Egyptian fintech Yalla to expand into Saudi Arabia
Egyptian fintech startup Yalla has signed several agreements with major financial companies and institutions, including Alinma Bank and Digital Pay, which will see it expand operations into Saudi Arabia.
Yalla is a financial super app for all daily financial and non-financial needs, which allows users to send and receive money, pay merchants online and offline, and place orders.
The startup has so far garnered approximately two million users, with over seven million transactions processed through the app.
Digital banks—across several verticals—have enormous potential in Egypt, a country where 2 of every 3 individuals are partly or totally excluded from formal financial services and about 94% of transactions are still cash-based but 50% of its 100 million people actively use smartphones. In addition to high mobile and internet penetration, the North African country boasts a young and tech-savvy population with 61% below 30. Startups like Yalla have thus moved to capture this opportunity with neo-banking platforms, contributing to the general booming fintech sector in Egypt.