Business Elites Africa understands that the investment would facilitate Popote Pay’s goal of making it easier for Kenyan business to pay for services, thereby enabling them to focuse on more productive activities whilst eliminating the time wasted on typically mundane activities such as queuing at the banks to transfer cash.
Sam Wanjohi, the founder & CEO of @popotepay, says making payments in the old-fashioned way wastes time, risks fraud, destroys productivity and suppresses growth #fintech #popotepay pic.twitter.com/Ydbvj9eIVe
— GreenHouse Capital (@GreenHouseCap_) February 5, 2021
Reacting to the investment by GreenHouse Capital, the Founder and Chief Executive Office of Popote Pay, Sam Wanjohi, expressed excitement and noted that the partnership was beyond the cash. This is because “they give us access to the knowledge and skills that exist in their ecosystem. Additionally, GreenHouse will introduce PopotePay and our other solutions into the Nigerian market more quickly than we could achieve on our own, especially given their fintech domain expertise and relations with banks that we aim to work with for distribution,” he said.
He went further to explain how his startup, which was established in 2013, works. Here’s what he said:
“PopotePay allows businesses to link and payout of multiple bank accounts or mobile money wallets. Completed transactions are stored alongside their notes, attachments, authorization history, and accounting general ledger meaning the accounting part is also done. At the click of a button, records can be retrieved for use in preparing management or audited accounts. The entire process is seamless
“The high rate of failure of African businesses is largely as a result of poor expense management or internal funds misappropriation. With PopotePay employees can be empowered without loss of oversight or controls. There are only two areas in the payments landscape; income and expenditure. Most fintech have addressed the challenges of income through providing digital payment gateways but expenditure is largely unaddressed.”
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