Mintís main geographical area of focus is the Middle East, which represents a significant and growing market of unbanked individuals and captures a major slice of their associated cash-flows, such as remittances to home markets.
In the Middle East, the unbanked consist primarily of migrant workers employed in un-/semi-skilled jobs and earning low wages ($300-700/month) under strict visas.
The Middle East is the most suitable primary market for Mintís offering for three key reasons:
Growing number of unbanked: the regionís vast inflow of petrodollars has been invested in large infrastructure, real estate, and industrial projects that necessitate large-scale employment of migrant workers.
Government mandates: to safeguard migrant workersí rights and prevent their abuse and exploitation, many governments in the region have introduced mandates requiring non-cash disbursement of employee wages in a track-able and timely manner. On this front, the UAE, Kuwait and Oman already have such regulations in place, while Bahrain, Qatar, and Saudi Arabia are in the process of doing so.
Technology infrastructure: the Middle East benefits from a sufficiently advanced technology infrastructure, such as ATMs and internet and mobile penetration, that supply an efficient platform for the provision of Mintís offering.
The labor market in the Gulf Cooperation Council (GCC) countries consists of a large number of migrant workers, representing close to 50% of the regionís total labor force. The majority of these migrant workers are unbanked.
Conservatively assuming that 50% of these migrant workers are unbanked and earning an average monthly wage of $450, this represents a $45bn/year potential market.
In addition to the GCC, the broader Middle East and North Africa (MENA) region represents a growing market for Mint, albeit with a different profile and product focus.