Saudi Arabia’s fintech industry has expanded rapidly over the past years, rising from less than 100 ventures in 2021 to 281 fintech companies in H1 2025. Investment activity is also strong, with Saudi fintech companies securing SAR 905 million (US$241 million) in disclosed funding in 2024, bringing the total cumulative investment amount in the sector to SAR 7.9 billion (US$2.1 billion). The expansion of the Saudi fintech ecosystem and steady capital inflows in the space are fueling job creation. Employment in Saudi Arabia’s fintech sector now stands at 11,046 direct jobs, up 64% year-over-year (YoY). This underscores the sector’s role…

Mambu has partnered with Nyla, Africa’s first Islamic neobank, to provide the core infrastructure for its Shari’ah-compliant digital banking services as it launches in Ghana and plans expansion across West Africa. Islamic finance is a global market exceeding US$7 trillion. Africa accounts for only 2%, despite growing demand for ethical, values-based financial services. Nyla aims to address this gap with a digital-first model. It uses Mambu’s API-driven cloud platform to launch without developing core banking systems from scratch. Initial offerings will include digital current and savings wallets, peer-to-peer transfers, bill payments, and card-linked accounts. Mambu’s core banking engine enables account…

The Central Bank of Kenya (CBK) and the National Bank of Rwanda (NBR) have signed a MoU to develop a License Passporting Framework for Payment Service Providers (PSPs) operating between the two countries. The Framework will reduce duplicated regulatory processes and recognise the substantial similarities in licensing requirements across the two jurisdictions. By promoting mutual recognition of licensing regimes, it will enable licensed PSPs to expand their services across Kenya and Rwanda without compromising regulatory oversight or supervisory cooperation. The initiative is part of the East Africa Community Cross-Border Payment System Masterplan, which outlines a strategy for a more integrated,…

Paymentology has partnered with Chikwama Pay, a pan-African neobank, to provide integrated payment processing for Africa’s first WhatsApp-based neo-bank in the Southern African Development Community (SADC). The platform allows users to bank, borrow, insure, save, and transact directly via WhatsApp, targeting migrant workers, informal traders, women, and underserved communities. Chikwama Pay will use Paymentology’s cloud-based issuing and processing platform to issue and manage debit cards in real time, expand across multiple SADC markets with local compliance, and offer advanced payment features such as dynamic spend controls and multi-market operations. Kesheni Moodley, Regional Director at Paymentology, said: “We are excited to…

Muhlah Zamaniyah for Finance, operating under the brand Muhlah, a Saudi fintech-enabled consumer microfinance company licensed by the Saudi Central Bank (SAMA), has closed a Seed funding round totalling SAR 28.25 million (US$7.5 million). The round was led by BIM Ventures and SBI Group, a Japanese financial conglomerate. AlSuhaimi Holding Group and Fakhr Investment Holding Company also participated. Muhlah is a venture studio spinoff from BIM Ventures. It was created to provide regulated consumer financing solutions supported by governance and compliance frameworks. The investment highlights continued foreign interest in Saudi Arabia’s regulated financial sector. SBI Group’s participation represents foreign direct…

Fawry has activated its partnership with Erada Finance, a microfinance and SME-focused company, to streamline the financing process in Egypt. The collaboration allows beneficiaries to access their funds through Fawry’s nationwide branch network. The partnership aims to facilitate financing for MSMEs by enabling real-time digital fund transfers. This reduces cash-handling risks, eases congestion at traditional branches, and accelerates the financing cycle. Hossam Ezz, Chief Commercial Officer at Fawry, said: “We are committed to delivering seamless and secure solutions through Fawry’s diverse channels, strengthening our financial services portfolio and reinforcing Fawry’s role as a technology enabler across the financial sector.” Amr…

