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MPeso

MPeso

MPESO, founded by Haroldo Montealegre in 2011, is a mobile money social enterprise based in Managua, Nicaragua. The organization leverages mobile technology to provide financial services to the unbanked and underbanked populations in Nicaragua. MPESO’s operations focus on facilitating cashless transactions and enhancing financial inclusion. The company gained significant traction through its partnership with bus cooperatives in Managua, enabling a cashless bus fare system. This partnership helped MPESO grow its user base to over 700,000 and process over one million transactions daily.

Despite its growth, MPESO faces several challenges. One primary challenge is deciding between expanding its array of services within Nicaragua or focusing on replicating its success in other markets like the Dominican Republic and Costa Rica. This decision is critical as the current user base predominantly uses MPESO only for bus fares, limiting the potential social impact and profit margins. Another challenge is the lack of human capital, which makes it difficult for Montealegre to pursue multiple large-scale projects simultaneously. Moreover, operational bottlenecks, such as the delay in acquiring new buses, hinder the expansion of MPESO’s services beyond Managua. Ultimately, Montealegre aims to achieve universal financial inclusion and eliminate the constraints of physical money, but achieving this vision will require strategic focus and overcoming these significant hurdles.