- whitepaper
eWallets in Lebanon
“Neobanking, where innovation meets finance, has redefined the banking landscape and propelled its success. By embracing technology, deep banking knowledge, delivering seamless user experiences, and prioritizing customer-centricity, neobanks are ushering in a new era of financial empowerment and convenience.”
eWallets in Lebanon have experienced notable growth in recent years, mirroring the global trend of the rising popularity of mobile payments and contactless transactions. As of November 2023, the Central Bank of Lebanon (Banque du Liban) had greenlit 13 eWallet providers, with more awaiting approval.
This widespread adoption of eWallets is fueled primarily by the loss of trust in financial institutions, which started when the economic crash hit the country in 2019. The loss of trust caused Lebanon to plunge into an unprecedented debanking spree. Bank account ownership dropped from 44.8% in 2018 to 21.6% in 2021 and has continued to decline since. A majority of Lebanese people have resorted to managing their finances from home, a practice that is not only risky but also unsustainable as the country’s currency has experienced extensive devaluation.
Despite the numerous challenges facing the country, all is not lost. The Lebanese people have demonstrated resilience through the challenging economic times and have sought alternate means of managing their money. With strong government support, FinTechs, startups, and even financial institutions have embraced eWallets as a step toward restoring the country’s lost glory as the ‘Switzerland of the East.’
Download and read our market report on eWallets in Lebanon for more insights.
