From MNT-Halan to Zeepay, digital pioneers are building a high-value corridor to the Middle East.
As African fintech grows, companies that once focused on domestic markets are now increasingly seeing Dubai as a strategic hub for MENA and international expansion.
Some key players are leaving. Egyptian fintech giant MNT-Halan recently launched in Dubai with payday products, while Paymob Technologies has expanded across the United Arab Emirates, Saudi Arabia and Oman – receiving a full license from the UAE Central Bank last year. Nigeria's Innovate1Pay has been running global operations from Dubai's Jumeirah since 2019. Lagos-based Flutterwave, one of Africa's fastest growing fintech unicorns, will be the latest to set up shop in the UAE after expanding to Saudi Arabia and Bahrain in 2024.
Gulf Remittance The tunnel
The main objective of this expansion is the corridor that sends money between the Gulf and Africa. Researchers estimate that between 3 and 5 million African migrants now live and work throughout the Gulf Cooperation Council (GCC), including large communities in Egypt, Sudan, Ethiopia, Kenya and Uganda. According to the World Bank, global remittances to Africa will reach $109 billion by 2024. About one-third are from the GCC, but most referrals remain unrecorded in national data sets.
Currently, most money still travels in cash, through companies such as Western Union, MoneyGram or Gulf exchange houses, where the cost of sending money is between 8% and 9% – among the highest in the world.
This opens up a clear opportunity for more cost-effective digital alternatives. A recent Visa survey found nearly two-thirds of UAE residents now prefer digital apps to physical places to send money abroad. Key drivers include ease of use (50%), followed by security, privacy and speed (46%). Cashless solutions are being strongly encouraged by many GCC governments to increase compliance, traceability and transparency.
Other companies such as Zeepay, a Ghana-based payments company that already operates in 25 countries, are preparing to enter that market and the recent war in the Middle East is far from curbing their motivation.
“For us, it's a new chapter. We are eager to make an impact and become the solution for remittances in the Gulf,” said Kojo Amofa, Partnership Manager at Zeepay. “Many migrant workers want to send money home, and the current instability is creating a huge demand that we want to address.”
For Zeepay, the UAE is a natural entry point. It is the most mature technology hub in the MENA region and the world's third largest exporter of capital – sometimes described as the “switchboard” for financial flows to Africa. To make its first steps, the company is looking for partnerships with digital payment companies already located in Dubai or Abu Dhabi, which may be interested in trying the African remittance tunnel.
“We have to check if we are ready to eat. Rather than entering the market where we are born, we choose to cooperate to meet our needs,” said Amofa. “Once there is a significant level of interest, we can then begin to explore creating a physical presence.”
Governor Interest on Wealth
While exploring options in the GCC, the Zeepay teams, like other African startups, are also open to funding opportunities.
By 2025, African Fintechs raised $1.5 billion across 150 deals, according to data from global investment platform Partech Partners.. A growing number of deals involve GCC investors as private equity funds and family offices from the UAE and Saudi Arabia increase their exposure to African assets. In the last decade, the GCC countries have invested more than 100 billion in the continent.
In 2022, Nigeria's Moove.io – a mobility fintech that provides car loans and operates on a green platform – raised a $30 million private sukuk arranged by Franklin Templeton Investments in Dubai. It later opened an office in the UAE to oversee its MENA expansion.
Recently, Kenyan fintech icon M-Pesa partnered with UAE-based ADI Foundation to explore blockchain. The partnership gains significant weight from ADI's parent company, IHC – a $240 billion giant headed by the UAE president's brother.
Future Growth Markets
For Gulf investors, the appeal is straightforward: Africa remains the fastest-growing fintech market in the world, with revenues expected to rise thirteen-fold to $65 billion by 2030, according to the Boston Consulting Group. Currently, digital payment tools are still active, but the next phase is expected to focus on small and medium enterprises (SME) finance, credit, and comprehensive digital banking services.
In the medium term, the Gulf-Africa fintech corridor is taking off, with companies growing and money circulating between the two regions. In the short term, there are some regulatory issues and geopolitical challenges ahead. War in the Middle East may slow Gulf investment for a while as governments prioritize spending at home.
