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

Paymob Extends Series B Funding To $72M Amid Continued Growth

The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.

Published

23 hours ago

September 12, 2024

Nour Nasir

paymob extends series b funding to $72 million amid continued growth

Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.

The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.

This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.

Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.

Also Read: Zoho Expands Qatar Operations & Releases New Survey Data

The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.

Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.