Kenya’s PesaPal will be expanding to Nigeria, Ghana and Zambia over the next few months, while looking at possible expansion into Francophone and South Africa.
The company has recently launched in Malawi and is currently activating in Zimbabwe.
“Over the last three years, we have developed a product that was well received in our initial markets and we are simply working to meet customer requests by continuing covering African countries,” Agosta Liko, founder and chief executive officer (CEO) of PesaPal, told HumanIPO.
“We have now a solid scalable platform and growing business in our markets. We always assumed that by now, West Africa and even South Africa would have solid e-payment providers. This is still not the case based on requests we are getting. So we expand that way.
“At the end of the day, our goal is to make it easier for the African business to accept and manage payments online and at Point of Sales.”
PesaPal is also planning on launching a mobile Point of Sales (mPOS) solution for small to medium businesses.
“Card issuance in Africa is growing very fast with Visa and MasterCard making inroads and promoting card usage for shopping both at Point of Sale and online. We expect this [PesaPal’s] solution to be widely available in Q3 [third quarter] 2014 as field tests are ongoing,” Liko said.
HumanIPO reported last year mobile money transactions in Kenya were double that of commercial banks.
The FinAccess National Survey (2013) shows 11.5 million adults use mobile money services in Kenya, compared to 5.4 million using traditional banking services.
“Mobile money has had a dramatic impact on domestic remittances,” the report said, noting the use of mobile phone financial services stood at 62 per cent in 2013, up from 28 per cent in 2009.