Fueling SME Growth: Corporate Cards in MENA
The financial landscape for small and medium enterprises (SMEs) in the Middle East and North Africa (MENA) region is rapidly evolving. A leading card payment company sought to understand the market potential for corporate credit cards among SMEs in the UAE, Saudi Arabia, and Egypt. This study aimed to assess the opportunity and determine how corporate credit cards could support business needs across these markets.
Research on Corporate Credit Cards
The primary goal of the research was to explore the current use of corporate credit cards among SMEs and identify gaps in the market. By understanding SMEs’ spending habits, drivers, and barriers to adopting corporate credit cards, the client sought to develop tailored solutions that would meet the unique needs of this underserved market.
To gain deeper insights, the research team conducted large-scale quantitative interviews across the three countries, focusing on:
- – The frequency of corporate credit card use.
- – SMEs’ spending patterns.
- – Key drivers and barriers for adopting credit cards.
Insights from SMEs
- – Usage Patterns: Corporate credit cards were underutilized among SMEs, with many relying on traditional methods of payment.
- – Barriers: Many SMEs hesitated to adopt corporate credit cards due to concerns about fees, lack of transparency, and perceived complexity.
- – Drivers: SMEs were more likely to adopt corporate credit cards when they offered streamlined statements, real-time spending analysis, and enhanced transparency.
Solutions for SME Card Adoption
Based on these insights, the client developed corporate credit card solutions tailored specifically to SMEs, incorporating features such as real-time spending analysis per employee and streamlined financial statements. These enhancements provided businesses with greater transparency and control over their financial transactions, effectively addressing the barriers that had previously hindered SME adoption.
Overall, this highlights the importance of understanding SMEs’ financial behaviors and needs. By customizing credit card solutions to meet the unique challenges faced by SMEs in the MENA region, fintech companies can offer products that deliver real value and drive business growth.