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Kenya’s Tracopay Launches To Transform Commerce Through Payments

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Tracopay Logo2Tracopay, a payments startup launched April 30th 2013 by Samson Mutisya, Rodney Ochola and Robert Muchiri is set to introduce the next generation payment technology that will drive financial inclusion in emerging markets.
Tracopay promises to offer micro-payment, money transfer, remote payment and online payment solutions to individuals and businesses via commercial banks and deposit taking micro-finance institutions. The startup leverages on the ubiquitous mobile phone to replace cash in society.
Tracopay’s Samson Mutisya told TechMoran, “The payment systems we are developing are intuitive and bring convenience to both individuals and businesses. We consider our payment technologies disruptive as it will change the way payments are done globally.”

With a goal to have a cashless global village without notes and coin, Tracopay aim to unlock shareholder value through an initial public offering in its fifth year of trading and ensure that by the year 2020,  70% of the global adult population use their mobile payment solution.

Here is Tracopay’s bare plan to enable financial institutions to be active players in the mobile payment space.

What do you do?

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We enable financial institutions to be active players in the mobile payment space.

Customers of financial institutions will be able to use their phones to make all types of payment transactions that occur in society i.e. micro-payments, money transfer, remote payments and online payments. All these payment solutions will be available in a single suite thus users do not need to have multiple relationships with different payment service providers.

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Our payment solution is inexpensive to use, can be used in formal and even informal business settings, and anyone in society that is, the rich and poor can use our mobile payment solutions.

Samson Mutisya, one of the founders
Samson Mutisya, one of the founders

What inspired you to launch it?

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To create a mobile payment solution that is versatile and intuitive to use.

How does it work?

The details of how it works can only be revealed once we file our patents.

What systems is it build on?

Our mobile payment solution will run on our proprietary payment system that we have developed.

How secure is it?

We have incorporated a number of security features in our payment system making it much more secure than mobile payment solutions in existence today.

How many transactions so far?

We are in the developmental stage therefore we do not have these statistics.

Who are your clients?

Our direct clients will be commercial banks and deposit taking microfinance institutions. Our clients will then offer directly mobile payment solutions to their banking customers who have a phone be it a feature phone or a smartphone.

What are your five year plans?

We plan to license our proprietary payment solution to financial institutions around the world.  This is because the mobile payment solution is suitable for use in both developing and developed markets.

Any challenges?

Rising seed funding to cater for the development is a challenge.

Any funding? from who? how much?

Currently, we are looking for investors who can invest KES 10 million in exchange of shares in Tracopay. These funds will go towards filing for seven patents and the development of the payment innovation. If you are interested on making an investment, email me on [email protected].

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Sam Wakoba
Sam Wakobahttp://techmoran.com
Taking you on tour through Africa's tech and business ecosystem, one story at a time since 2010! Based out of Nairobi, Kenya, Sam is the founder and managing director of Moran Media, which runs  TechMoran.com, various other digital platforms and a startup incubation hub for Kenya's youthful entrepreneurs. Drop me a mail at [email protected]

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