PesaJet, a financial technology startup, is providing innovative solutions to address the unique challenges faced by schools, farmers, and small-scale traders. Through its mobile app, PesaJet is leveraging the power of FinTech to bring much-needed services and products to underserved communities.
The enterprise was featured on Day 8 of 40 Days 40 FinTechs initiative Season 5.
“We are a financial technology solution targeting the underserved communities. These are communities that are unable to access loans from mainstream banking solutions. We focus on three main themes. Education where we are giving school fees to school-going children. Merchant stock for small and medium-scale businesses looking for stock. We also serve smallholder farmers who we give small Agriculture loans,” Angella Kansemiire, the PesaJet Product Manager said.
Revolutionizing school fees payment
One of PesaJet’s key focus areas is education. The startup has onboarded over 50 schools and is serving approximately 500 parents and pupils. PesaJet helps willing parents pay school fees directly to schools, allowing them to pay back in installments. This solution is a game-changer for parents who struggle to pay school fees promptly, ensuring that their children’s education is not disrupted.
Empowering smallholder farmers
PesaJet is also making a significant impact in the agriculture sector. The startup provides smallholder farmers with goods and services on credit, working with suppliers to deliver these directly to the farmers. So far, PesaJet has onboarded around 2,000 farmers, with 500 having accessed the service. By offering credit, PesaJet is helping farmers access quality inputs, which is a major pain point for many.
Supporting small-scale traders
Small-scale traders are another group benefiting from PesaJet’s services. The startup helps these traders obtain stock for their businesses by partnering with five wholesalers.
When a trader places an order, PesaJet pays the wholesaler, and the goods are delivered to the trader, who then pays PesaJet back. This solution addresses the challenge of accessing merchant stock, which is often difficult for small-scale traders without sufficient cash on hand.
Kansemiire noted that PesaJet services are accessible through a mobile APP downloadable on Android devices for now. She highlighted that after registration, a customer submits basic KYC (Know Your Customer) and two references after which one is able s/he is eligible to apply for between UGX 50,000 and UGX 200,000, which goes on growing depending on someone’s repayment behavior and credit history that is built automatically depending on one’s usage of the APP.
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