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MTI Plans to Merge Bee & Masary E-Payment Platforms by 2020

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MTI Plans to Merge Bee & Masary E-Payment Platforms by 2020
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Cairo 360

Some people may not be familiar with some of the companies mentioned in the title of the article. But never fear, because by the end of this article, you will be fully updated with the nature of all 3 organizations.

Let’s start with MTI or MM Group for Industry and International Trade. According to the website, MTI is a joint stock company that was founded in 1996 with a clear vision towards becoming Egypt’s largest distributor, and is currently a market leader in the local consumer electronics distribution and retail segment. It also holds a diversified product portfolio with significant growth prospects through strong partnerships with leading global brands.

Yesterday, Daily News Egypt stated that MTI plans to merge its e-payment platforms, Bee and Masary, both leading payment facilitators in Egypt, by 2020. The company’s Investor Relations and Business Development Manager at MTI, Ashraf El-Ghannam added that they aim to increase its business volume to EGP 20 billion by the end of this year or the beginning of 2020 to increase high-profit-margin products.

Alright, so what are Bee and Masary? Well, Bee is a pioneering tech company in payment solutions, with 70.0k point of sales, that introduces a wide range of diversified services to suit all needs and all ages, whether it’s recharging your mobile, paying all your bills, shopping online, buying insurance, etc. On the other hand, Masary is an e-payment company, with 80.0k points of sales, that focuses to serve unbanked and under banked consumers through revamping the micro payments eco-system with new relationships and business models between service providers and merchants.

Daily News shared a breakdown of MTI’s gross profit margin distribution: Samsung Mobile 6%, Huawei Mobile 8%, Qanawat 7%, Bosch 15%, telecom 4.2-4.6%, automotive 15%, and pipes and tractor over 30%. MTI targets EGP 11 billion in sales during 2019, including the expected EGP 3 billion from Qanawat. For future plans, they intend to develop and invest in Ebtikar, a non- banking financial services platform, to focus more on microfinance services to support its core operations.