions by 2030
Mobile proximity and remote payments will both record strong forecast period growth
Remote payments will continue to lead overall m-commerce transactions value
Egypt: Market Context
Egypt: Card Payments and Competitive Landscape
Egypt: Consumer Payments and M-commerce
Israel: Market Context
Israel: Card Payments and Competitive Landscape
Israel: Consumer Payments and M-commerce
Morocco: Market Context
Morocco: Card Payments and Competitive Landscape
Morocco: Consumer Payments and M-commerce
Nigeria: Market Context
Nigeria: Card Payments and Competitive Landscape
Nigeria: Consumer Payments and M-commerce
Saudi Arabia: Market Context
Saudi Arabia: Card Payments and Competitive Landscape
Saudi Arabia: Consumer Payments and M-commerce
South Africa: Market Context
South Africa: Card Payments and Competitive Landscape
South Africa: Consumer Payments and M-commerce
United Arab Emirates: Market Context
United Arab Emirates: Card Payments and Competitive Landscape
United Arab Emirates: Consumer Payments and M-commerce

Payments and Lending

This is the aggregation of Financial Cards and Payments, Mobile Payments, Transactions, and Consumer Lending.

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