MEA Payments Industry Overview
The Middle East and Africa payments market is moderately concentrated. The competitive rivalry in the market is moderate. Due to several companies operating in the market, firms must keep innovating their products to gain a sustainable competitive edge over their rivals and provide product differentiation.
- May 2022 - OPay and Mastercard have joined forces to drive financial inclusion by increasing digital commerce throughout the Middle East and Africa. Also, MarketFinance's initiative to lend USD 125 million to small businesses in the United Kingdom has been backed by Deutsche Bank, and SmartCash Payment Service Bank is working to reach unbanked customers in Nigeria.
- February 2022 - Lipa Payments, a South African FinTech firm, is bringing its Tap to Pay service to Africa's "informal" sectors via its software platform, allowing businesses to accept contactless payments from a mobile phone. In Nigeria and South Africa, the business is ready to introduce its digital payment system. The Lipa platform allows banks and FinTechs to provide consumers contactless phone-to-phone payments without requiring merchants to purchase POS hardware.
MEA Payments Market Leaders
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Interswitch Ltd
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Jumia
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Network International Holdings Plc
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Opay
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PalmPay Technology Co Ltd
- *Disclaimer: Major Players sorted in no particular order
