Remu deposit taking micro finance institution (DTM), will leverage on PesaPoint’s ATM and Point of Sale network to enhance its geographic spread and efficiency in service delivery by affording its clients access to their cash at all corners of the country on a 24hours basis.
REMU DTM CEO, Lydia Kibaara, said that the firm plans to exploit PesaPoint’s expansive card and card-less pay points to deliver cash access to its clients countrywide.
“Indeed, PesaPoint’s network is strategically placed and well spread to offer Remu the right platform to realise its expansion programme of serving all the 47 counties as the mid-term strategy,” said Kibaara.
Remu becomes the second DTM and fourth non-bank institution to turn to PesaPoint to deliver the convenience of 24-hour card payments after Faulu DTM, Stima and Mwalimu SACCOs. Effectively, the PesaPoint network now serves over 33 partner financial institutions, 29 of which are fully fledged banks, making it largest inter-bank financial network in the region.
Bernard Matthewman, CEO of the Paynet Group – which runs the PesaPoint ATMs – said the initial vision of PesaPoint was to bring financial services infrastructure to parts of the market where it had been lacking from either a geographic or market segment perspective.
“We want every ATM and agent in the country to serve any customer regardless of which bank issued their card. The benefit of this shared inter-bank network to the consumer is initially convenience but increased efficiency in the medium term should lead to lower transaction costs. Banks and financial institutions sharing their infrastructure with PesaPoint stand to benefit from tapping into the universal cardholder base to grow their non-interest revenue,” said Matthewman.
Powered by the PesaPoint Interconnect engine, Paynet has grown the new interbank- network into Kenya’s most expansive card acquiring infrastructure in two years, and it now compose its own ATMs, hundreds of shared ATMs owned by 5 leading banks and an extensive Point of Sale (POS) based Agency banking network. Bankers have referred to the PesaPoint’s POS network as a “super agency banker” because customers for all 33 PesaPoint partners, including those whose banks do not have agency banking platforms are able access their funds through it.
Remu clients will also use any ATM with the “PesaPoint Available” sign at banks such as DTB, Family Bank, KCB, NIC and CfC Stanbic, all of whom are members of the PesaPoint interconnect payments network.
Thus added Mr. Matthewman: “Smart banks continue to share their ATMs and other points of service through the PesaPoint interconnect engine, and as at now, we have projects with more banks that are waiting to go live on the PesaPoint Interconnect engine.”
Remu, which has been in operation for 2 years, is licensed and regulated by Central Bank of Kenya under the Microfinance Act to undertake nationwide deposit taking business. It has branches in Nairobi and Meru Counties.