Bybit has appointed Derek Dai as Country Manager for the Middle East and North Africa (MENA). In his role, Dai will oversee regional strategy, market expansion, regulatory engagement, institutional partnerships, and localised product development, following Bybit’s recent Securities and Commodities Authority (SCA) license. “The Middle East is emerging as one of the most important regions shaping the future of digital finance, with the UAE leading the way in building a progressive and well-regulated ecosystem,” Dai said. “Our priority is to deepen collaboration with financial centres such as DIFC and DMCC, strengthen the infrastructure connecting digital assets with everyday financial services,…

Liabify, a fintech company and part of Dubai Founders HQ, has partnered with UAE-based Sharia-compliant financial institution Mawarid Finance to launch LiaPay, a prepaid Platinum Mastercard designed for middle-income workers in the UAE. The card will operate within Mawarid Finance’s regulated financial framework. It aims to provide users with additional tools to manage day-to-day finances. A key feature of LiaPay is Earned Wage Access (EWA). This lets employees access a portion of their earned salary through the app before their scheduled payday. It helps users manage short-term cash flow without relying on traditional credit. The platform will also include digital…

Saudi Arabia is undergoing a profound structural transformation aimed at diversifying its economy away from oil and positioning the kingdom as a hub for startups and international businesses. This shift is being driven by Vision 2030, a development plan that couples bold regulatory reforms with sovereign-backed capital, a new guide produced by the Saudi Ministry of Investment in collaboration with Invest Saudi, the country’s nation-wide investment brand, says. The guide, released in February 2026, highlights how Saudi Arabia is solidifying its status as a leading startup hub in the Middle East and North Africa (MENA) region. It notes that this…

ICICI Prudential Asset Management Company (ICICI Prudential AMC), one of India’s largest asset managers, has opened a branch at the Dubai International Financial Centre (DIFC), expanding its international presence and facilitating engagement with institutional and wealth investors across the Gulf Cooperation Council (GCC) and Africa. The DIFC office will act as a hub for ICICI Prudential AMC’s international operations, providing access to sovereign institutions, family offices, private banks, wealth platforms, and distribution partners in the region. Arif Amiri, Chief Executive Officer of DIFC Authority, said: “By combining DIFC’s connected ecosystem and regulatory framework with ICICI Prudential AMC’s India-focused expertise, their…

Infobip has opened a new data centre in Saudi Arabia, aiming to support the Kingdom’s expanding digital economy and meet growing demand for local data hosting and regulatory compliance. Organisations in Saudi Arabia, particularly in sectors such as government, finance, healthcare and large enterprises, face increasing data residency and regulatory requirements. AI services may also face latency and reliability issues when organisations host computing resources and sensitive data outside the country. Infobip said the new in-country data centre allows organisations to deploy and run AI workloads within Saudi Arabia, ensuring they host and process data locally rather than transferring it…

Network International has enabled Apple Pay acceptance for four Egyptian banks by providing card tokenisation for Apple smartphones, supporting the country’s digital transformation efforts. The rollout is part of the third wave of the Central Bank of Egypt’s tokenisation license programme and marks a key development in the nation’s digital payment ecosystem. Network said that supporting all four bank launches within the same wave demonstrates the reliability and capability of its processing platform and local delivery teams. Dr Reda Helal, Group Managing Director – Processing, Africa & Co-Head Group Processing at Network International, said: “Delivering multiple simultaneous implementations demonstrates our…

Rewa, a UAE proptech, has launched its digital rent payment and rewards app across the UAE. The app offers tenants an alternative to traditional payment methods. The launch follows the company’s seed funding round. Qatar Development Bank, Plug and Play, Neocity Invest, Startup Wise Guys, Second Century Ventures (REACH MENA), and senior executives from leading GCC real estate firms backed the round. In the UAE, most residents rent, but they still make rent payments largely by cheque or through manual processes. Rewa allows tenants to pay by card or bank transfer and earn rewards automatically on each on-time payment. The…

