Stat: E-commerce grows rapidly in the Middle East and North Africa

MENA ­– E-commerce and fintech adoption are accelerating in the Middle East and North Africa (MENA) region, with 91% of local consumers buying products online in the past year.

Global payments solution provider Checkout.com has released the third issue of its Digital Transformation in MENA 2022 report, which highlights the unprecedented pace of digital adoption in the region, based on insights from about 15,000 consumers and a number of business leaders.

The research shows the prevalence of e-commerce, as one in five consumers across MENA have purchased products online more frequently in 2022 than in the previous year. Similarly, the report suggests that fintech solutions are gaining ground and fuelling the digital economy, as 82% of local consumers claim to use fintech apps, up from 76% in 2021. In addition, buy-now-pay-later (BNPL) solutions were used by half of consumers in 2021 and 67% say they will consider using them next year.

At LS:N Global, we have been tracking the rise of convenience commerce in the Middle East as it drives new business opportunities in the region.