Saudi Arabia Digital Remittance Market: Size, Future, Growth Insights 2032

 Saudi Arabia digital remittance market is projected to witness a CAGR of 12.13% during the forecast period 2025–2032, growing from USD 184.03 million in 2024 to USD 459.90 million in 2032F, owing to a large expatriate workforce, the rise of fintech and digital wallets, regulatory support, and mobile penetration along with internet access. Saudi Arabia’s digital remittance market is evolving rapidly, as manual and cash-based transfers once dominated it. The Kingdom has quickly adopted digital platforms, particularly since the launch of the Saudi Vision 2030 initiative. With one of the largest migrant worker populations in the Gulf and a tech-savvy youth base at home, the country has the perfect mix of demand and digital readiness.



Report Attributes

Details

Base Year

2024

Forecast Period

2025–2032F

Historical Period

2018–2023

Projected Growth Rate

CAGR of 12.13% between 2025 and 2032

Revenue Forecast in 2032

USD 459.90 million

From app-based money transfers to hybrid agent-assisted digital kiosks, remittance providers are reimagining their services to prioritize speed, transparency, and reach. State-backed reforms in the financial sector, particularly open banking, real-time payment rails, and fintech licensing, are laying the groundwork for stronger digital adoption. Inward flows have surged, too. As Saudi-based expatriates, particularly those from South Asia and Africa, shift away from traditional corridors, mobile-first apps and domestic fintechs are gaining traction.

For instance, in June 2025, MoneyGram International, Inc. partnered with Tiqmo Digital Solutions Ltd., enabling Tiqmo’s users to access MoneyGram’s extensive network of 480,000 agent locations worldwide. This partnership supports both sending and receiving options in over 120 currencies. In addition to money transfers, Tiqmo offers a comprehensive range of international financial services, including bank account transfers, digital wallet transfers, cash pick-up, bill payments, and mobile top-ups. This collaboration significantly expands the global reach of Saudi Arabia’s fastest-expanding digital wallet, Tiqmo.

Government Push via Vision 2030 and SAMA Licensing Framework Leads to Market Growth

The transformation is deliberate. The Saudi Arabian Monetary Agency (SAMA) has prioritized fintech and digital remittance innovation as part of the country’s Financial Sector Development Program (FSDP). In October 2023, SAMA granted additional licenses to local digital remittance startups under its updated Money Transfer and E-Wallet Licensing rules, enabling them to operate with full-stack digital capabilities without requiring a physical branch. Players such as Tiqmo and Amwal Tech are products of this shift. Both operate entirely online, leveraging the new regulatory clarity to build app-based cross-border payment systems.

Tiqmo, for instance, was licensed by SAMA and has since partnered with regional banking networks to offer 24/7 digital remittance support. SAMA also launched the instant payment service “Sarie”, which now supports real-time transfers, including remittance-linked settlements. For example, according to SAMA’s 2023 annual report, more than 600 million instant transactions were processed in the year, a large chunk of which supported financial inclusion goals.

Rise of Hybrid Remittance Models Bridging Urban–Rural Gaps Driving the Market

Not everyone in Saudi Arabia is fully digital, yet. However, remittance companies have found a middle ground in hybrid models. These blend digital interfaces with physical agent support, allowing unbanked or digitally cautious users to send money via kiosks, with the backend processed digitally.

For example. In March 2024, Enjaz by Bank Albilad upgraded over 180 of its remittance branches with self-service kiosks, enabling users to initiate transactions via the Enjaz app and then deposit cash in person. Similarly, Tahweel Al Rajhi expanded its hybrid model by integrating in-app barcode generation with teller-assisted payments.

This model is especially relevant for migrant workers in construction and domestic work, who may not have full access to mobile banking but still rely on timely remittances. For them, hybrids are more than a convenience; it is a necessity.

Download Free Sample Report

Outward Remittance Segment Dominates Market Share

Saudi Arabia has long been one of the world’s top outward remittance sources, and that’s not changing. With over 10 million expatriates in the country, the outward remittance segment makes up the bulk of transaction volumes and values. But it’s going digital fast.

