Leaders in Tech: Meet the Pioneers Shaping the Middle East’s Fintech Sector

The fintech industry in the Middle East has witnessed consistent growth in recent years, thanks to government backing, conducive regulations for fintech, and a demographic profile marked by a youthful, tech-oriented, and largely underbanked populace.

Further fueling this sector in the Middle East is a vibrant investment environment, ensuring budding startups secure the necessary resources to expand. Data from Dealroom indicates that in the first half of 2022 alone, fintech investments in the Middle East and North Africa (MENA) area amounted to US$819 million.

Amid this significant expansion, Five Arab leaders shaped the Finetech sector in the Middle East.

Bassim Haidar-Optasia

Bassim Haidar, a Lebanese-Nigerian entrepreneur, has significantly contributed to Africa's telecom and fintech sectors. Starting with the co-founding of Intercom Ltd. in 1991 and later GMT in 1995. In 2003, he founded Channel IT to serve the growing telecom industry, and the company now operates in 19 countries across Africa and the Middle East. Further venturing into fintech, Haidar launched Channel VAS in 2011, a mobile financial service reaching over 650 million customers in more than 30 countries. Channel VAS later evolved into Optasia, a Dubai-based firm leading in AI-driven fintech solutions. Optasia offers various services like micro-lending and airtime advances, and in 2021, it served an average of 88 million customers monthly. Recently, Optasia expanded its services to the Democratic Republic of Congo through a partnership with VodaCash.

Mounir Nakhla-MNT-Halan

Egypt has seen the emergence of MNT-Halan, a leading fintech entity led by Founder and CEO Mounir Nakhla. MNT-Halan is pioneering financial inclusion in the country, specifically targeting the unbanked and underbanked. The company recently garnered substantial funding of USD 400 million, boosting its valuation to over USD 1 billion. Their diverse digital services have attracted 1.3 million monthly active users, serving over 5 million customers in Egypt.

Nakhla, an entrepreneurial personality, has founded several ventures in the past decade, including Mashroey, Tasaheel, and Halan, eventually merging under MNT-Halan in 2021. He champions microfinance for financial inclusion and women's empowerment, leading to collaborations with DEG and UN Women. Nakhla's earlier career saw success with Environmental Quality International, and he holds advanced degrees from the London School of Economics and the European Business School.

Hosam Arab-Tabby

Tabby, a rising fintech startup in the UAE, owes a lot to its CEO, Hosam Arab, who previously led the Middle East's top online fashion platform, Namshi, until its acquisition by Emaar Malls in 2019. With a solid background in Private Equity and degrees from Queen's University and Harvard Business School, Hosam has guided Tabby to prominence. Founded in 2019 in Dubai, Tabby offers users flexible payment solutions, such as deferred payments or multiple installments, which have gained traction beyond the UAE in countries like Saudi Arabia, Egypt, and Kuwait. Over 10,000 brands, including major retailers like H&M and Adidas, utilize Tabby's Buy Now, Pay Later options, resulting in over three million active users and a fivefold revenue increase in 2022. The launch of the Tabby Card further highlighted the company's growth, with 150,000 cards issued within six months. Following a funding round in January 2023, Tabby was valued at US$660 million, with plans to expand its product range and operations. Hosam's leadership and Tabby's innovative approach solidify its standing as a critical fintech entity in the Middle East.

Ala Alsallal-MadfooatCom

Ala Alsallal, As the CEO of MadfooatCom, a prominent fintech firm in Jordan, transformed it from a startup into a major financial institution. Before this, he founded Jamalon, raising $16 million and expanding its operations globally. Earlier in his career, Alsallal honed his skills at the Consolidated Contractors International Company and Arab Panel. His academic credentials align seamlessly with his professional accomplishments, including stints at INSEAD and Harvard. MadfooatCom, under his leadership, has made significant inroads in online billing and payments across the MENA region, recording billions in transactions and millions of users. Alsallal's journey epitomizes dedication, and his role in the fintech world signifies a promising future for the sector.

Muhannad Ebwini-HyperPay

Muhannad Ebwini, the founder and CEO of HyperPay, has been a force in the fintech industry, steering HyperPay to become one of the Middle East's leading online payment businesses. Ebwini, with over 20 years of experience, was pivotal in the growth of OneCard and contributed to Maktoob before its acquisition by Yahoo. He also held roles at eSolution and was appointed to the board of GatetoPay in 2017. Academically, he has an MBA from NYIT and a B.Sc. in Computer Software Engineering from Princess Sumayya University. HyperPay, established in 2010 in Saudi Arabia, offers diverse payment solutions and is a critical player in guiding the shift from cash to digital payments in the MENA region. The company recently raised SAR 138 million in funding from Mastercard, setting the stage for expansion and a potential IPO.