The Rise of Fintech in the Middle East and Africa: Spotlight on Female Leadership
The Middle East and Africa (MEA) region is rapidly emerging as a powerhouse in economic development, particularly in the fintech sector. With a unique blend of innovation, entrepreneurship, and thought leadership, the region is carving out its niche in the global financial landscape. 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 dynamic industry. One such leader is Anuscha Ahmed Iqbal, the CEO of Spotii, a leading "Shop Now, Pay Later" platform in the Middle East and North Africa (MENA).
Anuscha Ahmed Iqbal: A Trailblazer in Fintech
Anuscha Ahmed Iqbal brings over 14 years of experience in investment banking and alternative asset management to her role at Spotii. Her journey began after graduating magna cum laude from the University of Pennsylvania, where she earned a Bachelor of Science in Economics from the Wharton School and a Bachelor of Arts in Biology. Anuscha’s career kicked off in New York as an investment banking analyst at Dresdner Kleinwort, where she honed her skills in mergers and acquisitions and film financing.
In 2007, she made the pivotal move to Dubai, joining The Abraaj Group as a managing director. Here, she oversaw the investment office function, evaluating opportunities across the MENA and South Asia regions. This experience laid the groundwork for her entrepreneurial venture, Spotii, which she co-founded and launched in April 2020.
Navigating Challenges as a Female Leader
As a recognized thought leader in fintech, Anuscha has faced her share of challenges. Balancing a demanding career with family life has been a significant hurdle. She emphasizes the importance of having a strong support system, which has allowed her to navigate the complexities of her professional and personal life. “It’s extremely important to not take that for granted,” she notes, reflecting on the forgiving nature of family when work-life balance doesn’t always go as planned.
Future Trends in Fintech
Looking ahead, Anuscha sees several trends shaping the fintech landscape in the MEA region. At Spotii, digitization is at the core of their operations. Anuscha believes that sophisticated data analytics will play a crucial role in understanding consumer behavior, especially as e-commerce continues to grow. The shift towards online shopping, accelerated by the COVID-19 pandemic, has led to a permanent change in consumer habits.
“COVID-19 revealed cash to be an outdated technology,” she explains. With cash transactions limited during the pandemic, many consumers turned to alternative payment methods, a trend that is likely to persist. Anuscha anticipates that merchants will increasingly develop omni-channel strategies to meet evolving consumer demands.
Advice for Future Female Entrepreneurs
For aspiring female entrepreneurs in the MEA region, Anuscha offers valuable advice: “Build a strong network. Women often don’t do enough of this compared to men.” She encourages women to seek help and lean on their support systems, emphasizing that starting a business truly takes a village. Embracing collaboration and community can be a game-changer for women looking to make their mark in the fintech space.
Conclusion
The MEA region is on the brink of a fintech revolution, driven by innovative leaders like Anuscha Ahmed Iqbal. As the sector continues to evolve, the contributions of women in fintech will be pivotal in shaping its future. By fostering networks and supporting one another, female entrepreneurs can navigate the challenges ahead and drive meaningful change in the industry.