PEP is a non-deposit taking financial intermediary in Kenya, that aims to unlock the potential of the local people through cash management and local business development. The company's distribution network is currently limited to its headquarters in Kisumu and 40 agencies located in Western Kenya.
PEP provides cheque discounting and trade credit products. Since mid 2007 the company is offering mobile banking services (M-PESA) through an agency contract with Kenya's leading GSM network operator - Safaricom, further strengthening and expanding its cash management services for the region.
The business has experienced strong growth since inception. Cheques discounting have grown at a compound average growth rate of 40% per annum since 2004. Growth in trade credit has been severely constrained by working capital constraints. As a result, the volume of business shrunk slightly in 2007 after rapid growth in 2005 and 2006.
PEP's business does not currently fall under any regulatory regime. However, the company plans to become a regulated deposit taking microfinance institution ("MFI") by end of 2008, and to convert into a commercial merchant bank in 5-6 years time.
The company's highly experienced executive directors, and its cost and speed advantages should enable it maintain its position as the leading provider of cheque discounting, mobile banking and trade credit services in the markets in which it operates.
PEP provides cheque discounting and trade credit products. Since mid 2007 the company is offering mobile banking services (M-PESA) through an agency contract with Kenya's leading GSM network operator - Safaricom, further strengthening and expanding its cash management services for the region.
The business has experienced strong growth since inception. Cheques discounting have grown at a compound average growth rate of 40% per annum since 2004. Growth in trade credit has been severely constrained by working capital constraints. As a result, the volume of business shrunk slightly in 2007 after rapid growth in 2005 and 2006.
PEP's business does not currently fall under any regulatory regime. However, the company plans to become a regulated deposit taking microfinance institution ("MFI") by end of 2008, and to convert into a commercial merchant bank in 5-6 years time.
The company's highly experienced executive directors, and its cost and speed advantages should enable it maintain its position as the leading provider of cheque discounting, mobile banking and trade credit services in the markets in which it operates.