PesaPoint merges with Pep Intermedius
12 February 2014, 13:10
Pesapoint Paynet’s agent network on Tuesday announced that it has merged with Pep Intermedius to further grow the Pesapoint brand and expand its network with banks and mobile money companies in Kenya, Tanzania, Uganda, Rwanda and South Sudan.
Commenting on the merger in Nairobi, Bernard Matthewman, Paynet Group CEO said that 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 agents’ outlets at all the 40 Nakumatt stores countrywide.
The merger now places the Pesapoint network among the largest mobile money and agent banking networks in Kenya with more than 1500 agent outlets, positioning it for strong multi-institutions partnership with banks, financial service providers and mobile money providers.
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.
Matthewman at the same time said that 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’ through a single agent network.
“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.
"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,” he said.
Frederik Eijkman, CEO of Pep Intermedius, on his part said the merger would be exciting news for the industry given the record of innovation that 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.
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