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)
- Slides: 80
- May 2023
- Author(s): Dhruv Gupta
- Total Views:1108
- Region : Middle East
- Ken Research
- On-Demand Report
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.
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.
- 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 Indiaand 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.