The Middle East and North Africa (MENA) has made significant progress in expanding access to financial services. According to the latest Global Findex data, 53% of adults in the region now have a financial account, supported by rapid growth in mobile connectivity, fintech innovation and digital payments.
At the same time, digital finance adoption continues to accelerate. As detailed in our State of the Industry Mobile Money Report 2025, MENA recorded 86 million registered mobile money accounts, with active accounts growing by 22%, transaction volumes increasing by 35% and transaction values reaching US$62 billion.
These are impressive achievements. Yet they raise an important question: are improvements in access translating into better financial outcomes for people?
This was a recurring theme at the recent MENA Leaders’ Summit on Financial Health in Abu Dhabi, hosted by the Central Bank of the UAE. Across discussions involving regulators, financial institutions, fintechs and development organisations, there was growing recognition that the future of financial inclusion will be measured not only by the services people can access, but by the outcomes those services help them achieve.
In short, the conversation is evolving from financial inclusion to financial health.
From access to outcomes
For years, the success of digital finance has been measured through indicators such as account ownership, service adoption and transaction growth. These metrics remain important and continue to demonstrate strong momentum across MENA.
The latest mobile money data paints a compelling picture. Active mobile money accounts increased by 22% in 2025, while interoperable transaction volumes grew by 87%, the fastest growth rate of any region globally. This suggests that digital wallets are becoming increasingly integrated with banks and wider payment ecosystems rather than operating as standalone services.
But access and usage are only part of the story.
The ultimate goal of financial inclusion is not simply to connect people to financial services, but to improve their financial wellbeing. Increasingly, policymakers and industry leaders want to understand whether financial services are helping people manage daily financial needs, build resilience, pursue opportunities and achieve long-term financial security.
The gap between access and outcomes remains significant. While more than half of adults in MENA now have a financial account, only 28% say they could cover more than two months of expenses if their household lost its main source of income. Nearly half (47%) could cover expenses for one month or less.  These figures highlight why financial health is emerging as the next frontier for inclusive finance.Â
Across the summit, there was growing interest in outcome-focused approaches that help organisations measure not just whether services are being used, but whether they are helping people achieve stronger financial outcomes. For providers, this represents both a challenge and an opportunity. The question is no longer simply whether a product is used, but whether it genuinely improves people’s financial lives.
Turning knowledge into action
Financial education featured prominently throughout the event. Across the region, financial literacy is widely recognised as a critical building block of financial health. Yet there is increasing acknowledgement that knowledge alone does not always translate into behaviour change. The focus is therefore shifting towards practical interventions that help people develop positive financial habits.Â
This presents a significant opportunity for fintechs, mobile operators and digital financial service providers. Through digital channels, providers can deliver timely reminders, savings nudges, personalised guidance and educational content directly to consumers at scale.
Rather than relying solely on traditional awareness campaigns, digital tools can support better decisions at the moments when they matter most, helping consumers build savings, manage expenses and prepare for unexpected shocks. As financial services become increasingly digital, behaviour change may prove just as important as access in improving financial health outcomes.
AI’s opportunity depends on trust
Another major theme at the summit was the growing role of artificial intelligence in financial services. There was considerable optimism about AI’s potential to improve customer experiences, support financial decision-making and deliver personalised guidance. The conversation has already advanced beyond customer service applications towards more sophisticated and agentic systems that could help individuals manage aspects of their financial lives. Alongside this excitement, however, came a strong emphasis on responsibility.Â
Questions around transparency, explainability, accountability, privacy and consumer protection are becoming increasingly important. If AI systems are helping people make financial decisions, consumers and regulators must be confident that outcomes can be understood, challenged and trusted.
This is particularly important in a region where digital financial ecosystems are becoming more interconnected. MENA recorded the fastest regional growth in interoperable mobile money transactions globally in 2025, indicating increasing movement of funds across connected financial systems. As AI becomes embedded within these ecosystems, trust will become even more critical.
Trust is not simply a regulatory requirement. It is a prerequisite for adoption and a foundation for positive financial outcomes.
Financial health is an ecosystem challenge
Perhaps the most encouraging takeaway from the summit was the growing recognition that financial health cannot be delivered by any single institution.
Regulators, financial institutions, fintechs, mobile operators, development partners and industry bodies all have a role to play in creating environments where consumers can thrive financially.
The continued growth of digital financial services demonstrates what coordinated action can achieve. In 2025, bill payment volumes through mobile money increased by 17% across MENA, while the value of bulk disbursements grew by 40%, the fastest regional growth rate globally. These trends reflect increasing collaboration across public and private sector stakeholders to digitise payments and expand the usefulness of financial services.
Initiatives such as the UAE’s Financial Health Nexus demonstrate a growing understanding that improving financial wellbeing requires shared goals, common measurement frameworks and collective action.
The next opportunity for MENA
MENA is well-positioned to become a global leader in financial health innovation. Strong regulatory leadership, ambitious digital transformation agendas, growing fintech ecosystems and high levels of connectivity are creating the foundations for meaningful progress. The rapid expansion of mobile money and digital financial services demonstrates what is possible when innovation, investment and regulation align.
The next phase of progress, however, will be determined not by how many people can access financial services, but by whether those services help people become more financially resilient and secure.
The evidence suggests there is still work to do. While 53% of adults in the region now hold a financial account, only 28% report having enough financial resilience to cover more than two months of expenses following a loss of income. Closing this gap between financial access and financial health represents one of the region’s greatest opportunities and one of its most important challenges.
At the GSMA, we believe financial health is the natural next step in the evolution of inclusive digital finance. This belief is reflected in our decision to re-position the Mobile Money programme as Inclusive Digital Finance. Through our engagement with partners across the ecosystem, we are helping build the evidence base for what works, advance outcome-focused measurement and support collaboration that drives meaningful change. Because the future of financial inclusion will not be defined by access alone. It will be defined by whether financial services help people build resilience, improve their wellbeing and achieve their financial goals.