The Rise of Fintech in the Middle East and Africa: Spotlight on Noha Shaker
The Middle East and Africa (MEA) region is rapidly emerging as a significant player in the global economic landscape, particularly in the fintech sector. With a unique blend of innovation, entrepreneurship, and a growing emphasis on financial inclusion, the region is witnessing a transformation that is reshaping its financial services. As we celebrate Women in Fintech this September, we shine a light on influential leaders like Noha Shaker, a trailblazer in the fintech space.
Noha Shaker: A Fintech Pioneer
Noha Shaker, originally from Egypt and now splitting her time between London and Cairo, is a prominent figure in the fintech industry. As the founder and Secretary-General of the Egyptian Fintech Association, as well as the elected Vice President of the Africa FinTech Network, she is at the forefront of promoting financial inclusion and equitable economic growth through fintech. Both organizations are non-profit entities dedicated to fostering collaboration among fintech stakeholders, including startups, financial institutions, regulators, and investors.
Building Inclusive Platforms
Under Noha’s leadership, FinTech Egypt and the Africa FinTech Network aim to create inclusive platforms that connect various players in the fintech ecosystem. Their vision is to establish the MEA region as a globally recognized fintech hub, home to innovative financial services and talent. This ambition is not just about technology; it’s about creating a more inclusive financial landscape that empowers underserved communities.
TechFin Holding: A New Frontier
In addition to her roles in fintech associations, Noha is the founder of TechFin Holding, a company focused on building and investing in financially inclusive business models across the MEA region. With operations in London and Cairo, and plans to expand into the Kingdom of Saudi Arabia, TechFin is poised to launch digital banking and cross-border trade facilitation services in collaboration with leading regional banks. This initiative reflects Noha’s commitment to democratizing finance and making it accessible to all.
Recognized Leadership
Noha’s contributions to the fintech industry have not gone unnoticed. In 2019, she was named one of the leaders shaping the future of finance by Innovate Finance, thanks to her efforts in building collaborative ecosystems that enhance the impact of fintech startups. Her volunteer work with developmental agencies further underscores her dedication to nurturing future leaders in the industry.
Overcoming Challenges
Noha’s journey has not been without obstacles. With over 20 years of experience in the financial sector, including 12 years at Commercial International Bank (CIB), she has faced resistance to change within established institutions. Shifting corporate cultures to embrace innovation is a significant challenge, particularly in a landscape dominated by traditional banking practices. As a female leader, Noha has had to prove her value in a predominantly male-dominated environment, often putting in extra effort to gain respect and acceptance.
Future Trends in Fintech
Looking ahead, Noha identifies several key trends shaping the fintech landscape in the MEA region. Digitalization among incumbent financial service providers is accelerating, driven by changing consumer behaviors and the emergence of technology-enabled business models. We can expect to see a wave of mergers and acquisitions among smaller banks, as well as a rise in Banking as a Service (BaaS) offerings that leverage the agility of fintech startups.
Governments in the region, particularly in Egypt, are prioritizing financial inclusion and digital economy initiatives. The Central Bank of Egypt and other regulatory authorities are actively developing fintech laws and launching regulatory sandboxes to foster innovation while ensuring consumer protection. These efforts are complemented by the establishment of sovereign funds aimed at bridging the investment gap for early-stage fintech startups.
Advice for Future Female Entrepreneurs
For aspiring female entrepreneurs and thought leaders in the MEA region, Noha offers valuable advice. She emphasizes the importance of readiness and ongoing learning, encouraging women to engage deeply with both local and international markets. Keeping customers at the heart of business strategies is crucial for sustainable growth.
Building a network of like-minded professionals can provide support and encouragement, while self-belief and persistence are essential for overcoming challenges. Noha stresses that everything is achievable with the right mindset and effort. Embracing change is vital, as it creates opportunities for those willing to adapt and innovate.
In a rapidly evolving fintech landscape, Noha Shaker stands as a beacon of inspiration, demonstrating that with determination and vision, the future of finance in the MEA region is bright and full of potential.