Zegetech

Meet the Entrepreneurs

Zege Technologies November 2013

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Mobile Innovation

zege technologies

Building financial service applications to empower small and medium enterprises Stella Kimotho, Co-founder and Finance and Operations Director, Kenya

CHALLENGE The widely adopted M-Pesa application – a mobile phonebased money transfer system – has allowed individuals traditionally excluded from financial services to deposit, withdraw, and transfer money easily without the need of a bank account. It has become essential for small and medium enterprises (SMEs) to incorporate mobile money as a channel to receive payments from their customers. However, SMEs could not always afford a fast and efficient system to manage both mobile and cash payments.

“ENTERPRISES WOULD TAKE UP TO THREE DAYS FOR MOBILE PAYMENTS BY THEIR CUSTOMERS TO BE REFLECTED IN THEIR SYSTEMS.”

CONTACT INFORMATION Nairobi, Kenya

+254 705 504211

innovate@zegetech.com

www.zegetech.com

Pages/Zege-Technologies/314908491854083 ?fref=ts

@zegetech

BUSINESS MODEL Zege Technologies focuses on building financial solutions software for mobile, web, and point of sale integration.

Their core product is MPAYER, a cloud-based payment service that helps local businesses, organizations, and shoppers accept and manage real-time cash or mobile money payments and collect customer feedback. It also helps users adhere to better practices in accounting by relating payments to relevant customers along with valuable statistical analysis and reports, while assisting them to “go green” via paperless and cashless transactions. The system gives clients immediate peace of mind through direct payment notifications and quick statements of transactions of their operations made.

Zege Technologies’ revenue model is commission-based, charging 2% of the value of the mobile money transaction.

IDEA Zege Technologies was founded to meet the need for enterprises to receive mobile money in an effective manner.

The complicated process that buyers faced when paying for products both online and offline, even with the advent of mobile money transfers, inspired Stella Kimotho and Kariuki Gathitu to create a solution. In 2010 Zege Technologies was founded to offer SMEs pay bill numbers and mobile money point of sales solutions, helping to make transactions paperless.

“I REALIZED I HAD THE POTENTIAL TO DO SOMETHING FOR OTHER PEOPLE THAT SHARED THE SAME ISSUES.”

www.infodev.org

twitter: @infoDev

ENTREPRENEUR’S INSIGHTS

NEXT STEPS Expand Kenyan customer base and promote regional expansion

• BELIEVE IN YOUR BUSINESS IDEA: Although accessing capital is a difficult process, you should not give up. You should put a lot of effort in networking and get to know key players and institutions. From each failure, you will learn and be able to improve.

• DON’T BE AFRAID TO ASK FOR HELP TO BE SUCCESSFUL: Gathering your proper talent and combining it with the expertise of others is a key factor for learning and becoming more professional.

KEY OUTCOMES

Become a software powerhouse in Africa by building relevant financial applications for individuals and businesses Positively impact businesses and help them grow not only in Kenya, but also in other countries

“WE CAN SAY THAT WE ARE WHO WE ARE RIGHT NOW BECAUSE OF THE SPACE THAT WE WERE OFFERED AT mLab. IT HELPED US STOP BEING JUST AN IDEA, AND BECOME A COMPANY WITH A PRODUCT THAT PEOPLE ARE READY TO PAY FOR.”

VALUE FOR USERS Empowerment of SMEs: Zege Technologies provides an affordable system that allows SMEs to manage mobile money, cash sales, and transactions.

Improved payment processing: Reduction in the time for payments to be reflected in a client’s enterprise system.

Better accounting practices: Adoption of better accounting practices through statistical analysis and more reliable reports.

Go Green: Paperless and cashless transactions.

BUSINESS FACTS APPLICATIONS COMMERCIALIZED INVESTMENT ATTRACTED

3 USD80,000

Supported by:

www.infodev.org

twitter: @infoDev

WORKING WITH mLab EAST AFRICA • FACILITATING MARKET ACCESS by helping Zege Technologies to grow their SME customer base.

• TRAINING AND CAPACITY BUILDING SERVICES were provided by the mLab through several financial and legal courses, along with coaching and mentorship opportunities.

• THE mLab HELPED TO EXCHANGE EXPERIENCES with other incubatees and provided the opportunity to meet new clients.

• IMPROVED AWARENESS AND STAKEHOLDER LINKAGES within the mobile innovation ecosystem through Pivot East 2012.