For instance, in October 2024, the Saudi Central Bank (SAMA) reported that expatriate remittances from Saudi Arabia increased to USD 3.58 billion (SAR 13.43 billion), marking a 23% year-on-year rise, the highest monthly total in over two years.

To improve speed and reduce cost, players are integrating with direct payout APIs and leveraging blockchain rails. These improvements are not just enhancing customer satisfaction; they are setting a new standard for how outward remittances are handled in the Gulf. Outward remittances, though traditional in volume, are now modern in execution. And they remain the core of Saudi Arabia’s digital remittance push.

Report Scope

“Saudi Arabia Digital Remittance Market Assessment, Opportunities and Forecast, 2018–2032F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of Saudi Arabia digital remittance market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

Click Here:https://www.marketsandata.com/industry-reports/saudi-arabia-digital-remittance-market

About Us:

Markets and Data provides a comprehensive/ panoramic understanding of markets at global, regional, and country levels. Examine changing consumer preferences, emerging challenges, underlying trends, and growth prospects to accelerate your business strategies.

Contact

Mr. Vivek Gupta

5741 Cleveland street,

Suite 120, VA beach, VA, USA 23462

Tel: +1 (757) 343–3258

Email: info@marketsandata.com

Website: https://www.marketsandata.com

Comments

Post a Comment

Popular posts from this blog

The Future Is Charged: What’s Next for Lithium-ion Batteries in 2025

Image
  The  global lithium-ion battery   market isn’t slowing down anytime soon. In 2024, it stood at $73.16 billion. By 2032, it’s projected to climb to a staggering $283.11 billion. That’s not a gentle incline, it’s a steep ascent driven by how the world is evolving: more digital, more mobile, and more electric. They’re the technology quietly running behind everything from smartphones to electric vehicle power systems. And the pace of change is only accelerating. Why the World Keeps Turning to Lithium-Ion There’s a reason these batteries have become the go-to energy source. They’re compact, fast-charging, and built to last. This makes them ideal for devices we can’t live without smartphones, tablets, laptops, wearables, and more. As consumer electronics continue to evolve and integrate into daily life, battery performance becomes non-negotiable. People want devices that last longer and charge faster. It’s influencing how batteries are designed, what goes into them, and how t...
Read more

Global Automotive Smart Lighting Market: Size, Future, Growth, Trends Outlook 2032

Image
  Indian nano urea market   is projected to witness a   CAGR of 14.78%   during the forecast period FY2026-FY2033, growing from   20.61 million liters   in FY2025 to  62.09 million   liters in FY2033F, in terms of volume. Increasing demand for the sustainable and productive farming is one of the major drivers, as nano urea reduces environmental impact and increases crop yield. In addition, the government incentives for sustainable farming and subsidies on the use of nano urea further driving the demand. Furthermore, the cost advantage of nano urea over traditional fertilizers, along with its cost-saving logistics potential, also entice farmers. All these drivers propel the increasing use of nano urea, transforming the farming sector by offering a more sustainable and productive alternative to traditional fertilizers. Report Attributes Details Base Year FY2025 Forecast Period FY2026-FY2033F Historical Period FY2019-FY2024 Projected Growth Rate CAGR...
Read more

Global Curved TV Market: Size, Future, Growth, Trends Insights 2032

Image
  Global curved TV market  is projected to witness a  CAGR of 11.72%  during the forecast period 2025–2032, growing from  USD 10.27 billion  in 2024 to  USD 24.93 billion  in 2032F, owing to consumer preferences, technological advancements, and competition from alternative display technologies such as OLED and QLED. In addition, the manufacturers said the curved design improved depth perception and created a theater like feel by wrapping the image around the viewer’s field of vision. Curved TVs are also visually appealing; their curved and stylish shape appeals to consumers wanting high-tech home theater systems. New advancements in technology, including flexible display panel technology along with technologies such as 4K resolution and HDR, seemed to add an appeal, and hence curved TVs became a sign of leading-edge innovation. Report Attributes Details Base Year 2024 Forecast Period 2025–2032F Historical Period 2018–2023 Projected Growth Rate CAG...
Read more