Pesakit recognised by inclusive fintech 50 for driving financial inclusion in East Africa
PesaKit has been selected as part of the 2020 Inclusive Fintech 50 cohort and received a Financial Resiliency cash prize of USD 25,000 for its efforts towards revolutionizing last mile financial and digital inclusion through mobile money agents. The funds will support PesaKit piloting it’s new lending algorithms.
They were chosen from more than 400 innovative startups from across the world that provide low-income households and businesses with financial tools that can help them support their livelihoods and build financial resilience. The Inclusive Fintech 50 initiative selects startups that excel on four fronts: inclusiveness, innovation, scale potential, and traction.
PesaKit aims to become a super platform for mobile money agents in Africa who can serve as an interoperable, trusted and inclusive last mile distribution channel for a variety of digital and financial services so that underserved populations across the continent have better access to the services they need.
Mobile money agents serve as a critical infrastructure to financial access in emerging markets. They represent the physical backbone and face of the mobile money industry and are recognized as a trusted financial access point by the people.
In Kenya, where mobile money transaction volume constitutes nearly 50% of its GDP, there is a mobile money agent for approximately every 231 people. 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.
PesaKit offers agents working capital in the form of e-float loans, through regulated Microfinance Institutions (MFIs), to help them rebalance their liquidity, better serve their customers and manage their own financial health. They have so far reached over 8,000 registered mobile money agents.
PesaKit recently launched a data-driven app which will help over 200,000 mobile money agents in Kenya access digital financial services and unlock access for millions of customers that are currently underserved and underbanked. The app also enables agents to earn additional income in the form of commissions from the sale of digital goods and microinsurance.
“We are thrilled to be selected as part of the 2020 Inclusive Fintech 50 cohort! This recognition has emboldened our mission to support mobile money agents across the continent. With every agent we engage, we are ensuring financial services efficiently and affordable reach the last mile.
This recognition motivates us to fast track future product developments that have the power to positively impact our communities, catalyse job creation, increase incomes and strengthen the last-mile infrastructure” said Andrew Mutua, CEO and Founder of PesaKit on receiving this honour.
As part of the 2020 Inclusive Fintech 50 cohort, PesaKit will benefit from global visibility and the opportunity to connect with its fintech peers. This recognition also opens up growth opportunities through partnership with like minded financial institutions and telcos enabling PesaKit to further contribute to the financial resilience of mobile money agents and MSMEs across Africa.
“This award not only brings us industry wide recognition and raises our company profile, it most importantly increases the awareness of our products and the need for more inclusive fintech startups that enable better outcomes for people on low incomes in Africa”, continued Andrew.
Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid & Comic Relief. The initiative elevates promising early-stage fintechs driving financial inclusion and resilience around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services.