PesaKit was birthed in Nairobi, Kenya with the aim of delivering digital financial services to the underbanked and underserved in Africa. Mobile money is the backbone of Africa’s financial infrastructure and PesaKit’s mission is to empower every mobile money agent across the continent to become the source of more affordable and convenient digital financial services, so they and their communities can grow and prosper.
How it all began
Back in April 2017, PesaKit CEO Andrew Mutua’s cousin had a boda boda (motorcycle) accident and the private hospital she was taken to needed money before attending to her. She didn’t have enough cash on her and she reached out to him for help. As most Kenyans would, he turned to mobile money agents to make a cash deposit to send to her. After a frustrating 40 minutes of looking for an agent with enough float money to enable his deposit, he was eventually able to help his cousin. This sparked a light bulb and had him thinking; how can this systematic issue be solved?
How could millions of mobile money users escape the disappointment of being turned away by their agents for lack of float? This was the problem PesaKit would solve. After a year of beta testing, the app was launched to the public in August of 2020 and has since enabled over 28,000 mobile money agents in Kenya to stay afloat.
Recognition
PesaKit has been recognized for its innovation in Kenya and beyond. PesaKit was a participating company in Catalyst Fund, a global inclusive fintech accelerator backed by JPMorgan Chase & Co., and UK Aid.
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.
In October 2020, PesaKit was 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.
PesaKit was selected 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.