Çağla GÜL ŞENKARDEŞ, CEO of MenaPay while in conversation with Daily NewsPK elaborated on how MenaPay is focusing on financial inclusion and has changed the dynamics of payment industry of the region using blockchain technology.
1. What led you to create ‘MenaPay’? When was it founded?
MenaPay stands for connecting consumers with the digital economy focusing on the unbanked population.
MenaPay is the first, fully backed and blockchain based non-bank mobile payment solution and Super Application in the Middle East & Africa Region and offers different financial instruments and entertainment solutions all in one application.
MenaPay digitalizes cash with stable cryptocurrency and offers a gateway for the merchants all over the world to onboard the potential consumers in the MENA region.
MenaPay, was founded in 2018 with the motivation to provide solutions to people living in the Mena region, who do not use banks and have access to financial services. We believe that the MENA region has a real potential for growth and digital transformation where we want to be a part of this transformation. As of June 2019, the product was launched and was updated to be a SuperApp by February 2020.
2. What is the core service/solution you are providing? What are the pain points that you are targeting and what is the key differentiating factor from similar offerings?
MenaPay is the first mover to enter the region as a non-bank mobile payment solution with a stable cryptocurrency which has the opportunity to unite the region as a most commonly used currency. Digitalization of cash means the opportunity to better monetize for merchants and convenience for the consumers. More importantly, the system built on a blockchain, caters perfectly well to a society who does not use banks but at the same time opts for a multi- financial solution which is compliant to the Islamic Finance rules.
MenaPay full product portfolio enables fast and secure payments and borderless money transfer via just a QR code, user name, e-mail or phone number. MenaPay «Super App» lets the users make payments, purchase virtual goods with e-commerce features, trade cryptocurrencies, gold, etc. and get socialized as well.
3. What are the parameters to measure client satisfaction?
MenaPay puts consumers in the center and invest in product and technology as well as the User Experience. This mindset leads us to improve user experience and and customer satisfaction.. Additionally, we always keep our products up to date in accordance with the user’s feedback and improve our application considering market needs. We do monitor retention rate and active user behaviours as well as the surveys we conduct to our users to measure and improve customer satisfaction. Our teams in different countries and regions provide us with the most effective cultural and segmented insights developing a new feature. We do have Telegram Groups in 3 different languages where we engage with our users and reply their questions and needs instantly. We have a community of our users and followers who can directly contact the team, always helping us to improve our services and products.
4. What is your future outlook and what do you stand to achieve by next year?
Focusing on and fulfilling the needs of Mena region (around 70% mobile phone penetration rate), MenaPay carries the vision of becoming the digital bank of the Region where over %84 of the population is either unbanked and/or mainly abide by the religious rules.
Briefly; expanding our network of users, merchants and resellers. And launching all new features on our production pipeline to offer more services with one click within MenaPay to our customers. By offering various range of services besides payment, our users will not have to use many other applications, they will fulfill their needs just using MenaPay.
