PEP was started in 2004 by a couple of experienced money people with a passion to improve the physical access to financial services for the unbanked in the region.
PEP is a Kenyan limited company, owned by a small cluster of local and foreign shareholders.
By early 2010 PEP's agency network includes about 100 stores all of which are engaged under a franchise model.
PEP employes 18 staff at its Kisumu head quarters and 10 outlets in Western Kenya and Nyanza. PEP's executive management is made up as follows:
Frederik Eijkman, Managing Director (founder)
Frederik (41) worked as a lawyer in the Transport and Banking & Finance departments of one of the leading law firms in Rotterdam, the Netherlands.
His duties included litigation, settling transport claims, drafting legal documents and loan documentation, all which work he carried out successfully.
Frederik has been involved in several projects/firms in Kenya since 1999. Frederik has worked extensively in Kisumu for various social programs, most notably co-ordinating the management reforms for a 25year old community based development project, Pandpieri.
Frederik has a Masters of Law degree from the University of Utrecht in the Netherlands and is currently doing an MBA Banking at the London University through long distance study.
In his spare time Frederik is involved in youth soccer as trustee of Kisumu Youth Football Association, which he helped to set-up and the local football club Real Kisumu FC.
Paul Otieno, Director of Operations (founder)
Paul (54) has worked in the banking sector for the past 28 years. Before joining PEP, he was a senior manager at the Co-operative Bank of Kenya at the head office responsible for banking operations and controls as well as risk management.
He has also held the positions corporate accounts manager and branch manager at various times in his career at the bank. Between his career at the Cooperative Bank of Kenya and joining PEP, Paul was a trainer in banking courses with Nelson & Associates for 2 years.
Paul is an active member of Nyanza Sports Club and in particular the Golf section for which he was the Captain from 2005 to 2008.