Revenue from the fintech industry in the Middle East and North Africa amounted to $1.5 billion in 2022, and could grow to be between $3.5 billion and $4.5 billion by 2025, according to a report by McKinsey & Company. Fintech revenues in the region are less than 1% of banking revenues, Al-Falih said citing the report, compared to 4 to 5% in more mature markets like the U.S. and U.K.