Middle East and Africa (MEA) retail banks are the strongest believers in a cashless society, prioritizing digitalization to drive financial inclusion, according to a study released by Temenos. The report, prepared by the Economist Intelligence Unit, reveals that the Middle East is poised to encourage digital financial inclusion, with young populations and smartphone use predicted to hit 74% by 2025. Of the 65 senior bankers in the region who responded, 6 in 10 think cash will dip below 5% of retail transactions in the next five years, compared to 48% globally.
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