# The Broken State of Banking in MENA

Across the Middle East and North Africa, finance remains fragmented by borders, currencies, and inconsistent systems.

Each country operates its own rails, compliance frameworks, and payment networks - making simple financial interactions slow and costly.

**Key challenges:**

* **High Fees:** Sending USD 200 in remittances to MENA costs around **6.5 %**, and much more in certain regions.
* **Long Delays:** Transfers can take **days or even weeks**, moving through multiple intermediaries and bank accounts that each charge their own fees.
* **Transparency Gaps:** Users rarely know the final received amount, due to hidden FX markups and intermediary bank deductions.