Middle East and Africa

1. Treasury modernization
2. Cross-border payments
3. Risk and resilience

Amid geopolitical unrest, supply chain disruption and working capital headwinds, treasury modernization is emerging as a strategic lever to drive expansion and build resilience in the Middle East and Africa (MEA).

Organizations are adopting streamlined cross-border payments and seeing massive growth in digital payments and mobile banking. Both markets are embracing stablecoins and tokenization, with security threats also evolving rapidly. 

Supported by data and local expertise, this report explores the evolution of payments in MEA.

Treasury modernization: Driving efficiency with digital infrastructure and AI investment

Digital maturity drives treasury advances in the Middle East

Ambitious investment in digital infrastructure and AI is helping Middle East organizations adopt advanced practices that improve visibility and control. Examples include Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) e-invoicing mandate and the United Arab Emirates’  Electronic Invoicing System.¹

“The treasury function has evolved from being operational and transaction-based to becoming more strategic. That’s a big lever for business growth.”

Head of Product, Treasury Solutions, CEEMEA, Payments, J.P. Morgan

• of EMEA survey respondents think AI will have a material impact on their business.²

Africa building digital-first ecosystem

In sub-Saharan Africa, 40% of adults had a mobile money account in 2024, up from 27% in 2021.³ Adoption has been particularly strong in markets such as Kenya, Ghana and South Africa, helping drive financial inclusion and the growth of digital payments across the region.⁴ Growth in instant payments is allowing businesses to modernize their treasury departments, boosting decision-making and financial agility.

Cross-border payments: Unlocking growth with digital payment rails and tokenization

Cutting cross-border payment friction in Africa

Cross-border transactions in sub-Saharan Africa are among the most expensive in the world.⁸   However, a growing focus on interoperability, regulatory collaboration and digital payment rails is starting to change that.

• the amount a more centralized payment and settlement system could save African businesses in transaction fees alone each year¹⁰

Middle East embracing digital assets 

A J.P. Morgan poll showed that most treasury leaders in EMEA think tokenization will support their business in the future.¹¹ By 2030, the market for tokenized deposits in the Gulf Cooperation Council is expected to reach $84 billion.¹²

“The regulatory clarity that is being provided, especially in the Middle East, is making it very innovation-friendly for clients to embrace many of these solutions.”

Risk and resilience: Meeting evolving threats through agility and technology

Rather than simply a question of technology, resilience is increasingly being viewed as a people and process issue—how well can these assets be maintained in times of crisis?

“Resilience gets so much more airtime after a crisis or conflict has actually happened. We recommend that our clients make resilience a permanent state of mind.” 

Senior Executive Officer, Payments, Abu Dhabi, J.P. Morgan

APIs deliver financial agility 

To keep processes functioning in challenging environments, organizations need total visibility and control to move cash when and where it’s needed. Application programming interface connectivity is crucial, as it enables direct links between banking partners and enterprise repting zero-trust architecture that assumes they are always compromised

“The focus is shifting from perimeter defenses to a more holistic model of cyber resiliency that includes prevention, detection, response and recovery.”

Head of MEA Financial Institutions Group Sales, Payments, J.P. Morgan

Looking ahead:

Modernization drives greater control, resilience and efficiency

Organizations in MEA are taking strides to unlock strategic value through advanced technology. The region is developing more connected ecosystems, real-time intelligence and seamless movement of money. However, the near-term outlook hinges on the geopolitical situation. With greater stability, organizations will be able to continue pursuing advanced technologies to improve visibility, control and efficiency in payment operations.

References

ZATCA, “What is E-invoicing?” Available at: https://zatca.gov.sa/en/E-Invoicing/Introduction/Pages/What-is-e-invoicing.aspx. Accessed June 2026.

 J.P. Morgan, June 2026. “Treasurers in Europe shift priorities: Polling data highlights evolving strategies amid volatility.” Available at: https://www.jpmorgan.com/insights/banking/emea-treasurers-outlook#accordion-9cfc5ea97d-item-3a24b60266. Accessed July 2026.

Fintech Africa, August 2025. “Mobile Money Drives Surge in Financial Inclusion.” Available at: https://fintechnews.africa/45748/fintechafrica/mobile-money-drives-surge-in-financial-inclusion/.Accessed July 2026.

Mastercard, March 2025. “Digital payments economy in Africa expected to reach $1.5 trillion by 2030 according to new report.” Available at: https://www.mastercard.com/news/eemea/en/newsroom/press-releases/en/2025-1/march/digital-payments-economy-in-africa-expected-to-reach-1-5-trillion-by-2030-according-to-new-report/. Accessed June 2026.

AfricaNenda, “The State of Inclusive Instant Payment Systems in Africa.” Available at: https://africanenda.org/wp-content/uploads/siips_2025_ExecutiveSummary_en.pdf. Accessed June 2026.

BCG, March 2026. “Beyond Payments: Unlocking Africa’s Second FinTech Wave.” Available at: <a href="https://www.bcg.com/publications/2026/beyond-payments-unlocking-africas-second-fintech-wave” rel=”nofollow noopener” target=”_blank”>https://www.bcg.com/publications/2026/beyond-payments-unlocking-africas-second-fintech-wave. Accessed June 2026.

TryDuplo, June 2026. “Why Cross-Border Payments in Africa Are Still Slow and Expensive.” Available at: https://tryduplo.com/blog/why-cross-border-payments-africa-slow-expensive/. Accessed June 2026.

Oui Capital, May 2025. “Africa’s Cross-border Payment Landscape.” Available at: Africa’s Cross-border Payment Landscape. Accessed June 2026.

International Trade Administration, “Pan-African Payment and Settlement System.” Available at: https://www.trade.gov/market-intelligence/pan-african-payment-and-settlement-system. Accessed July 2026.

Kearney, “Real world asset tokenization: A $500 billion opportunity. For the GCC.” Available at: https://www.kearney.com/documents/d/asset-library-291362522/real-world-asset-tokenization-a-500-billion-opportunity-for-the-gcc-pdf-1-. Accessed June 2026.

IBM, “Cost of a Data Breach Report 2025.” Available at: https://www-api.ibm.com/adobe/assets/urn:aaid:aem:607b9590-38e0-4c91-b433-aa8a17f5b5e8/original/as/cost-of-a-data-breach-2025-full-report.pdf. Accessed June 2026.