Attributed to Mario Makary, Vice President, Levant Cluster Country Manager, Visa

(MENAFN- Asdaa-amman) Back in 2011, Jordan-centered MadfoatCom, was created as a necessity for those spending long hours in queues, trying to pay their utility bills. A pioneering initiative, the startup faced its share of trials before receiving funding, and eventually was selected by none other than the Central Bank of Jordan as its e-payment partner. Today, MadfoatCom is a success story, having secured the top position in a list of fintech companies by a well-known publication for its innovative approach and impact on the fintech sector.
Similarly in 2018, the International Network of Cards and Digital Payment Services Ltd., or INC (Neo), began as an enterprise by forward-thinking founders who believed money must become digital. With an ambitious mission to help Iraqi citizens obtain digital payments, the company achieved a significant breakthrough in a market that historically lacked access to banking facilities and electronic payments. The company envisioned sweeping progress in Iraq’s financial inclusion. By providing secure, efficient, adaptable payment solutions the company has revolutionized the payment industry by launching the first digital-only card in 2019, to piloting biometric payment cards in 2021, in Iraq.
The reason why these are success stories is because they were able to find a solution that made the lives of consumers easier. As the original fintech (which Visa is often called) we find this innovative mindset essential to ensure consumers and businesses find easier and more secure ways of fulfilling their payments.
MadfoatCom and INC are one of the many startups within the thriving fintech landscape in Jordan, Lebanon, Iraq, and the wider Levant region. The governments of these countries have found solid footing for their financial inclusion and financial literacy strategies through the innovative efforts of such companies.
Government intervention is also not to be taken for granted. For instance, the Central Bank of Jordan- recognized the vital role of fintech in transforming economies and launched its Fintech and Innovation Vision in 2023, in line with Economic Modernization Vision. Similar efforts have been made in Lebanon where the Central Bank of Lebanon had passed a resolution to accelerate access to digital wallets since 2021. In Lebanon online payment platforms are becoming an essential building block for many SMEs and startups to process payment transactions via online or mobile networks. In Iraq, fintech is steadily gaining popularity due to a growing digital economy, increasing demand for mobile banking services, and spiraling emphasis on financial inclusion initiatives by the Central Bank of Iraq.
Alignment between governments, regulators, businesses, consumers, and technological partners together can power the process of creating infrastructure and transitioning to a digital economy, which presents several opportunities for economic development and value generation. It facilitates eCommerce expansion across borders to new markets and demographics.
Beyond eCommerce, this digital ecosystem facilitates startups and SMEs, bolstered by fintech players who are enabling access to payment technology transcending disrupted supply chains. Many start-ups in Iraq have integrated fintech to their platforms such as Eduba, Tamata, elsaree3, Pure Platform, Orderii, Amal, Miswag, Elryan, Lezzoo, Boombene, Fedshi, Kurdivia, Orisdi. Jordan has seen a rise in digital payment solutions, including mobile wallets, such as Orange Money and Zain Cash , and digital payment systems offered by the Jordan Payments and Clearing Company (JoPacc) which include: CliQ, JoMoPay, eFAWATEERcom, ACH, and ECCU. This year, JoPACC in collaboration with a taskforce that includes the Central Bank of Jordan, and a group of banks, launched the Jordan Open Finance Standards, to unify requirements for APIs for a range of the most important financial services in the banking sector.
This standard expedites launch of innovative fintech solutions and banking products into the market. Visa was a jury panelist and mentor for the JOIN Fincubator program, a newly launched Incubator by JoPACC, which had 11 Fintech start-ups graduate in their first cohort. Those start-ups went from idea stages to launching Minimum Viable Products (MVPs) and operating business models.
Another development is the introduction of new digital wallets in Iraq, which has encouraged digital payments adoption.
It is clear to see that the many stakeholders involved are now working together to create real value within their economies through innovation. Funding greatly accelerates this process, and many external stakeholders are now supporting this flourishing growth. In fact, Jordanian startups secured a total of $246 million through 220 deals between 2018 and 2022, putting the country at the fourth position in MENA in VC funding and rounds behind only the region’s top three markets, namely the United Arab Emirates (UAE), Saudi Arabia and Egypt .
As a global payments leader, Visa partners with over 2000 fintechs across the world and has observed and participated in the significant growth of this sector in the region. Giving fintechs several opportunities to grow and diversify, Visa hosts programs that provide scale and expertise that they need to navigate the complexities of payments and digital commerce. A key platform for fintechs to innovate within the payment ecosystem, contribute to further cash displacement, increase financial inclusion, and deliver value, is the Visa Everywhere Initiative. Serving as a catalyst for collaboration and innovation in the fintech space, the Visa Everywhere Initiative empowers startups to make a meaningful impact in the industry. Globally, nearly 15,000 startups have participated in this initiative, and have collectively raised over $48 billion in funding. For the first time in the Levant region, Visa is launching the this year in recognition of the potential of the fintech sector in expanding digital commerce and driving financial inclusion within Lebanon, Iraq, Jordan, and Palestine.
Going forward, notwithstanding the conflict situation in the region, fintechs will continue to drive digital progress, improve payment systems, and create impact by adding value and frictionless convenience to people’s lives. By facilitating the payment needs of eCommerce within various sectors, the fintech sector provides secure digital payment options for their customers. More importantly, the fintech sector enables the development of small and medium-sized enterprises that do not require extensive infrastructure that banks provide, but more nimble, secure and transformative systems.

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