Kenyan startup VunaPay is an agri-fintech company dedicated to solving the problem of delayed payments for smallholder farmers by offering instant payout solutions. Founded in 2023 by Gatwiri Njogu-Mokaya (CEO), Koya Matsuno (COO), and Ian Wambai (CTO), VunaPay collaborates with agricultural cooperatives to streamline automated payment processing, maintain accurate record management, and ensure transparent financial transactions.
In addition to payment solutions, VunaPay provides cooperative management tools that include inventory tracking and real-time farmer data management, thereby enhancing efficiency and trust within the agricultural value chain.
Matsuno highlighted that smallholder farmers often face significant cash flow challenges due to delayed payments from cooperatives. “This situation frequently forces them to sell their produce to middlemen at lower prices or resort to high-interest predatory loans. VunaPay’s instant payout system addresses this critical gap,” he explained.
He further noted that while competition includes informal middlemen and predatory lending apps, VunaPay sets itself apart by integrating technology with cooperatives to ensure fair and timely payments.
VunaPay is backed by venture capital firms such as 54 Collective and Lifetime Ventures, and has also secured grant funding from Heifer International and MIT Solve. The startup has successfully onboarded 30 cooperatives across three value chains, registered over 20,000 farmers on its platform, and been selected for various accelerator programs, including Antler, MIT Solve, and Safaricom Spark.
The company has onboarded over 20,000 farmers, with an additional 100,000 on the waitlist across Kenya, and is experiencing rapid growth. Farmers and cooperatives have shown strong interest due to the platform’s transparency and efficiency. Demand continues to rise, with thousands more expressing interest. To date, VunaPay has facilitated approximately KES70 million (US$550,000) in payments.
Koya Matsuno
Currently, VunaPay operates exclusively in Kenya, focusing on coffee, maize, and dairy cooperatives. The company plans to expand into other agricultural value chains, such as tea, and aims to extend its geographical reach within Kenya and eventually to other African countries.
