[Fintech] From Empowerment to Impact: How Women Entrepreneurs in the MENA Region are Revolutionizing the FinTech Industry

The FinTech industry, much like others, needs to improve gender representation. Although many countries have tried to promote women's economic empowerment, female entrepreneurship remains an untapped source of inclusive growth, employment, and innovation. The gender gap in women establishing and owning businesses is significant, estimated at over 40% globally, according to the Global Entrepreneurship Monitor (GEM).

?Furthermore, the MENA region experiences an annual economic loss of $575 billion due to the need for more female economic participation. According to Center's observations this year, the MENA region still faces many challenges in including more women in entrepreneurship due to several obstacles, including access to capital and markets. Despite this, the impact of women entrepreneurs in recent years cannot be ignored, as they have been empowering other women and driving positive change within the industry. Women are increasingly crucial as the FinTech industry revolutionizes financial services through technology.

In this article, will discuss the impact of women entrepreneurs on the FinTech industry and How Women Entrepreneurs in the MENA Region are Revolutionizing the FinTech Industry from Empowerment to Impact.?

The Rise of Women Entrepreneurs in the FinTech industry

Although women-owned businesses represent less than 5% of businesses in the MENA region, compared to a global average of up to 26%, there has been a significant increase in the number of women entrepreneurs entering the FinTech industry in recent years. This trend can be attributed to various factors, including improved access to education and funding opportunities, changing cultural attitudes towards women in business, and the growth of the FinTech sector. According to Arabian Business , Saudi women are nowadays active more than ever, accounting for nearly 40% of the total number of entrepreneurs in the Kingdom. Also, a study by the ????? ????????? ?????? ??????????Ministry of Communications and Information Technology noted a 112% increase in commercial registrations for women entrepreneurs. Similarly, the United araba of emirates has become home to over 23,000 businesses run by Emirati women, worth USD 45–50 billion.

Meanwhile, Women entrepreneurs have emerged as a force to be reckoned with in many Arab economies, breaking stereotypes and paving the way for future generations. For example, entrepreneur Sepideh Nasiri , Founder and CEO of Women Of MENA In Technology , the community helps connect, mentor, educate, and uplift Middle Eastern and North African women in STEM globally. Mirna Sleiman is another such figure, Founder. She is the Founder and CEO of Fintech Galaxy , which empowers and helps about 600 fintech startups connect with 30 leading banks in the region. Sarah Toukan is one of the three co-founders of Ziina ???? , a digital wallet with a fun twist. And many more women entrepreneurs' hands to hands to raise the fintech businesses in the MENA region.

Key Drivers of Rising Women Entrepreneurs in MENA's FinTech Industry

One of the main drivers of rising women entrepreneurs in the FinTech industry is the increasing availability of education, training programs, and notable initiatives across the region targeted at women in entrepreneurship and technology to help further encourage and inspire future female entrepreneurs within the broader fintech tech ecosystem. For example, the Dubai-based platform Womena is an example of an organization that provides resources and mentorship to women entrepreneurs to succeed in the industry. Dubai International Financial Centre ( DIFC ) 's DIFC Innovation Hub FinTech Hive has a program called AccelerateHer, a female-focused career mentorship accelerator. Moreover, The GCC region, including the Arab world, is actively implementing large-scale economic development and diversification plans, like Saudi Vision 2030 and Qatar National Vision 2030. One of the goals of these plans is to encourage female entrepreneurs to participate in private sector industries, including fintech, financial services, and technology.

?Additionally, the changing cultural landscape in the region has contributed to the rise of women entrepreneurs in the FinTech industry. Moreover, the growth of the FinTech industry in the MENA region has provided numerous opportunities for entrepreneurs, regardless of gender. With the industry's ongoing expansion, more and more women are taking advantage of these opportunities, utilizing their skills and expertise to establish thriving businesses.

The Impact of Women Entrepreneurs on the FinTech Industry:

Women in the region have started to make their mark in the entrepreneurial world, with many focusing on FinTech, an industry combining technology and financial services. In recent years, the impact of women entrepreneurs in the Middle East on the FinTech industry has been significant. According to a report by Arabnet , female-led FinTech startups accounted for 12% of all FinTech startups in the Middle East and North Africa (MENA) region.

One of the main ways women entrepreneurs in the Middle East have impacted the FinTech industry is through their innovation and creativity. They have been at the forefront of developing new FinTech solutions that cater to the needs of their communities. This has created a range of new financial products and services, such as mobile payment solutions, crowdfunding platforms, and online lending platforms. Another way that women entrepreneurs in the Middle East have impacted the FinTech industry is by promoting financial inclusion to use FinTech to reach underserved communities and provide them with access to financial services that were previously unavailable to them. This has helped to empower women and promote economic development in the region.

Furthermore, women entrepreneurs in the Middle East have also been instrumental in promoting diversity and inclusivity in the FinTech industry. They have been working to ensure the industry is open to all, regardless of gender, race, or background. This has resulted in a more diverse and inclusive industry that is better able to meet the needs of its customers.

In Conclusion

To mark and celebrate Women's History Month, let's take a moment to acknowledge the incredible women entrepreneur in the Middle East and North Africa. Despite the many challenges women entrepreneurs in MENA face in securing funding and networking opportunities, they often rely on personal savings and family support. Building a strong network is crucial for access to funding and support on their entrepreneurial journey. These women are changing the business landscape. But the public and private sectors must be proactive to create opportunities truly. Governments around the region need to develop policies that foster employment opportunities for women and provide more support for female entrepreneurship. In addition, private-sector companies should help create more welcoming business environments for women, which would also be a win-win for them. It's time to tap into the full power of women in business and take concrete action to support their success. Women, which would be a win-win for them as well. It's time to tap into the full power of women in business and take concrete action to support their success.