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.
Through predictive analytics by forecasting their inventory needs for the next hour, day, week or month, the app assesses an agent’s creditworthiness and creates a score, where it previously didn’t exist enabling the agent to borrow float (money) when it is required or based on recommendations and insights helping them better manage their liquidity.
“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,” said Andrew Mutua, CEO and founder of PesaKit.
The PesaKit app enables agents to grow and prosper through its cash flow analytics and insights platform which helps agents optimize their operations and daily liquidity. Agents using PesaKit app are able to access working capital loans to facilitate the on-demand rebalancing of float.
The app also transforms agents into digital merchants, enabling them to earn additional income from the sale of digital goods (such as airtime, electricity tokens etc.) and microinsurance.
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 US$2 billion in transaction value every day. 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,” said Andrew Mutua.
In 2019, PesaKit was selected to be part of in Catalyst Fund, a global inclusive FinTech accelerator backed by JPMorgan Chase & Co., and UK Aid. The startup 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.
Earlier this year, it was selected as a finalist in the Mondato Awards for Fintech Innovation in Africa.