Front Matter

Front Matter Page

WP/18/201

IMF Working Paper

Fintech, Inclusive Growth and Cyber Risks: A Focus on the MENAP and CCA Regions

by Inutu Lukonga

IMFWorkingPapers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

INTERNATIONAL MONETARY FUND

Contents

  • ABSTRACT

  • I. INTRODUCTION

  • II. FINTECH: AN OVERVIEW

  • III. THE FINTECH LANDSCAPE IN THE MENAP AND CCA REGIONS

  • A. Growth Drivers and Prospects

  • B. The Legal Framework, Regulation, and Supervision of Fintech

  • C. Cyber Risks and Other Vulnerabilities

  • D. Factors Impeding Fintech Growth and its Impact on Inclusive Growth

  • IV. FINTECH: A VALUE PROPOSITION FOR THE MENAP AND CCA REGIONS

  • A. Inclusive Growth

  • B. Financial Stability, Integrity and Financial Inclusion

  • V. UNLOCKING THE TRANSFORMATIVE POTENTIAL OF FINTECH

  • A. Promoting Innovation while Safeguarding Financial Stability

  • B. Aligning Fintech with Policy Priorities

  • GLOSSARY

  • Glossary of Terms

  • BOXES

  • 1. Cross Country Experiences with Fintech

  • 2. Infrastructure for Digital Financial Inclusion

  • 3. Cyberattacks Impacting Financial Institutions in MENAP and CCA, 2012-2018

  • FIGURES

  • 1. Architecture of the Fintech Industry

  • 2. Enabling Environment for Fintech

  • 3. Scale of Fintech in the MENAP and CCA regions

  • 4. Fintech Startups and Investments

  • 5. Geographical Distribution of Fintech Startups and mobile money services

  • 6. Fintech Segments

  • 7. Internet and Mobile Phone Penetration

  • 8. State of Funding for Startups

  • 9. Legal Systems in the MENAP and CCA

  • 10. Countries with Regulatory Sandboxes

  • 11. Protection of Minority Creditors and Insolvency Regimes

  • 12. Status of cybercrime legislations in the MENA and CCA

  • 13. Cyber Security Threats

  • 14. Key Challenges Facing Fintech Firms

  • 15. State of the ICT, Payment System and Credit Evaluation Infrastructure

  • 16. Factors Adversely Impacting the Business Environment

  • 17. Customer Preferences and Literacy Levels

  • 18. Unbanked populations and Rural Urban Divide

  • 19. Unemployment Levels and SME Access to Finance

  • 20. Displaced Populations and Social Transfers

  • 21. Remittances Volumes and Transfer Costs

  • References

Front Matter Page

© 2018 International Monetary Fund

WP/18/201

IMF Working Paper

Middle East and Central Asia Department

Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions

Prepared by Inutu Lukonga1

Authorized for distribution by Allison Holland

September 2018

Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions
Author: Ms. Inutu Lukonga