Paynet Group participates in FSD Project

June 2007

Paynet Group has been selected by Financial Sector Deepening Kenya (FSD Kenya) and the Consultative Group to Assist the Poor (CGAP), under the Kenya Social Protection Payments (SPP) Challenge Fund to develop prototypes for payment solutions to deliver proposed new Government social protection schemes.

FSD Financial Sector Deepening Kenya (FSD Kenya) is a Trust that supports the development of financial markets in the country as a means to stimulate wealth creation and reduce poverty, whilst enabling access to financial services among lower income and rural households.

This project and in line with its objective of rapidly and affordably implementing the social payment solutions, has considered leveraging on the existing countrywide PesaPoint ATM network, that falls under the Paynet Group, as a channel for disbursement of grant payments to some of the poorest in Kenya.

IT, which is Paynet’s forte, will play a key role in the implementation of this project and will be significantly employed for development of the said payment solutions.

The Paynet Group has already commenced developing prototypes for its various proposed payment solutions.

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