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The Lebanese fintech ecosystem is following the global and regional trends and growing at a rapid pace. Lebanon is the region’s second most advanced fintech startup ecosystem, with the population quickly adapting to financial technology innovations,  and has witnessed a surge of fintech companies that are competing on the global market.




  • In 2017, 54% of people with a bank account have adopted digital banking in Lebanon, an important increase from 38% in 2016.
  • In 2016, Lebanon ranked 2nd in the region for the percentage of people who only used mobile banking.
  • Lebanon hosts 14% of the region’s fintech startups, and is the 4th most served market by fintech companies,  with 27% of MENA fintech startups serving the Lebanese market.
  • In Lebanon, fintech also represents an important opportunity to lower or even remove barriers to financial inclusion. In 2014, Lebanon had a bank account penetration rate of 46.9%, due to geographical restrictions or lack of appropriate banking services. Fintech innovations that provide digital financial services can bypass geographic constraints and can easily adapt to customers’ demands.



  • Strong and Supportive Banking System:
    • Lebanon has one of the strongest banking systems in the region, and ranks 23rd worldwide on the Soundness of Bank’s ranking.
    • Lebanese banks have started to adopt financial innovations, presenting important opportunities for cooperation with fintech companies: Fransabank invested USD 2.5 million in local fintech startup PinPay, while Bank Audi launched a mobile contactless payment service, “Tap2Pay” to optimize cashless payments in Lebanon.
  • Highly Skilled and Cost Competitive Labor Force:
    • Lebanon ranks 19th worldwide for the Quality of its higher Educational System, while it occupies the 6th place for Math and Sciences Education.
    • Around 2000 university graduates specialized in ICT related activities join the sector every year, and around 1,500 graduates specialize in Finance and business.
    • The average wage of software engineers is nearly 37% lower than in the GCC and nearly 50% lower than in selected developed economies.
  • Enabling Infrastructure:High internet penetration rates, and increasing  smartphone penetration rates, pave the way for a flourishing fintech sector that can tap into the unbanked population.
    • Fixed broadband penetration rates reached 22.76% in 2015 a considerable increase from 9.95% in 2013 . This penetration rates is the highest rate amongst the Levant countries and other MENA economies.
    • Mobile broadband penetration rates have also been on the rise, reaching 53.5% in 2014 , up from 43% in 2013.
Fintech FACT BOOK 2017
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Lazarieh Tower, 4th Floor, Emir Bechir Street, Riad El-Solh Beirut, Lebanon, P.O.Box 113-7251
+961 1 983306
+961 1 983302