PesaKit is a Nairobi based fintech company operating in Kenya, Uganda, Tanzania and Ghana. We are reimagining access to financial services and e-commerce at the last mile powered by the PesaKit super app in Africa. Our platform enables efficiency and profitability for MSMEs, merchants, distributors, manufacturers, telcos and banks by digitizing their demand and supply of financial services and ecommerce goods.
Plans are underway to launch on-ramp and off-ramp of crypto at PesaKit agents points. We aim to leverage our vast agent network, which currently stands at 36,021 agents to exchange crypto currency for fiat currency, enabling fast and efficient movement of funds from the digital to physical world. The consequent financial history of crypto CICO would then enable us to offer DeFi loans to our customers. This solution will help us to further narrow the MSME lending gap in Kenya which currently stands at USD 19 Billion. In addition we will enable participating agents to access a new revenue source by acting as providers of this new financial service as they will earn a commission on every CICO transaction completed.
PesaKit Stellar App Screens
We aim to achieve the following in the next 6 months:-
Goal One: In the first six months of our operations, we are targeting to register over 1,200 users on our platform, with 175 agents processing over 700 transactions.
Goal Two: We aim to hire a marketing manager fully dedicated to the project. The marketing manager will develop a marketing and communication strategy that will include audio and visual content for the key purpose of educating our users on cryptocurrency matters and how to use the different functionalities the platform offers.
Goal Three: We will expand our development team by hiring a product manager, backend and mobile engineer.
Goal Four: Increase our sales revenue by increasing the number of monthly transactions. Specifically, we aim to grow our sales revenue and monthly transactions on the platform during the 1st quarter of operations by 6%, then the 2nd quarter by 10%.
Goal Five: Launch a DeFi lending platform for our mobile money agents leveraging the transaction history of crypto CICO.
We aim to achieve the following in the next 6 months:-
Kenya has consistently been ranked as one of the top cryptocurrency markets in Africa. Given the limited banking infrastructure in Kenya and many other African countries, crypto users have limited ways of cashing in cashing out crypto at physical locations. Further, a large percentage of Kenya live in rural areas, currently at 72% as compared to 28% who live in urban areas. Thus a majority of Kenyans in underbanked and underserved areas and many other countries in Sub-Saharan Africa have limited on-ramp and off-ramp options.
For every 100,000 persons in Kenya, there are 3 banks, 5 atms and 627 mobile money agents.
Based on this data, we aim to use our vast network of more than thirty thousand agents to provide this critical service of crypto CICO to the remote and semi remote areas which are home to many of the financially excluded population.
We will develop a Stellar Network powered mobile app that will enable our customers to on-ramp and off-ramp at our vast agent network. In addition, we will extend DeFI lending at the last-mile, specifically for the underbanked and underserved areas using PesaKit tokens built on the Stellar network.
We will use Stellar to further enhance interoperability of the PesaKit platform beyond the unified mobile money wallet we currently have by easily moving currency between the physical world and digital platforms.
Our core consumer audience will be located in Kenya and Uganda where an estimated 4.5 million people currently own various forms of cryptocurrencies. Regulatory wise, Central Banks in these two countries have opened up sandboxes for Fintechs to test and experiment Blockchain and Crypto ideas.
Our end users will be supported by our vast network of agents who currently stand at 36,021.
Our product will generate revenue by charging a transaction fee on every transaction on the platform. Additionally an agent will earn a commission on every CICO transaction.
2022 Q3 - USD 15,267
2022 Q4 - USD 19,913
2023 Q1 - USD 23,986
2023 Q2 - USD 27,386
Our financial plan and projections can be accessed here - CICO Financials-12 Month Projections
Lower costs are one of the key advantages that users will gain from using our crypto CICO at agent locations. We will incentivize agents who choose to enroll and offer our services. Agents will earn a percentage of the fee we will charge on every transaction for their role as trusted third party intermediary to validate electronic transactions.
Additionally, our agents will incur very low initial set up costs as they will not be required to deposit any e-float or cash float as a prerequisite of exchanging fiat to crypto currency at an agent location.
We aim to use a mix of digital marketing and field marketing to onboard PesaKit agents and end users to the platform. As previously mentioned in our proposed budget, we will set aside a marketing budget that will include digital ads in the form of Facebook and Google ads to educate end users on the product and platform and build brand awareness. Additionally, we will upload relevant content on our Youtube and Twitter to further build on consumer education and brand awareness. Part of the marketing budget will be used in field activities including onboarding agents to the platform and onsite training of agents.
Additionally we will develop audio visual materials for the key purpose of educating end users on financial literacy matters and how to use the different functionalities the platform will offer. These videos will include a set of easy to follow ‘how tos’ videos embedded in the app that will demonstrate how to use all key platform functionalities. Our marketing and communication strategy will include push notifications that will have a key aim of providing financial information such as financial planning, support, financial literacy and crypto tips and ideas.
PesaKit will utilize as much as possible the Stellar APIs, ecosystem and vast network of partners.
Andrew Mutua - Founder and CEO, PesaKit.
Andrew strives to combine his passion for tech and his eye for design to build a product that will revolutionize Africa’s mobile money and ecommerce industry. He previously founded and was the CEO of Logic, an award-winning software engineering, and digital design consultancy firm based in Nairobi, Kenya; with a focus on financial services, digital transformation, integration, middleware, and platform engineering for banks and insurance companies in Kenya.
Lynnette Asudi - Head of Mobile Engineering, PesaKit
Lynnette is an introvert full of wisdom and expertise in mobile app development with a keen focus on integrating functional solutions to everyday problems for everyday people. PesaKit’s first team member, she now leads a team of mobile engineers with a quiet confidence and a loud track record. She is passionate about empowering budding developers and championing more schoolgirls to join the tech space.
Derrick Bundi - Software Engineer, PesaKit.
Flush with an unbridled passion for problem-solving and innovating software solutions for MSMEs and merchants, Derrick brings over 4 years of experience to the PesaKit team. Sharp on the keyboard and even sharper in his thought process, he seeks to see rural entrepreneurs utilize modern solutions to thrive in a digital world.
Desmond Oningu - CFO, PesaKit
Desmond brings over 20 years of experience in leading operations in private, NGO, and public sectors within East Africa. He is a strong advocate of financial inclusion at the last mile and empowering local enterprises to grow and transform the lives of local communities.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)