Page 72 - SAMENA Trends - January-February 2025

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Oman Advances in Digital Payments

While Oman is at the forefront of digital local businesses. In Oman, peer-to-peer where cash is used. Restaurants saw the
payments, a quarter (25%) of transactions (P2P) transactions (42%) and everyday most significant drop in cash usage (20%
among consumers surveyed in the spending (28%) account for a significant in 2024, down from 38% in 2023), indicating
sultanate are still made in cash, according proportion of cash usage. Within the P2P progress in digitizing payments in these
to the second edition of Visa’s Where segment, tips (66%) were the top category sectors. The main reasons respondents
Cash Hides research report. Visa, a global where surveyed Omani consumers used prefer cash for P2P transactions are
leader in digital payments, conducted the cash, showing the biggest drop from 2023. habit (32%) and convenience (28%). For
survey across the GCC to examine cash This was followed by money exchanges everyday purchases, the leading reasons
usage trends and explore opportunities between friends and family (53%) and cited are speed (31%) and acceptance
to further accelerate the shift towards property rent (24%). However, international (26%). According to Visa’s report, efforts to
digital payments. The research, based on money transfers through exchange introduce convenient and secure solutions,
a survey of 2,800 individuals across the houses saw an increase (23% in 2024 vs such as Visa Direct (for P2P, tips, other
region, looked into the overall frequency 14% in 2023), suggesting opportunities disbursements, and remittances), Click to
of, and motivations for, cash usage. It to advance secure, digital cross-border Pay (for a better online checkout experience),
identifies cash-heavy categories and payments. Everyday spending – such as and Tap to Phone (a low-cost acceptance
proposes simpler, more secure digital offline taxis (63%), farmers’ markets (55%), solution for SMEs, freelancers, and taxis),
payment solutions for both consumers and and app-based taxis (33%) – are primarily will further promote digital payments and
increase card acceptance in the identified
categories. It said, ‘Encouraging mobile
and contactless payments also presents
a pathway to increasing digital payment
usage for everyday expenses. This requires
educating both banked and unbanked
populations about the acceptance and
security of digital payments.’ In a press
statement, Manish Gautam, Visa’s Country
Manager for Oman, said, “Despite progress
with digital payment adoption in Oman, 25%
of consumer transactions are still in cash.
For Visa, this represents an opportunity to
further drive financial inclusion and digitize
commerce in the country. Our second
edition of Where Cash Hides research
highlights precisely where and how Visa,
together with our partners, can help grow
the digital economy.

Moroccan Fintech Talaty Secures Investment to Drive Financial Inclusion for
SMEs

Talaty, a fintech company based in Rabat, The platform integrates technologies such GRII, Investment Ecosystem Development
Morocco, has secured an undisclosed in- as computer vision, text analysis, and be- Manager at Renew Capital, praised Ta-
vestment from Casablanca-based venture havioral finance to reduce costs and default laty’s impact, stating, “Talaty is providing a
capital firm Witamax and Africa-focused rates, enabling faster, more efficient credit much-needed solution for Morocco’s finan-
impact investment firm Renew Capital. The decisions for SMEs. “Securing financing is cial institutions facing SMB financing chal-
funding aims to support financial inclusion a significant hurdle for small and medium lenges. This initiative represents a true step
for small and medium-sized enterprises businesses, with many facing bankrupt- toward financial inclusion by equipping in-
(SMEs) in Morocco and Francophone Afri- cy due to payment defaults,” said Slimane stitutions with the tools needed to serve a
ca. Founded in 2022 by Slimane Lahriche, Lahriche, CEO of Talaty. “Our AI-driven broader range of SMBs, thereby improving
Simo Bernoussi, Ilyas Daghiri, and Zakaria platform simplifies the process, allowing access to essential financial services for a
El Idrissi, Talaty provides instant lending our partners to offer timely and effective fi- larger segment of the business communi-
solutions utilizing artificial intelligence (AI). nancial support to these businesses.” Nihal ty.”

72 JAN-FEB 2025