Mobile banking users in the Middle East and Africa are predicted to exceed 80 M by 2017, although the penetration of mobile payment services has been very limited.
From this point, here is the digital banking overview in the MEA region:
- 46% of Middle East banking users surveyed shows the highest rates of adoption. the survey also shows that 60% in KSA, 52% in UAE, and 46% in Egypt use both online and mobile banking.
- KSA and UAE both achieved the highest adoption of digital banking with rates 60% and 52%, respectively, followed by Egypt with rate 46%, while Jordan is the lowest country that has non-adopters of digital banking.
- The top reasons for adopting digital marketing in UAE and Lebanon is its ability to access anytime, anywhere, its ability to reduce banking time, and made banking transactions easier.
- It’s important to notice that, higher income respondents use a broader range of services of digital banking adoption and use them more often than lower income respondents.
- The most frequent activities used in digital banking are checking bank statements with rate 62% and managing bank accounts 61% and that done at least once a week.
- The prime barriers to adoption digital banking in the region are related to the trust, that 40% of respondents, Countries like Jordan and Lebanon prefers dealing with banks, while 27% of respondents in the UAE and Egypt are worried about the security.
- Cash still the most preferred payment method in the MEA region, followed by credit cards, then debit cards.
For more information, please download the “Digital Banking Adoption in MENA, Q2 2016” full report.