In a market hungry for innovative solutions, Masarat, a pioneering FinTech company in Libya, has thrived by embracing change. Over its two-decade journey, it has strategically chosen to be a thriver and trendsetter rather than succumb to challenges.
Masarat’s success hinges not on a single “great business model” but its adaptability. The company doesn’t merely react to the current demands of the FinTech market; it proactively anticipates future needs and takes the initiative to deliver improved services.
Starting as a Value-Added Service Provider (VASP), during which such services were emerging in the Middle East. It became the first VASP company in the country and laid the ground for other companies to start. However, after offering SMS banking services to one of the biggest local banks, it saw an opportunity to expand even more. Therefore, Masarat pivoted to become a full-fledged FinTech company.
In recognition of the opportunity for a broader impact in FinTech, Masarat ventured into online banking services, establishing itself with six prominent local banks. With over 2.5 million users, Masarat’s services have turned a single person’s almost ten thousand bank visits into clickable transactions.
Next was online payment, as they recognized how impactful the service is in developing countries and how it can swiftly spread. Masarat’s shift to online payments proved to be a game-changer for Libya. These solutions have not only increased convenience for both customers and banks but have also assisted with critical issues like the cash shortage the country faced at that time. And by promoting digital transactions, Masarat has played a pivotal role in fostering a new economic culture centred around digitalization.
Masarat aims to grow its success beyond Libya. The company is pursuing strategic expansion in the MENA region and Africa, including entering the West African market – officially registered in Côte d’Ivoire – since the seven countries share the same currency and central bank, entering such a market with one step produces tremendous benefits.
Masarat’s commitment to constant innovation continues through leveraging artificial intelligence (AI). The company is developing a range of new services aimed at predicting customer behaviour and enhancing service offerings. This forward-thinking approach is designed to benefit both merchants and payment service providers by providing valuable insights and enabling the development of tailored solutions.
Masarat’s journey is a testament to the power of adaptability and foresight in the face of adversity. By continuously evolving and expanding its services, The company’s vision is clear: to leverage its innovative spirit and strategic initiatives to drive financial inclusion and economic growth in emerging markets.
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