Philippine digital wallet provider GCash has established a partnership with Careem Pay to facilitate cross-border remittances for Filipino expatriates residing in the United Arab Emirates. The agreement, formalised at Careem’s Dubai headquarters, integrates the two platforms to allow direct wallet-to-wallet money transfers. This integration enables UAE-based users to bypass conventional bank transfer delays and the need to visit physical remittance centres. Funds sent via the Careem application are credited straight to the recipient’s GCash account, typically clearing within minutes. Furthermore, the collaboration expands receiving options by providing cash pickup services at nearly 15,000 locations across the Philippines. The service actively…

Amazon said on Monday (March 2) that drone strikes in the Middle East conflict damaged some of its data centres in the UAE and Bahrain, disrupting cloud services and prolonging recovery. Iran fired a barrage of drones and missiles at Gulf States in retaliation for US and Israeli strikes that killed Supreme Leader Ayatollah Ali Khamenei on Saturday (February 28), Reuters reported. The strike on the UAE facility disrupted a major US tech company’s data centre for the first time, raising questions about Big Tech’s pace of expansion in the region. “In the UAE, two of our facilities were directly…

The National Bank of Rwanda (NBR) has completed a five-month proof of concept (PoC) for a potential central bank digital currency (CBDC), the e-Franc Rwandais (e-FRW), conducted from May to 31 October 2025. The PoC assessed the feasibility of introducing a Rwanda-specific CBDC and found that it could support secure, instant payments, encourage innovation within the financial sector and contribute to the country’s cashless and digital economy objectives. The exercise was carried out in collaboration with commercial banks, payment service providers, fintech firms and public institutions. It generated insights into technology performance, user experience, risk management, and policy and legal…

The African Development Bank Group and the United Nations Development Programme (UNDP) have launched the AI 10 Billion Initiative. The programme aims to promote responsible artificial intelligence adoption and support inclusive digital economic growth across Africa. The Nairobi AI Forum 2026, held on 9–10 February in Kenya, hosted governments, private sector leaders, development partners, and tech innovators. They gathered to discuss AI adoption and its potential impact. The initiative, co-designed by the Bank Group, UNDP, and private partners, aims to mobilise up to US$10 billion by 2035. The funding will support projects intended to create up to 40 million new…

Skipr, a platform for autonomous AI systems, has closed a US$2 million seed funding round at a US$10 million valuation. The funding will support the company’s expansion from Hub71, Abu Dhabi’s tech ecosystem, as it develops sovereign AI infrastructure for national and enterprise deployments. As AI systems increasingly operate autonomously across organisations, clouds, and borders, challenges have arisen around safe coordination and communication. Skipr provides a framework for AI systems to interact and exchange value while allowing governments and enterprises to maintain control over their data and decisions. The company is working with telecommunications operators, AI and cybersecurity laboratories, and…

G42 has announced the recruitment of AI agents for enterprise roles across the organisation. Applications are now open for AI agents that can operate within approved sovereign infrastructure and deliver measurable enterprise value. Submissions will be evaluated through a structured process including technical validation, performance testing, reliability checks, and user-experience assessment. To qualify, agents must demonstrate reliability, compliance with governance standards, and measurable outcome-based performance. Successful candidates will enter a probationary phase to assess sustained value delivery before broader deployment. The framework includes structured performance reviews and a value-linked compensation model for agent developers, while human leadership and oversight will…

Despite regulatory progress, technological advancements, and increasing market demand, the adoption of robo-advisors in Egypt remains in its nascent stages with most institutions still evaluating business cases, developing internal systems, or piloting limited offerings, according to a new report by Zawya, a financial news and intelligence platform specializing in the Middle East and Africa (MEA). The report, released earlier this month, examines the state of the robo-advisor industry in Egypt and globally, highlighting the technology’s potential, business opportunities within the sector, and the challenges that remain. Challenges remain in Robo Advisory Market in Egypt The report notes that while robo-advisors…