We are pleased to report herewith PEP's first half year results for the year 2008. Despite Kenya's controversial post-election violence that hit Kisumu earlier this year, PEP's operating income has increased with 63% in comparison with the previous periods.
The growth in revenues has been mainly pushed by the success of M-PESA, the mobile-payment service introduced by Safaricom Kenya, a mobile operator, in 2007. It allows subscribers to deposit and withdraw money via agents such as PEP, and send funds to each other by text message. The service is now used by around a quarter of Safaricom's 10m customers. Casual workers can be paid quickly by phone; taxi drivers can accept payment without having to carry cash around; money can be sent to friends and family in emergencies....
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PEP finances local growth oriented entrepreneurs
Many local entrepreneurs are benefiting from PEP"s financial credit facilities supporting the growth of their businesses in Kisumu. Mr Japaso, for example, started as a street hawker in the mid 90s with only €1. He is now one of the leading retailers at Kisumu's bus terminal. PEP has successfully financed his stock diversification. "PEP has given my business a tremendous boost. Thanks to their loans I have now more variety for sale." says Japaso outside his busy shop. "My turnover has tripled. So now my children are going to a better school"