What Is the Size of Mena Remittance Industry?
MENA Remittance market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027. The MENA Remittance Market is largely driven by the increasing inflow of expatriates, digitization, e wallets and major government investments. MENA has been an expat hotspot for decades because of multi-cultural environment and a progressive nation which is known to offer a good quality of life to its residents. With the recent economic and political reform, the country has seen a tremendous growth in infrastructure development, thus creating more job opportunities and an attractive destination for expatriates. With the increasing inflow of expatriates also increases the inflow of remittance to other countries, thus fueling the MENA remittance market.
With the adoption of ‘cloud-first’ policy in 2017 by the MENA Government, the Country has attracted some of the world’s leading tech players to set up operations in the Kingdom. Most notably, cloud computing giant Amazon Web Services (AWS) launched its hyperscale Cloud Region in MENA in 2019, its first in MENA and a landmark investment.
Furthermore, the government has planned to invest billions of dollars to improve infrastructure, industry, housing and connectivity to call for more diverse economic base. As part of MENA’s 2021 Economic Recovery Plan, MENA announced over 22 strategic infrastructure projects worth over $30 billion, which has fueled the Remittance market of MENA.
Mena Remittance Market In International Inbound By Channel
The MENA Remittance market is segmented by Channel into Banking Channels, MTOs, M-Wallet and Others. Banking Channels were the most dominant form of channel used in MENA Remittance market in 2022.
MENA Remittance Market By Inflow Of Countries
The MENA Remittance market is segmented by Inflow from Middle East and North Africa and inflow into Countries like India, Pakistan, Bangladesh, Sri Lanka, Egypt and Indonesia. Indonesia was the most dominant among others followed by India and Pakistan in 2022.
MENA Remittance Market in International Outbound by Channel
The MENA Remittance market is segmented by Channel into Banking Channel, MTOs, M-Wallets and Others. Banking channel was the most preferred form of channel in 2022 in MENA Remittance market.
Mena Remittance Market International Outbound By Outflow Countries
The MENA Remittance market is segmented by outflow countries into India, Pakistan, Bangladesh, Sri Lanka, Egypt and Indonesia. Indonesia held the major market share in MENA International Outbound Remittance market in 2022.
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Mena Remittance Market By Point of Contact
The MENA Remittance market is segmented by Point of Contact into Branch Pick-up, Mobile payment & Online Transaction and Prepaids cards. Branch Pickups held the majority of the share in the MENA Remittance market in 2022.
Competition Scenario in MENA Remittance Market
MENA Remittance Market is in the growing stage, consisting of ~ players (banks and digital payment companies) with just few companies acquitting the major portion of the market. MENA international remittance market is fragmented with the manifestation of small, medium and large corporations. Some of the major players in the MENA Remittance market are Western Union, MoneyGram, Al Barka Bank etc.
What is the Expected Future Outlook for the Overall MENA Remittance Market Across the globe?
The MENA Remittance market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027, witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
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The MENA Remittance market is driven by the increasing inflow of expatriates, digitization, e-wallets and major government investments. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
Government has ambitious plans to use digital technologies extensively to strengthen its services, processes, and decision making, as well as its ability to share data with constituents. There is specific emphasis on improving the individual organizational capabilities of Government entities by aligning their digital strategies with the national Digital Government Strategy 2020, strengthening the governance mechanisms, enabling a digital workforce, reinforcing agile development and analytical platforms while deploying robust cyber security measures and controls which will led to increase employment in the digital sector, thus fueling the inflow of workers in the country.
The inbound remittance is expected to showcase a CAGR close to ~% and the outbound remittance is anticipated to showcase a CAGR close to ~% by value of transactions USD ~Mn. The government's infrastructure development operations are likely to enhance job possibilities in the country in the upcoming years. The majority of these positions are likely to be in the country's flourishing private sector, resulting in a considerable rise in the number of expatriates in the country. This will undoubtedly have a significant impact on rising remittance inflows and outflows, which are highly influenced by the country's expatriate community. The domestic remittance sector will also see a rise in the future with the increasing digital money transfer company.
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