According to figures published by Global Findex, nearly two billion adults across the world do not have a bank account. In the Middle East and North African (MENA) region this means four out of every five adults are without an account at a formal financial institution and do not have access to useful financial products and services. These people are also the same people in danger of being left behind in the mobile economy. But despite having a large volume of people ‘unbanked’, the Middle East is leading the way, alongside China and Japan, in solving financial exclusion by adopting innovative mobile payment models that expand access to digital and physical services for consumers in the region.
Michael Tomlins, CEO of Infomedia, discusses how the Middle East is making waves in the global payments market in an article published in Business Review Middle East. You can read the full article here.