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Despite increasing global digitalization, access to essential financial services remains limited for many populations in the Middle East and North Africa (MENA). However, growing financial technology (FinTech) innovations have started disrupting conventional models and extending access. This research study evaluates FinTech’s role in advancing financial inclusion in the MENA region amidst the digital transformation. It first analyzes how emerging technologies transform traditional banking and financial service delivery. It then evaluates the effectiveness of crucial FinTech models such as digital payments, lending platforms, insurance technology (InsurTech), and wealth management tools in driving inclusion in Gulf Cooperation Council (GCC) countries. The study utilizes a mixed-methods approach involving a comprehensive literature review and comparative case studies of FinTech adoption and inclusion trends in developed and emerging markets. The findings indicate that while FinTech solutions have improved access for previously underserved segments like women, youth, and small and medium-sized enterprises (SMEs), continued efforts are required to address marginalized communities’ barriers. The research suggests a balance between regulatory measures and consumer protection in FinTech, emphasizing the need for collaborations to enhance technology’s role in livelihood support.
Rifai et al. (Tue,) studied this question.