The Rise of Fintech in the Middle East and Africa: Spotlight on Female Leaders
The Middle East and Africa (MEA) region is emerging as a vibrant hub for economic development, particularly in the fintech sector. This growth is not just a trend; it represents a significant shift in how financial services are delivered, with unique innovations and entrepreneurial spirit driving the change. As we celebrate Women in Fintech this September, it’s essential to highlight the contributions of female leaders who are shaping the future of this industry. One such leader is Nejoud Al Mulaik, a prominent figure in Saudi Arabia’s fintech landscape.
Nejoud Al Mulaik: A Trailblazer in Fintech
Nejoud Al Mulaik serves as the Director for Fintech Saudi, a pivotal role within the Financial Sector Development Program (FSDP) sponsored by the Saudi Arabian Monetary Agency (SAMA). With a decade of experience at JPMorgan Chase Bank, where she was the first female hire, Nejoud has a rich background in corporate investment banking. Her expertise spans client relationship management, corporate sales, and strategic partnerships, making her a valuable asset in the fintech ecosystem.
Career Journey: From Banking to Fintech
Nejoud’s career began in 2008 at JPMorgan Chase Bank, where she started in an administrative role supporting the CEO during the establishment of the bank’s operations in Saudi Arabia. As the bank expanded its services, she transitioned into core banking, managing relationships with large corporates and multinational corporations. After ten years, she seized the opportunity to join the Small & Medium Size Enterprises General Authority (Monshaat) as the Director for International Strategic Partnerships. This role allowed her to engage directly with startups and entrepreneurs, fostering growth and economic contributions across various industries.
In October 2018, Nejoud took on her current role at Fintech Saudi, where she plays a crucial part in building the financial technology ecosystem in the Kingdom. Her journey reflects not only her personal ambition but also the evolving landscape of women’s roles in finance and technology.
Overcoming Challenges: A Perspective on Leadership
When asked about the challenges she faced, Nejoud prefers to frame them as "challenges" rather than obstacles. Leading the Fintech Saudi initiative has been a continuous learning experience, requiring her to stay updated on regulatory compliance, risk assessment, and effective communication. Building relationships with colleagues and mentors has been vital in navigating her career path, underscoring the importance of collaboration in overcoming hurdles.
Future Trends in Fintech: Insights from a Leader
Nejoud is optimistic about the future of fintech in the MEA region. Despite current economic conditions, she believes that payments and alternative lending will continue to thrive. The rise of industrial fintechs, particularly in healthcare and real estate, is on the horizon. She anticipates that central banks will explore Central Bank Digital Currencies (CBDCs) and that the movement towards open banking will gain momentum, driving innovation and interconnectedness in the financial sector.
Moreover, the representation of women in fintech leadership roles is gradually improving. Initiatives like the Fintech Saudi Founders Network aim to support female entrepreneurs and foster collaboration among fintech hubs in the Gulf Cooperation Council (GCC). Nejoud emphasizes that fintech is a unique industry where women can significantly impact financial solutions and decision-making processes.
Advice for Future Female Leaders
For aspiring female entrepreneurs and leaders in the MEA region, Nejoud offers practical advice. Mastering the balance between career progression and personal priorities is crucial. Taking calculated risks is essential, and visibility in professional networks can open doors to growth opportunities. She encourages future leaders to embrace change, seek mentorship, and confidently voice their opinions.
In a rapidly evolving industry, the ability to adapt and innovate is paramount. As the fintech landscape continues to develop, the contributions of women like Nejoud Al Mulaik will undoubtedly shape its future, paving the way for the next generation of female leaders in the Middle East and Africa.