MICROCAPITAL BRIEF: PesaPot and RedCloud Partner to Bring Mobile Technology Platform to Microfinance Institutions (MFIs) in Kenya

PesaPot – a technology company headquartered in Nairobi, Kenya – has announced a partnership with RedCloud – a technology platform that offers access to financial services over the internet – to provide mobile technology to the microfinance sector in Kenya. The alliance will provide microfinance institutions (MFIs) with technology that is intended to both improve the efficiency of their operations as well as reduce costs. According to Michael Asola, the chief executive officer of PesaPot, “The partnership with RedCloud will open new horizons for the MFIs…in this region to run their financial services on a shared and most secure cloud computing platform. The platform is integrated with mobile phones and will enable Field and Loan Officers to register customers in real-time, make loan applications, [collect] loan repayments and much more. RedCloud Technology will enable organizations to reduce the cost of buying expensive software and this will make MFIs offer cheaper loans, increase efficiency and operate without borders.” No date is given for when MFIs will be able to implement the service.

By Conner Brannen, Research Assistant

About PesaPot:

PesaPot is a technology company in East Africa with headquarters in Nairobi. It works to provide a fully integrated money services platform to allow for the movement of funds through multiple channels. Its product, mWorldPay, allows customers to send and receive money, purchase goods, pay bills and get cash from automated teller machines (ATMs) worldwide via short messaging service (SMS – also known as text messaging).

About RedCloud:

RedCloud is a secure technology platform that organizations and individuals around the world can use to deliver and access financial services over the internet. With a focus on serving microfinance institutions (MFIs) in emerging markets, RedCloud offers a variety of financial services including: banking, savings, loans, basic life and funeral insurance, payroll, customer management, collections and recoveries, risk management and liquidity management. RedCloud is compatible with devices including: mobile phones, automated teller machines (ATMs), national banking networks, payment and remittance networks, credit bureaus and property applications.

Sources and Additional Resources:

ekonaLINKS: “PesaPot, RedCloud to offer Mobile Technology for Kenyan Microfinance Organizations,” July 13, 2010:http://www.ekonalinks.com/?p=2162

MICROCAPITAL BRIEF: Nokia Launches Microfinance Scheme to Sell Mobile Phones to Poor People in Rural India, July 7, 2010:https://www.microcapital.org/microcapital-brief-nokia-launches-microfinan…

MICROCAPITAL BRIEF: Societe Generale de Banques du Senegal (SGBS) and Obopay Launch Yoban’tel, a Mobile Money Transfer and Bill Payment Service, in Senegal, June 30, 2010:https://www.microcapital.org/microcapital-brief-societe-generale-de-banqu…

MICROCAPITAL BRIEF: Gates Foundation, USAID Offer $15m to Initiators of Mobile Money Services in Haiti, June 11, 2010:https://www.microcapital.org/microcapital-brief-gates-foundation-usaid-of…

MICROCAPITAL BRIEF: Faulu Kenya, a Microfinance Bank Based in Nairobi, Signs Partnership Deal with PesaPoint, a Private Provider of ATM Services, June 11, 201o:https://www.microcapital.org/microcapital-brief-faulu-kenya-a-microfinanc…

MICROCAPITAL BRIEF: One of the Largest Mobile Operators in Kenya, Safaricom, and Equity Bank, a Microfinance Bank, Join Together to Launch Mobile Banking Program, June 2, 2010:https://www.microcapital.org/microcapital-brief-one-of-the-largest-mobile…

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