Region:Middle East
Author(s):Dhruv Gupta
Product Code:KROD169
The report provides a comprehensive analysis of the potential of the MENA Remittance Market. The report covers an overview and genesis of the industry, market size in terms of revenue generated. Its market segment includes by mode of transfer (Digital & Traditional), by type of Remittance (Inward Remittance & Outward Remittance), by type of Channel (Banks, Money transfer operators & online platforms), by Geography (North America, Europe, Asia Pacific, Latin America, Middle East, Africa), by end use (Migrant labour workforce, personal, small business & others). The report includes growth enablers, recent trends & developments, pain points & solutions. The report concludes with future market projections of each market segmentation and analyst recommendations.
According to Ken Research estimates, the MENA Remittance Market which has seen a steady growth in last few years excluding the pandemic year is driven by rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth. However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth. Furthermore, technological advancements in digital remittance market is expected to provide lucrative opportunities for the market growth. The most important growth driver is the remittance flows coming via migrant workers.
By Mode of Transfer: The traditional (non-digital) segment accounted for the largest revenue share of more than 75.0% in 2021.The major factor contributing to the segment's growth is the sense of security and safety the consumer experiences while remitting funds through an offline channel. However, in the upcoming years, digital mode of transfer is anticipated to register massive growth.
By Channel: The money transfer operators segment accounted for the largest revenue share & the online platforms (wallets) segment is anticipated to register significant growth over the forecast period. The segment's growth can be attributed to the fact that online platforms save a lot of time. People no longer have to stand in lines, write cheques, or wait for paper bills, and they are not required to wait for banks to clear their cheques before accessing the funds.
MENA Remittance Market is concentrated among the top 10 players. Prominent players are pursuing various strategies, such as research & development initiatives, product innovations, joint ventures & strategic partnerships, expansion, and mergers & acquisitions to gain a competitive edge in the market. Market players are focusing on leveraging the capabilities of newly emerged fintech companies to offer their consumers the utmost convince of remitting funds. The major companies dominating the MENA Remittance market for its products, services, and continuous product developments are Bank of America, Citi Group Inc., Pay Pal, Wells Fargo, JP Morgan Chase among others.
According to Ken Research estimates, the MENA Remittance Market which was valued at USD ~701 Bn in 2020 to USD ~1000 Bn by 2027 is driven by rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth. However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth. Furthermore, technological advancements in digital remittance market is expected to provide lucrative opportunities for the market growth.
MENA Remittance Market Segmentation |
|
By Mode of Transfer |
Digital Traditional |
By Type of Remittance |
Inward Remittance Outward Remittance |
By Type of Channel |
Banks Money Transfer Operators Online Transfers |
By Type of End Use |
Migrant Labor Workforce Personal Small Business Others |
By Region |
North Africa Middle East |
2.1 Taxonomy of MENA Remittance Market
2.2 Industry Value Chain
2.3 Ecosystem
2.4 Government Regulations/Initiatives for MENA Remittance Market
2.5 Growth Drivers of MENA Remittance Market
2.6 Issues and Challenges of MENA Remittance Market
2.7 Impact of COVID-19 on MENA Remittance Market
2.8 PESTLE/SWOT Analysis
4.1 By Channel, 2017 - 2022
4.2 By End-User, 2017 - 2022
4.3 By Regional Split (North Africa/Middle-East), 2017 - 2022
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles – (Top 5 - 7 Major Players)
5.3.1 Al Dar for Exchange Works
5.3.2 Al Fardan Exchange
5.3.3 Al Jazeera Exchange
5.3.4 Unimoni Exchange
5.3.5 Gulf Exchange
5.3.6 Doha Exchange
5.3.7 Al Mana Exchange
7.1 By Channel, 2022 - 2027
7.2 By End-User, 2022 - 2027
7.3 By Regional Split (North Africa/Middle-East), 2022 - 2027
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