The UAE-based fintech company Pyypl, whose name means “people,” has officially launched its social micro-investment platform for startups and micro-small and medium-sized businesses (MSMEs) in Africa.
The first step of the launch is a relationship with Kenya’s Tuk Tuk Operators Network (TTON), which is a pan-African network that connects Tuk Tuk drivers in 47 different countries. Through its virtual debit cards, Pyypl’s platform will digitize the services of the operators, which will have a direct and positive effect on the growth of TTON.
The partnership will help TTON reach its long-term goal of connecting three-wheeler players in Africa’s informal transport industry to a shared socio-economic, sustainable, and inclusive mobility platform under structured transport Savings and Credit Co-operative Societies (SACCOs). SACCOs urge their members to save money and help them get affordable loans that they might not have been able to get otherwise.
Pyypl signed and launched after thirteen crucial months. The company’s profits tripled from October 2022 to January 2023. Sales increased after a year with various key business KPIs. App 2.0 was released in eight languages, and its prepaid card was accepted at 30,000 merchants in 150 countries and 100 currencies. Pyypl handled over 1 million client interactions.
Read also: Africell develops “Afrimoney” mobile money service in Angola
Pyypl CEO Antti Arponen claims
“We are pleased to partner with the Tuk Tuk Operators Network to offer short-term, fair, and transparent investments alongside Pyypl’s premier digital financial services for the benefit of the network’s members across Africa.”
“The heart of Kenyan society is made up of community groups, which include taxi drivers, delivery riders, farmers, youth development groups, and Tuk Tuk and Boda Boda riders, among others. With over 126,000 TTON members representing more than 1.6 million Boda Boda drivers in Kenya, this shows the huge chance for Pyypl’s debentures platform as we build partnerships in many African countries.
As long as related organisations like SACCOs and trade unions maintain a high level of trust with their strong communities, Pyypl’s debentures platform wants to build a social ecosystem for entrepreneurs across Africa and make it easier for informal employment sectors to use digital financial services.
Pyypl works directly with trade organizations right now, but in the near future, it expects bigger organizations like the World Bank and International Finance Corporation to become investors.
Vincent M. Were, TTON Network Lead, responded
“Kenya’s Tuk Tuks and Boda Bodas respect Pyypl’s involvement and services as they look for partnerships that will help the industry grow. Access to debentures through our connection with Pyypl has opened up a new chance for our transport ecosystem, allowing us to meet our most important financial needs while in service.
“This smoothing of transport business activities through Pyypl’s micro-investment product has helped our economy grow as a field and as a country.” We’re looking forward to the day when both the three-wheeler and two-wheeler sectors in Kenya have fully subscribed to Pyypl’s bond platform.
Pyypl’s strong capital base is speeding up regional growth as the company fulfils its goal to provide financial services to the 800 million smartphone users in Africa and the Middle East who don’t have access to them. Pyypl does this with virtual and real prepaid cards that are accepted around the world, instant domestic and foreign user-to-user transfers, and remittances to 42 currency destinations.
MinieMoney, The Bulb, MoneyGames, and Future Z Adventures 2.0 celebrate Children’s Day
About Pyypl
Pyypl is an international payment technology company and provider of financial services. Its core processes are based on blockchain. It lets the 800 million smartphone users in the Middle East and Africa who don’t have enough money to pay for things digitally
Pyypl works with top investors, banks, and payment networks to build a FinTech ecosystem that has never been seen before in the Middle East, Africa, or around the world. This is part of its goal to speed up financial inclusion.
In addition to its virtual and digital debit cards, multi-currency digital wallets, and user-to-user payments, Pyypl lets you send money to 42 places around the world, including Asia and Europe.
LinkedIn named Pyypl one of the top 10 startups in the UAE for 2021. Pyypl has investors from Europe, the United States, the Middle East, and Central Asia. It also has users from more than 150 different countries and has handled deals in more than 100 different currencies.
