A Lebanese businesswoman is on a mission to ensure that everyone in the Middle East will be able to access financial services so that they can improve their lives and contribute to the region’s economic growth, writes May El Habachi.

A former financial journalist, government affairs expert and digital communications advisor, Mirna Sleiman embarked on her entrepreneurial journey in 2017, when she launched Fintech Galaxy. This digital crowdsourcing platform connects financial technology (fintech) entrepreneurs with financial institutions, mentors, investors and tech companies.

Fintech startups across the Middle East and North Africa (MENA) have received $237 million in investments since 2015, as per a 2019 report by MAGNiTT. However, financial inclusion in the region remains low. According to the World Bank, 52% of men and only 35% of women in MENA have an account with a bank or a mobile money provider. This gender gap is the largest in the world and can have a significant impact on women’s financial independence and employment opportunities.

“The need for financial inclusion has never been more crucial,” says Sleiman. “The need to bank the unbanked and the high levels of unemployment triggered me to move into fintech and lobby with regulators and decision-makers for a more inclusive market.”

PROMOTING FINANCIAL INCLUSION

To pave the way for a more financially inclusive ecosystem, Sleiman works with banks, regulators, investors and entrepreneurs across the region. While each country in the Middle East has its unique set of challenges and opportunities, Fintech Galaxy connects all these markets to create a more inclusive fintech ecosystem across MENA.

“If you look at the region, some countries have very progressive regulations, but demand is very low due to having a small economy,” Sleiman explains. “In countries like Jordan, Lebanon and Egypt, you have incredible talent, but you lack enough funding. In the Gulf, there is a lot of funding, but there is probably lack of regulations in some areas.” 

Sleiman also works with banks to help identify their innovation needs and connect them with the best talent and startups in the region. Furthermore, she helps entrepreneurs grow their business ventures through her company’s accelerator programme.

TAKING A SEAT AT THE TABLE

Launching a company is no easy feat, especially for a woman in the fintech industry. It is a male-dominated one:  a 2018 survey in the US revealed that only 37% of employees in fintech are women.

“It takes you double the effort to raise funds and […] to convince people that what you say makes sense because society is used to men running the show,” says Sleiman.

However, she believes in turning challenges into opportunities. As one of a few women in fintech, she sees this as a way to stand out from the crowd.

“When women realise their power, they wouldn’t feel like a minority. Once you believe in yourself and in the value you’re bringing to society, others will too. It’s that simple,” according to Sleiman.

Through public speaking opportunities and networking events, she was able to establish herself in the industry and raise awareness about the importance of fintech in reaching the unbanked.

Although fintech may be an established industry globally, it is considered nascent in the region. Some banks, investors and regulators continue to struggle with the concept of digitising financial services. Sleiman notes, “I still face challenges. Fintech has been around for 30 years, but it’s just now becoming a trend in the region.”

MINDING THE GAP

Regardless of whether fintech is trending in MENA, women can stand to benefit greatly from digitising financial services. Access to mobile payments and micro loans and the ability to make simple everyday purchases enable women to become financially independent, helping to lift them out of poverty.

“Fintech brings financial services to your home,” says Sleiman. “Women can access [them] without having to visit a bank, which can be difficult for those living in remote areas or [those] who have family obligations. This also gives women a better chance to balance life and work while bringing extra income to the house.”

Growing up in war-torn Lebanon and experiencing displacement, Sleiman knows first-hand the importance of having access to financial services. “This is why I started my own company. I am lucky and comfortable today, but millions out there are not,” she says.

Improving women’s access to financial services is also important for economic development. According to a McKinsey Global Institute report, advancing women’s equality can boost global growth by $12 trillion by 2025. Working to close the gender gap is therefore not only nice to do, but it is necessary for strengthening economies in the Middle East and beyond.