MENA Remittance Market Outlook to 2027

segmented by mode of transfer (digital, traditional), type of channel (Banks, online platforms, money transfer operators), type of end use (migrant labour workforce, personal, small business & others) Geography (Latin America, Africa, Asia Pacific, Europe, Middle East)

Region:Middle East

Author(s):Dhruv Gupta

Product Code:KROD169

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Published on

May 2023

Total pages

70

About the Report

About the Report

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.

Market Overview

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.

MENA Remittance Market Revenue

  • The digital segment is projected to witness significant growth over the forecast period. The growth can be attributed to the growing wave of digitalization in developing countries such as India and China
  • The inward remittance segment is anticipated to witness the fastest growth over the forecast period. The segment's growth is ascribed to the determination of migrants to support their families back home during the difficult post-pandemic recovery period
  • The Asia Pacificis expected to emerge as the fastest-growing region owing to a wider customer base & a substantial number of key market players as well as innovators in the region.


Key Trends by Market Segment:

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.

MENA Remittance Market Segmentation By Mode of Transfer

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 Segmentation By Channel

Competitive Landscape:

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.

MENA Remittance Market Ecosystem

Future Outlook:

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.

Scope Of The Report

Scope of the Report

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

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Products

Products

Key Target Audience:

  • Banks
  • Money Transfer Operators
  • Digital Payment Companies
  • M-Wallet Companies
  • Bills Payments Companies
  • Investors & Venture Capital Firms
  • Government Bodies
  • Mobile Money Companies
  • Al Dar for Exchange Works
  • Al Fardan Exchange
  • Al Jazeera Exchange
  • Unimoni Exchange
  • Gulf Exchange
  • Doha Exchange
  • Al Mana Exchange
  • Habib Qatar International Exchange
  • Travelex


Time Period Captured in the Report:

  • Historical Period: 2017-2022
  • Base Year: 2022
  • Forecast Period: 2022-2027


Companies

Key Players Covered:

  • Al Dar for Exchange Works
  • Al Fardan Exchange
  • Al Jazeera Exchange
  • Unimoni Exchange
  • Gulf Exchange
  • Doha Exchange
  • Al Mana Exchange
  • Habib Qatar International Exchange
  • Travelex
  • Citi Group
  • Bank of America
  • OFX
  • JP Morgan Chase

Table of Contents

Table of Contents

1. Executive Summary

2. Market Overview

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

3. MENA Remittance Market Size, 2017 – 2022

4. MENA Remittance Market Segmentation

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. Competitive Landscape

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

6. MENA Remittance Future Market Size, 2022 – 2027

7. MENA Remittance Future Market Segmentation

7.1   By Channel, 2022 - 2027

7.2 By End-User, 2022 - 2027

7.3 By Regional Split (North Africa/Middle-East), 2022 - 2027

8. Analyst Recommendations

9. Research Methodology

10. Disclaimer

11. Contact Us

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Research Methodology

Research Methodology

Step: 1 Identifying Key Variables:

Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around market to collate industry level information.

Step: 2 Market Building:

Collating statistics on used car and new car over the years, penetration of car finance and down payment ratio to compute overall credit disbursed for cars. We will also review central bank statistics to understand credit disbursed and outstanding amount which can ensure accuracy behind the datapoint shared.

Step: 3 Validating and Finalizing:

Building market hypothesis and conducting CATIs with industry exerts belonging to different companies to validate statistics and seek operational and financial information from company representatives.

Step: 4 Research output:

Our team will approach multiple finance providing channels and understand nature of product segments and sales, consumer preference and other parameters, which will support us validate statistics derived through bottom to top approach from car finance providers.

Frequently Asked Questions

Frequently Asked Questions

01 Who are the Major Players in the MENA Remittances Market? 

Citi Group, Bank of America, OFX and JP Morgan Chase are some of the major players in the market.

02 Which is the largest remittance company in Africa?

Dahabshill is the largest African remittance company with many branches and agent located in 126 countries across the globe.

03 How big is the remittance market in Africa?

In 2022 remittance market generated USD 100 Bn in Africa which contributed 3.4% in total GDP of the country.

04 How big is the UAE remittance market?

UAE Remittance Market is anticipated to generate USD 6.95 Bn in 2023.

05 What are the Key Factors Driving the MENA Remittance Market?  

Rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market are some of the major growth drivers of MENA Remittance Market.


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