EP 44: Building a Super App: The Journey of Careem Pay with Madiha Sattar, VP of Careem Pay

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May 2, 2023

Madiha Sattar, VP of Careem Pay, is a dynamic leader with a rich background in finance, tech, and media. She discusses Careem's transformation into a super app, integrating various services to enhance user experience. Madiha shares insights on building a fintech ecosystem in the Middle East, tackling regulatory challenges, and the importance of customer satisfaction. She passionately highlights the role of women in finance, advocating for mentorship and empowerment to bridge the gender gap in leadership roles.

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INSIGHT

Super App Demand in MENA

Kareem sees more chance for super app success in MENA due to less dominant specialist apps.
Trust and operational complexity drive need for multi-vertical apps in the region.

ADVICE

Keys to Super App Success

Delivering reliable, easy payments is foundational for all services.
Personalize UI and automate relevant service pitches to reduce customer acquisition costs.

ANECDOTE

Kareem Pay's Fintech Launch

Kareem Pay launched UAE's first regulated digital wallet last year with peer-to-peer and remittance features.
They acquired Denari to enable multiple partners optimizing costs and speed for remittance.

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In this episode of Couchonomics with Arjun, we speak with Madiha Sattar, VP of Careem Pay, the fintech arm of Careem, the Middle East's first unicorn.

Madiha has had a versatile and ambitious career across finance, tech, and media. Prior to joining Careem, she worked in management consulting at McKinsey and in corporate strategy at JPMorgan. She also has experience as a journalist covering political, security, and social issues in Pakistan.

As VP of Careem Pay, Madiha is leading strategy development and key partnerships for Careem's fintech business and products. She envisions making Careem Pay the leading digital financial services provider in the region.

Careem Pay's mission is to provide essential financial services that simplify people's lives as part of an Everything app. The company is not trying to be a neobank, but a player that meets the daily financial needs of its users. While Careem has been facilitating payments for ride-hailing and deliveries for the past 11 years, it only became a regulated FinTech recently with the launch of its digital wallet in the UAE. The company has since launched a comprehensive suite of FinTech products, including a peer-to-peer money transfer service and international remittance starting with UAE and Pakistan as the first corridor. Careem Pay is determined to perfect its services before expanding into other corridors.

In this episode, we discuss building a fintech ecosystem in the Middle East and the challenges and opportunities that come with it. Madiha shares her insights on Careem Pay's role in shaping the region's fintech landscape and how they are working to establish industry-leading verticals but also:

The transition from a ride-hailing brand to an everything app
Geographic expansion plans for Careem
The problem of diversity in fintech

Join us on this episode of Couchonomics with Arjun to learn more about the future of fintech in the Middle East and how Careem Pay is playing a pivotal role in driving innovation and growth in the industry.

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