Paynet, Pep Intermedius to merge mobile money networks

Money Transfer

East Africa payments service provider Paynet has announced a merger of its PesaPoint agent network with that of Pep Intermedius. Pep Intermedius had over 150 agent outlets offering mobile money and agency banking services, including outlets at all 40 Nakumatt stores countrywide.

The merger puts the PesaPoint network among the largest mobile money and agent banking networks in Kenya, with more than 1,500 agent outlets. PesaPoint's network serves about 13 million customers from 32 financial institutions and two mobile money networks (Safaricom M-Pesa and Airtel Money). It also has 1,350 existing PesaPoint Agent locations which vend airtime and card cash-out services.