Pesa means "money" in Swahili, a language widely used in East Africa. With Pesachoice, we want to provide a better money transfer choice. Building on the rise of mobile money services in Africa, where most people possess phones as opposed to bank accounts, we want to provide an online money transfer service that facilitates sending money directly to the mobile wallet of the recipient. We want to start with money transfer from the US to Rwanda and eventually expand to other East African countries. At a transfer rate of 5%, compared to an industry African average of 7.2%, Pesachoice is an affordable solution. It's also convenient since money can be sent anytime and is received instantly.
We are working with mobile money operators to bring this service to our customers. Apart from money transfers, we plan to provide a mobile money API that can be used for online payments, thus providing a backbone for the struggling e-commerce market in Africa.