Ripple’s Survey Signals Massive Blockchain Payment Adoption Across Middle East and Africa

Ripple’s Survey Signals Massive Blockchain Payment Adoption Across Middle East and Africa

Ripple Reveals How Blockchain Will Dominate Finance Across the Middle East and Africa

Crypto is revolutionizing finance in the Middle East and Africa (MENA), with payments, digital assets, and cross-border transactions leading the way, according to Ripple’s 2024 New Value survey. Reece Merrick, Ripple’s Managing Director for the region, shared insights from the survey on Monday via social media platform X.

The survey, which included nearly 2,000 leaders from global financial institutions and enterprises—with over 200 respondents from the UAE, Saudi Arabia, and Turkey—highlighted the growing role of blockchain technology in the MENA region. Merrick explained:

"The most cited application for blockchain technology was enabling customers to make payments using blockchain-based currencies (52%). Accepting payments in the form of blockchain-based currencies (47%) ranked as the second most common focus for regional leaders."

The survey also highlighted increasing interest in digital asset markets, with "buying/selling/trading other types of digital assets (e.g., tokenized securities or real-world assets) (42%)" identified as a key priority for many respondents. Furthermore, 38% of institutions prioritized making cross-border payments in blockchain-based currencies, reflecting the global demand for more efficient international transactions.

The UAE as a Global Crypto Hub

Merrick reiterated Ripple’s commitment to expanding the digital asset landscape across MENA, emphasizing the UAE’s leadership in the crypto space. He highlighted the role of progressive regulations, blockchain advancements, and dirham-backed stablecoins in streamlining cross-border payments and remittances.

The UAE’s supportive legal frameworks have positioned it as a global hub for digital assets, driving innovation in areas like asset tokenization. Merrick pointed to the Gulf Cooperation Council (GCC) as a key player in fostering economic innovation. He predicts that by 2025, blockchain technology will be deeply integrated into the banking systems of Saudi Arabia, Bahrain, Qatar, and Morocco, fundamentally transforming the financial landscape across the region.