Frederik Eijkman, CEO of Pep Intermedius, with Bernard Matthewman, CEO of Paynet
Kenyan payments provider Paynet has merged its PesaPoint agent network with that of Pep Intermedius, aimed at growing the PesaPoint brand and expanding its network
The expansion of the PesaPoint network will be taking place ahead of its new multi-institution agency model expected to be rolled out in partnership with mobile money providers and banks.
With the merge the PesaPoint network is now among the largest mobile money and agent banking networks in Kenya with more than 1,500 agent outlets, positioning it for strong multi-institutional partnership with banks, financial service providers and mobile money providers.
Bernard Matthewman, Paynet Group chief executive officer (CEO), said the merged agents network would take advantage of the huge growth and demand for financial services touch points and deliver to Kenyans “multiple products and services”.
“We have the technology to power innovations in POS, mobile and mPOS based agent services for banks, financial services providers and mobile money providers whilst Pep Intermedius manages one of the most advanced agency networks. Our merger with them will bring the right combination of expertise to build and manage the most successful multi-stakeholder agent network for PesaPoint in the country,” he said.
“There is significant potential for this business to grow rapidly both in terms of the number of locations as well as the range of financial service providers it serves.”
Frederik Eijkman, CEO of Pep Intermedius, said the merger would be exciting news for the industry given the record of innovation the PesaPoint brand has with banks and mobile money providers.
“PesaPoint has achieved a number of ‘firsts’ in the market. This is the spirit we continue with in the agent network where we see more innovations coming to the market in partnership with mobile money providers and banks,” he said.
Eijkman said the new network would launch in the near future a “pioneering range of new transactions services”.
“Like a financial supermarket we will bring the broadest possible range of services to consumers including mobile money, agency banking, bill payment, airtime sales, ticketing, lotteries and even micro insurance,” he said.
“Multiple services through one channel will bring more value to the individual agent or shop owner and it will provide a one-stop shop for customers who for example need to do a number of transactions such as access to cash from cards or mobile money and pay bills or buy airtime.”
Pep Intermedius, one of Kenya’s leading agent aggregators, has been running an exclusive chain of over 150 agent outlets offering mobile money and agency banking services – including agent outlets at all of the 40 Nakumatt stores countrywide.
Currently, PesaPoint runs a multi-stakeholder ATM network that serves about 13 million customers from 32 financial institutions and two mobile money networks (M-PESA and Airtel Money). It also has 1,350 existing PesaPoint Agent locations which vend airtime and card cash-out services.
Eijkman will head the new PesaPoint agent network.
