MENA Remittance Market Outlook to 2027

MENA Remittance Market Outlook to 2027


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.

Market Overview

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.

By Channel: The money transfer operators segment accounted for the largest revenue share & the online platforms (wallets) segment is anticipated to register significant growth over the forecast period. The segment's growth can be attributed to the fact that online platforms save a lot of time. People no longer have to stand in lines, write cheques, or wait for paper bills, and they are not required to wait for banks to clear their cheques before accessing the funds.

Competitive Landscape:

MENA Remittance Market is concentrated among the top 10 players. Prominent players are pursuing various strategies, such as research & development initiatives, product innovations, joint ventures & strategic partnerships, expansion, and mergers & acquisitions to gain a competitive edge in the market. Market players are focusing on leveraging the capabilities of newly emerged fintech companies to offer their consumers the utmost convince of remitting funds. The major companies dominating the MENA Remittance market for its products, services, and continuous product developments are Bank of America, Citi Group Inc., Pay Pal, Wells Fargo, JP Morgan Chase among others.

Future Outlook:

According to Ken Research estimates, the MENA Remittance Market which was valued at USD ~701 Bn in 2020 to USD ~1000 Bn by 2027 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.

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1. Executive Summary
1.1 How is Remittance Market Positioned MENA?
2. Country Wise Overview of Remittance Market
2.1 MENA Demographics, 2022
2.2 Economic Analysis, 2022
3. MENA Remittance Market Overview
3.1 Business Cycle and Genesis of MENA Remittance Market
3.2 Ecosystem of Major Entities in MENA Remittance Market
3.3 Value Chain Analysis for MENA Lubricant Market
3.4 Timeline of Major Players in MENA Remittance Market (1/2)
3.5 Timeline of Major Players MENA Remittance Market
3.6 Timeline of Major Players in MENA Remittance Market (2/2)
4. Market Size of MENA Remittance Market
4.1 MENA Remittance Market Size, 2017-2022
5. Market Segmentation of MENA Remittance Market
5.1 MENA Remittance Market Segmentation, 2022
5.2 Segmentation of Remittance by Mode, 2022
5.3 Segmentation of Remittance by Types, 2022
5.4 Segmentation of Remittance by End Uses, 2022
5.5 Segmentation of Remittance by Geography, 2022
6. Industry Analysis of Remittance Market
6.1 SWOT Analysis of MENA Remittance Market
6.2 Porter’s Five Forces Analysis of MENA Remittance Market
6.3 Growth Drivers of MENA Remittance Market
6.4 Bottlenecks and Challenges in the MENA Remittance Market
6.5 Trends and Developments in MENA Remittance Market
6.6 SWOT Analysis of MENA Remittance Market
6.7 Overview of how the COVID-19 Pandemic impacted the MENA Remittance Market
7. End User Analysis of MENA Remittance Market
7.1 End-User Analysis
8. Competition Framework of MENA Remittance Market
8.1 Market Share of Major Manufacturers in MENA Remittance Market, 2022
8.2 Competitive Landscape of MENA Remittance Market
8.3 Cross Comparison of Major Players in MENA Remittance Market (1/8)
9. Future Outlook of MENA Remittance Market
9.1 MENA Remittance Market Size, 2022-2027
9.2 MENA Remittance Market Segmentation, 2027
10. Analyst Recommendation
10.1 Analyst Recommendation
11. Research Methodology
11.1 Market Definitions
11.2 Abbreviations Used
11.3 Market Sizing Approach
11.4 Consolidated Research Approach
11.5 Understanding Market Potential through In-Depth Industry Interviews
11.6 Research Limitations
11.7 Future Conclusion
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