(MENAFN) The Egyptian market holds significant promise for the future of the financial technology sector, especially given Egypt's strategic position as a gateway for expansion into other markets across Africa and the Middle East. Chris Skinner, co-founder of Ramses, highlighted Egypt as an exemplary model for larger markets within Africa and the Middle East due to its substantial size, level of economic development, linguistic and religious diversity, and rich cultural heritage. He expressed considerable admiration for the growth potential of Egypt's financial technology market.
Recent data from the World Bank underscores the fact that approximately half of the population in the Middle East and North Africa region remains unbanked, presenting substantial opportunities for financial technology firms to cater to this underserved segment. Projections from various reports suggest that the financial technology sector in the Middle East and Africa is poised for significant growth in the coming years, with estimates indicating it could reach a market value of USD3.45 billion by 2026.
Skinner highlighted Ramses' ongoing collaborations within Egypt, where the company has engaged with eight companies in the financial technology sector even prior to its official launch. Additionally, Ramses has secured contracts with 28 firms specializing in financial technology and digital banking solutions across Africa and the Arab Gulf countries. As an American startup specializing in fintech and digital banking services, Ramses aims to validate its business model in Egypt and Sudan in 2024 while simultaneously planning for expansion and market penetration throughout Africa and the Middle East in 2025.
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