The MENA fintech industry is booming with new startups and established firms constantly entering the market. One organisation contributing to this growth is BKN301, a payment and Banking-as-a-Service provider. With a focus on financial inclusion, the organisation is empowering individuals and businesses alike to manage their finances.
The MENA region has a substantial number of unbanked adults. They account for 50 per cent of the population according to World Bank. This emphasises the potential for fintech firms to cater to those that do not have access to conventional payment services.
BKN301 will introduce a modular tech platform that provides payment products and services. It will cater to various customers’ financial demands and requirements. The need for fintech solutions has risen due to urbanisation and smart connectivity. This is as well as an increase in the usage and adoption of innovative technologies across all domains in the MENA region.
Experts anticipate that the fintech sector in the Middle East and Africa will experience substantial growth in the coming years. They project it to reach $3.45billion by 2026. The company strives to support this growth by utilising technologies and its understanding of fintech and digital payments, to deliver financial solutions that are aimed at modernising the sector.
To satisfy the evolving and emerging demands of the sector, the firm will offer its financial services, payment industry solutions, and digital services. These include: 301wallet, 301pay, 301xb, and 301core, all of which are designed to be integrated into complicated systems quickly. The firm intends to bridge the gaps and assist the growth of the fintech industry through its range of solutions while promoting financial inclusivity.
Identifying financial inclusion accelerators
The company had earlier established its presence in Egypt through its partner Damen ePayment and in Qatar with the opening of a commercial branch in Doha. BKN301’s vision is to create a world without financial barriers. For this reason, BKN301 focuses on the development of cross-border payments between countries.
Cross-border payments are essential in the Middle East. Notably, two of the world’s three largest remittance corridors are located in the UAE and Saudi Arabia. They handled $78billion in payments in 2020, equating to seven per cent of the GDP of the two nations combined.
Two-thirds of survey respondents (67 per cent) said bilateral arrangements between countries for real-time settlement and the scaling up of digital money-transfer operators will be key drivers in cross-border transactions over the next five years, as demonstrated by research from McKinsey.
Stiven Muccioli, founder and CEO of BKN301 said: “We are excited to offer our cutting-edge payment services in the MENA region. We want to contribute to the growth and development of the region’s fintech sector. The MENA region has seen a significant increase in the usage and adoption of innovative technologies across all domains, including finance.
“Customers are on the lookout for more convenient and efficient payment methods like cross-border payments. This is why we dedicate ourselves to providing our partners and clients with the best possible service and solutions, supported by cutting-edge technologies.
“With the rise of new technologies and increased adoption of innovative fintech platforms, the market competition has become fiercer. We are confident that our specialised solutions and in-depth knowledge of financial services will contribute to the growth and development of the region’s fintech sector. It will make financial services more accessible and efficient to customers.”