Muhammad Ashraf is the CEO of Mensa Technologies. He is an industry expert with years of experience in technology and uses his exceptional expertise for business growth. With a proven track record of success in various multinational organizations, Ashraf has held several key positions.
His extensive experience and leadership skills have been instrumental in establishing Mensa Technologies as a leading player in the financial services technology industry. Under his leadership, Mensa has expanded its product offerings and technology services to cater to the needs of small businesses, and the company aims to be listed on an international stock exchange within the next two years.
Ashraf’s passion for technology and his commitment to customer satisfaction have been driving forces behind Mensa’s success. Learn more about Muhammad Ashraf and his company through our interview below.
What’s the idea behind your company?
Mensa Technologies apparently seems like a usual FinTech startup since November 2018. However, we are different in many ways. Our mission is clear: to serve both the underserved and the mass affluent in the same way. We believe that mentioning only the underserved segment gives them the feeling of receiving different, possibly lower-grade service, whereas combining the mass affluent will provide an equally important experience, as proven through our UX designs for our end-users.
We have two distinct service segments in a Business-to-Business way (our end-users are signed up through their respective organizations only), which is why we call it B2B2C:
- MensaPay is the FinTech providing a digital wallet backed by a prepaid card with an existing source of funds for the card. Our key products include Salary Disbursement Cards (WPS-related), Mall-based Gift Cards, Corporate expenses and other payment Cards, Loyalty redemption Cards, and Merchant Cards.
- Mensa Technology Services offers end-to-end business application services with a Cloud on top. We have developed a CRM Lead Management application that is going through its first pilot customer, where we are also providing their independent cloud server to host our application. We are offering a payroll application to integrate with WPS files, making it seamless for our corporate customers. We have developed a self-service sign-up and management for very small businesses so that they can define their domestic and business staff for WPS salary, and our system generates WPS files automatically without them needing to create excel on a computer. Everything is done through a mobile app, making it simple for our customers.
How did you begin your career journey? Do you have some advice for beginners?
I have been on a very long journey. My first job was as an assistant teller at a large bank in May 1976. I then went on to work for multinational organizations such as IBM and Euronet Worldwide over the years. At Euronet, I held five concurrent positions as MD and GM of the Middle East, member of the board at two entities in MEA and Pakistan, and Regional Director of Operations of MEAP. After retiring from Euronet, I joined Mint Middle East as COO and am now serving as CEO at Mensa Technologies.
My advice for beginners is to apply the same five senses at work as in life: a sense of responsibility, ownership, urgency, direction, and above all, common sense. These vital senses give us a positive and optimistic attitude towards work life, opening endless possibilities to perform and excel in one’s job.
What’s the goal of your company?
Mensa Technologies is one of the companies of the Mensa Group. Our short-term goal is to be listed on the UAE or international stock exchange within two years. In the long term, we aim to become a multinational financial services technology provider with a broader spectrum of services, offering end-to-end technology and operations services that allow our clients to focus solely on their core business.
How important are employees’ energy levels to the success of your company?
Organizations are made up of people, and their energy determines whether the organization is successful or not. I often use the 1933 movie “I’m No Angel” quote: “It’s not the men in your life that count. It’s the life in your men.” At Mensa, we make great efforts to maintain high employee morale and keep the team motivated.
How do you plan to motivate your team to go the extra mile?
At Mensa, we love taking on challenges, and this is what keeps our team motivated to go the extra mile. With a hands-on career history, I often participate in design discussions with the team to overcome all challenges and provide quality and unique solutions for our customers.
What keeps your company moving forward even during challenges?
I would like to give full credit to our Chairwoman, Dr Shasha Tan. She is always optimistic and encourages us to keep going until the challenge is over.
How do you think technology is leading to changes in businesses? Do you feel it’s helping your company grow?
In my opinion, the core function of a business remains the same per the business requirements, and technology is causing significant changes in how business is conducted and operated. As a technology company, Mensa has technology-based internal business processes that optimize our efficiency in everyday work.
How are your company adapting to digitalization?
As a technology company, we offer support to other organizations to digitize their business processes. At Mensa, we have already digitized all of our own business processes.
Do you use innovative ideas to be unique?
Certainly! Our products and services are unique and pioneering in nature. Our signature mobile app features are distinct in the market. At Mensa, we prioritize the user experience when designing our UX and application functions.
What are the services/solutions or products offered by your company as par with the current industry standards? Tell us something about your upcoming products or services.
As mentioned above, we have two business segments: MensaPay and Technology Services. Our MensaPay products are based on a digital wallet backed by a prepaid card. Our key MensaPay products include the WPS Salary Disbursement card, Mall Gift card, Corporate Payment card, Loyalty Redemption card, and Merchant card.
We are also coming up with a self-service sign-up and operational model for very small businesses, where they can use our MensaLinks mobile app to do everything, and all output data files, such as WPS files, are automatically generated by our system.
Our technology services encompass the end-to-end journey for small business organizations, allowing them to focus on their core business. Our key technology offerings include cloud services, key applications, bespoke application development, API integration platform services, and IT-related services.
Would you like to say anything else to our viewers?
The FinTech industry is flooded with ideas and popular terms. One should look for a real business use case and see if the offering is making any money for the provider. Mensa takes care of practical use cases-based needs for end-users through their organizations and creates a sense of a business proposition. Only a profitable organization can sustain good customer service for a long time.
Connect with Muhammad Ashraf on LinkedIn.
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