I want to
apply for IDAL’s incentives
know if I qualify for IDAL’s incentives
request IDAL’s support through the BSU
know if I qualify for the BSU Support
to know what are the BSU services
know what are the steps to open a business
know what are the licenses and permits needed to open a business
know more about Investment Opportunities in Lebanon
operate in Lebanon
export from Lebanon
access Global ICT Bids
Fintech

The Lebanese Fintech ecosystem is following the global and regional trends and growing at a rapid pace. Lebanon is the region’s third 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.

 

KEY FACTS AND FIGURES:

 

  • 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 2017, Lebanon was ranked 85th worldwide for its Bank Account Penetration Rate of 44.8%, lower than the global average of 67.1%. Fintech innovations that provide digital financial services can bypass geographic constraints and can easily adapt to customers’ demands.

 

COMPETITIVE ADVANTAGES:
 

  • 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 18th worldwide for the quality of its Higher Educational System, while it occupies the 4th place for Math and Sciences Education.

    • The average wage of software engineers is nearly 27% lower than in the GCC and nearly 55% lower than in selected developed economies.

    • Around 6000 university graduates specialized in ICT related activities join the sector every year, and around 42,000 graduates specialize in Finance and business.

  • 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 25.6% in 2016 a considerable increase from 9.95% in 2013. This penetration rate is the highest amongst the Levant countries and other MENA economies.

    • Mobile broadband penetration rates have also been on the rise, reaching 53.5% in 2016 , up from 43% in 2013.

FINTECH FACT BOOK 2018
Get in Touch
Lazarieh Tower, 4th Floor, Emir Bechir Street, Riad El-Solh Beirut, Lebanon, P.O.Box 113-7251
Phone
+961 1 983306
Fax
+961 1 983302