PesaPesa was a project I worked on back in 2019. It allowed M-PESA users to withdraw cash even after traditional M-PESA agents had closed. We planned to do this through a network of users who could act as on-demand cash-out points, providing the service for a small fee. #fintech

When I had pesania (a mobile money exchange service) I did think about such a service. Using peoppe near you as agents.. when you have USD and want Kes, app searches for matches near you just like Uber ..then the person gives you the money....but issue of security came up

You took time, contemplated on the subject, and it made sense. The only issue was security. If you think about it, forex bureaus also face the same thing. Let's continue thinking 💯

@isuspectX There is a way to make it work but needs some good seed, first of all you would build your own rail off ground instead than leaping on the giants, cause there your margins will be too small and also P2p will just add extra on top making it so expensive... More friction!

@isuspectX Not owning the rail has been the achilles heel for many startups. PrivPay started well until Safaricom closed their paybill. You are spot on 💯

@isuspectX I own a payment thing by the way, though we new and still low key, but doing well so far and long term goal is build that P2P rail, only seed is the challenge thus far but let's see in about 5 to 10 years.

@isuspectX Nice!! If you don't mind you can DM me I see. I have always wondered why few people don't want to attempt to build their own.

Network of "trusted" users ...

Exactly 💯

@mbuguanjihia What if one doesn't need to be there physically, you just need to think of an online verification. Either wallet, hold the money till all verification is done.

@mbuguanjihia This is a very interesting way of looking at it. Nice ✨️ ✨️

I used to be a skeptic of fintech solutions in the Kenyan context, but boy was I wrong. There are a lot of problems to be solved. Hope you are still doing the Lord's work there.

I will never stop building 👷‍♂️. I have some amazing fintech solutions especially in rural Kenya 🇰🇪

Hii ni solving a problem that doesn't exist, in the history of problems that don't exist, this is the most don't exist problem.

This can work is closed circles

I think so too

I think airtel should focus on Peer to Peer to compete against safaricom agent network. How would it work..

What I came to learn is that the agency network is the backbone of mobile money services. Consumers would want to join Airtel but are weary of not finding agents. But yeah, peer to peer should be the focus.

Would also be worried about security, but this is a good P2P/C2C option if Kenya was a safe country

You are absolutely right, we are a low trust society.

Feels bad to be the bearer of negative feedback. But this product is useless right now bro. There are agents all over at them moment . Besides a lot of people don't withdraw money at the moment. I commend the creativity though. That was ingenious!

We try, sometimes we win, sometimes we loose.

Yeah. Would have been a perfect solution times zenye mtu alikuananafaa kuenda Kwa agent na message ya pesa ametumiwa

great project! Enforce mandatory and Proper KYC!

Hapo sawa 💪

Then what happened?

We got advised the problem was indeed there but not enough to justify investment.

This is a clever idea

You think so, we were told it was a good problem statement but not enough to justify investment.

Not fusible

Already most businesses do this but without an infrastructure around it .. great initiative .. how do you plan to get it to the consumer?

Hmmm good idea. What about sending someone money directly and then them giving you cash in exchange plus with growth and the interest?

This assumes the person you are sending cash directly is somebody who is at least known to you. Think of it as boarding a taxi using Uber/Bolt.

@asemota

You was clever bana. Kwani what happened 😂?

I have lived a million lives 😅. But we met a mkubwa in Safaricom who confirmed the use case and that it was indeed a pain point but not enough to justify investment.

@msnmongare ...not enough to justify the investment FOR THEM! risk is objective. you have to understand risk bro. if he thinks its too much risk for him doesn't mean its too much risk overall .. you have to work on it again i believe it has the potential to break through

@msnmongare You are right, somebody's risk is another person's margin. Hapo sawa 💪

The bastards at the Abduction Facilitation Agency haven't stolen this idea yet

Not that I have seen 😂

Just build and ship guys

that is when they realized they can link with ATM withdrawal

I think so too 😂

How were you planning to enforce KYC and get commission?

KYC was in the sign up process and the commission was a percentage of the fees

Just this week as I was building I thought about this. whoever executes the idea have a chance to edge out mpesa

For money minded guys💸✅💯

Why not just dedicate it to a P2P crypto service single-handedly? No movement needed. You would only need proof of payment and sending held in an escrow till both parties confirm

This was a good thought, but I feel this is absolute in the current trends and consumer behaviour.

Ebu copyright it ,Green house is watching 😅

Why use classes instead of fragments, the latter seems lighter...😊

A Fragment is actually a Class in the context of OPP. Could you have meant activities?

This is P2P fiat or am I tripping

How did you define "nearby agents"? Realtime gps or Region/Zone selected during onboarding?