- Ripple partner Pyypl launches micro-investment platform for African entrepreneurs and micro-SMEs in collaboration with Kenya’s Tuk Tuk Operators Network (TTON).
- Pyypl’s platform will support the digitalization of TTON, benefiting its 126,000 members and more than 1.6 million Boda Boda operators in Kenya.
Pyypl and TTON: Empowering African Entrepreneurs with Blockchain Technology
Pyypl, an international payment technology and financial services provider utilizing Ripple’s blockchain in its core systems, has announced the commercial launch of its social micro-investment platform for self-employed entrepreneurs and micro-SMEs in Africa.
The initial rollout takes place through a partnership with Kenya’s Tuk Tuk Operators Network (TTON), a pan-African mobility network connecting Tuk Tuk operators across 47 counties. Pyypl’s platform will promote the digitalization of these operators by providing virtual debit cards, which will directly contribute to TTON’s growth.
#Ripple user Pyypl rolls out microinvestment in Africa, deploying in Kenya. Cool to see their own p/r them as "the international payment technology and financial services provider using blockchain in its core systems". https://t.co/iJXowQUh7U
— WrathofKahneman (@WKahneman) April 26, 2023
Transforming Informal Transport Industry through SACCOs
The collaboration with TTON supports their long-term vision of connecting three-wheeler players in Africa’s informal transport industry to a common socio-economic, sustainable, and inclusive mobility platform under structured transport Savings and Credit Co-Operative Societies (SACCOs). SACCOs encourage saving and help members access affordable loans that might otherwise have been unavailable.
Pyypl’s recent achievements include tripling revenues between October 2022 and January 2023 and handling over 1 million customer chats. Their App 2.0 launched in eight languages, and their prepaid card was used at 30,000 merchants across 150 countries and 100 different currencies.
Building a Social Ecosystem for African Entrepreneurs
Pyypl’s debentures platform aims to develop a social ecosystem for entrepreneurs across Africa while improving access to digital financial services for informal employment sectors. By partnering with relationship organizations like SACCOs and trade unions that maintain high levels of trust within their communities, Pyypl plans to expand its platform throughout multiple African countries.
Currently working with trade organizations, Pyypl anticipates that investors will soon include larger organizations such as the World Bank and International Finance Corporation. Pyypl’s strong capital base accelerates regional growth as the company pursues its mission to provide financial services to the 800 million financially underserved smartphone users across Africa and the Middle East.
Pyypl’s services include internationally accepted virtual and physical prepaid cards, instant domestic and international user-to-user transfers, and remittances to 42 currency destinations.