PesaKit has announced the public launch of its app-based platform for mobile money agents, available on Android. Since its beta launch in November 2018, the PesaKit app has already empowered 2,500 agents to make smart decisions on their day to day operations, resulting in a 20% increase in profits and productivity.
Considered “the bank branch of the future,” the PesaKit app enables mobile money agents to better serve their customers and manage their finances via existing mobile money products as well as new products. The app also keeps track of the agents transactions and provides them with insights into their business flows and trends so that they can better manage their liquidity.
Andrew Mutua, CEO and founder of PesaKit said;
“PesaKit aims to become a super-platform for mobile money agents in Africa enabling agents to become a reliable last mile distribution channel for digital and financial services. The bank branch of the future is here, and now it’s more evenly distributed.”
The PesaKit app enables agents to grow and prosper in three ways:
- Cash flow analytics and insights to help agents optimise their operations and daily liquidity.
- Access to working capital loans to enable on-demand rebalancing of float
- Transforming agents into digital merchants, enabling them to earn additional income from the sale of digital goods (such as airtime and electricity tokens) and micro- insurance.
Globally, mobile money agents have 7 times more reach than ATMs and 20 times more reach than bank branches. According to the GSMA SOTIR 2018 report, in Kenya, there are 235,168 mobile money agents and 31.2 million mobile money accounts. That means, for every 100,000 people in Kenya, there are 9.2 ATMs, 5 bank branches, and over 535 mobile money agents. These agents are able to reach large volumes of the population via a real human touchpoint, at a scale no other organizations can compete with.
“The global mobile money industry is now processing almost $2 billion in transaction value everyday. In Kenya, mobile money transactions constitute nearly 50% of its GDP. Mobile Money agents are a trusted and critical infrastructure providing access to essential financial services within their communities. The PesaKit app offers money agents new services and envisions them as a channel for diverse services – not just mobile money.”
PesaKit is an award-winning fintech company and a participating company in Catalyst Fund, a global inclusive fintech accelerator backed by JPMorgan Chase & Co., and UK Aid. PesaKit is recognized for its innovation in Kenya and beyond. In 2019, PesaKit was the winner at the 3rd Digital Tech Excellence Awards as The Most Promising Agency Banking Tech Solutions Provider. PesaKit was also selected as a finalist in the AppsAfrica Changing Africa Awards and the Global Fintech Hackcelerator organized by the central banks of Kenya and Singapore. In March 2020, PesaKit was selected as a finalist in the Mondato Awards for Fintech Innovation in Africa.
