MenaPay Digitizing Cash In The Middle East, North Africa

Benzinga is highlighting nominees for the fifth annual Benzinga Global Fintech Awards ahead of the event Nov. 19 in New York City.

One nominee is MenaPay, the first blockchain-based, non-banked payment gateway for the Middle East and North African — MENA — region.

Background

The firm’s approach to payments entails the replacement of cash and traditional banking tools with cryptocurrency.

The firm develops blockchain-based fintech products and services in pursuit of its mission to ensure equal access to financial well-being.

Recent Developments

The firm, established in Dubai, delivers blockchain payments tech that helps digitize cash for 80% of the unbanked population in the MENA region.

Four core products are offered: a mobile application, the MenaPay Business Application for merchangs and resellers; a business dashboard for merchants and resellers; an API; and SDK.

The “MenaPay platform offers a non-bank top-up possibility and user-friendly mobile payment experience, digitalizing cash for the 80% of the unbanked population in the MENA region,” MenaPay's Hakan Selim Ozturk told Benzinga.

“Furthermore, the platform on a blockchain caters perfectly well to a society who does not use banks but at the same time opts for a secure transaction that includes witnesses.”

Growth Prospects

MenaPay aims to build one of the largest cashless societies in the world.

The firm’s vision entials supporting the MENA region’s digital transformation with blockchain-based payment gateways.

At the end of 2019, MenaPay aims to have more than 100,000 users alongside 1,000 online and offline merchants.

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