News

MENA Region Is World’s Fastest-Growing Crypto Market

According to a newly released report, cryptocurrency adoption is surging in the MENA region, with Egypt now home to the largest cryptocurrency industry.

Published

2 years ago

October 7, 2022

Nour Nasir

mena region is world's fastest-growing crypto market

Chainalysis

The Middle East and North Africa (MENA) have adopted cryptocurrency at a staggering rate, according to a new report by Chainalysis, with the MENA region as a whole accounting for 9.2% of global crypto transactions over the last year.

According to the research, although the MENA region is one of the smallest crypto markets, cryptocurrency growth of over $550 billion happened between July 2021 and June 2022, with three of the world’s “Top 30” countries coming from the MENA zone:

Turkey (12/30)
Egypt (14/30)
Morocco (24/30)

In the case of both Egypt and Turkey, unstable and rapidly devaluing fiat currencies have strengthened the appeal of crypto. Turkey made $192 billion in transactions, making it the region’s biggest player, though at a growth rate of 10.5%, the country’s crypto market didn’t expand as quickly as others.

So, which countries seem to be adopting crypto at breakneck speeds? Chainalysis found that Egypt was the MENA region’s fastest-growing, with transaction volumes leaping by over 220%. Saudi Arabia saw similar progress, with volumes increasing by 195%.

mena region yoy growth in crypto transaction volume

“Digital currencies are being used in Egypt as a way to preserve savings. Using cryptocurrencies to hedge against currency devaluation is appealing,” says Kim Grauer, Director of Research, Chainalysis.

Also Read: 3 Best Cold Storage Wallets For Crypto In 2023

In other significant news, unlike many countries, Egypt’s national bank has enthusiastically embraced crypto. It is currently in the process of building a crypto-based remittance corridor between Egypt and the UAE, as many Egyptians are based there for work.

One of the reasons crypto is surging in the MENA is down to demographics: Populations in MENA countries are young, and growth is being fueled by a class of tech-savvy early adopters with high disposable incomes. Overall though, it’s clear that with financial institutions and retail adopting the technology at a rapid pace, the future looks bright for cryptocurrency in North Africa and the Middle East.

News

Yabi Introduces AI Financial Coach For Smarter Money Moves

The app provides real-time, personalized financial guidance, helping UAE residents manage money smarter, reduce debt, and build wealth effortlessly.

Published

11 hours ago

February 22, 2025

Nour Nasir

Yabi

Imagine having 24/7 access to an expert financial advisor — someone who understands your spending habits, helps you save more effectively, and offers guidance for every financial decision. That’s the vision behind Yabi’s revamped platform, an AI-driven finance app designed to transform personal finance management in the UAE.

Unlike traditional budgeting tools, Yabi acts as an always-available AI advisor, analyzing your unique spending patterns and offering real-time, tailored financial advice. Whether you’re making everyday purchases, planning a big trip, or saving for a major milestone, Yabi keeps you on track and helps you make informed financial choices.

Rakhil Fernando, CEO of Yabi, explains the mission behind the platform: “Financial literacy is not optional — it’s essential. But most financial tools today feel outdated and overly complex. Yabi is here to change that by offering AI-powered financial coaching that’s smart, simple, and accessible to everyone in the UAE”.

Here are some of the updated app’s new features:

AI-Powered Financial Coach: A 24/7 digital advisor providing real-time financial guidance based on your spending habits and available in multiple languages.
Live Insights: Connect your bank accounts for a detailed breakdown of your expenses.
Tailored Budgeting: Yabi creates a budget that fits with your actual spending habits rather than generic financial advice.
Interactive Financial Education: Learn the essentials of saving, investing, and credit management through engaging content integrated into the AI experience.
Automated Expense Tracking: Receive instant alerts on overspending, identify hidden charges, and cut unnecessary subscriptions with ease.
Credit Score & Financial Health Monitoring: Get free credit score checks and AI-driven recommendations to enhance your financial standing.

Also Read: A Guide To Digital Payment Methods In The Middle East

Finally, Yabi is also gearing up to introduce its own debit card and a suite of financial products, making it easier to save, spend, and invest within a single platform.

Want to try Yabi for yourself? You can download the app on the Apple App Store and Google Play Store.