A decade after the launch of M-Pesa, a transformative mobile phone-based platform for money transfer and financial services has transformed the economy of Kenya.
Its success has reshaped Kenya’s banking and telecom sectors, extended financial inclusion for nearly 20 million Kenyans, and facilitated the creation of thousands of small businesses including the creation of Fintech companies whose services are pegged on the M-PESA platform.
According to the Central Bank of Kenya, mobile money transactions stood at Sh3.98 trillion (US$38.5 billion) as at 2018 translating to an average value of Sh10.92 (US$108 million) billion mobile cash transactions per day.
One company that has capitalized on this development is Kyanda, a mobile application that enables users to make easy and affordable money transfer using their mobile phones.
Founded by Collins Kathuli in early 2019, Kyanda also enables users to purchase discounted airtime, pay bills while enabling them to convert excess airtime back to cash.
“Our aim to assist all our clients and relieve them from high transaction costs incurred while making money transfers, purchasing airtime or paying bills,” Kathuli tells Founder360°.
With the Kyanda mobile application, you can save up to 70% on your money transfer transactions enabling users to save.
The startup generates revenues by taking a commission on mobile transfer transactions, airtime conversion and displayed ads. Since its founding, the company has already signed up 1,000 users.
Kyanda has introduced and currently testing its stock trading feature that will allow its users to access and trade in Nairobi Stock Exchange (NSE) shares from their mobile phones.
“This part is active but under pilot testing. This feature requires a lot of assistance such as acquiring the required authorizations from CMA and Central Bank of Kenya before making it available out there.” Kathuli adds.
The 19-year old aims to build a simplified platform housing nearly all financial services all under one mobile application while enabling individuals and businesses to save money.