The world of entrepreneurship is full of challenges and obstacles, but it is also full of opportunities for those who are willing to work hard and take risks.

One such entrepreneur is Peter Gikungu Chege, who started out hawking undergarments before getting into the mobile money business.

Peter got into the mobile money business while it was still growing back in 2010. Together with his wife, he started operating an M-Pesa agency with just five lines.

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By 2018, Gipps Enterprises had over 200 M-Pesa terminals, which generated employment opportunities for approximately 500 individuals throughout the country, and yielded an average daily commission of Sh. 187,000.

Peter’s path to success was a difficult one, beginning with his inability to attend college after graduating from high school due to financial constraints. To make ends meet, he resorted to selling undergarments on the street.

Recalling his past in a previous interview, he shared, “I started from the very bottom. My parents couldn’t afford to pay for my college education, and we were struggling to make ends meet to the point where I couldn’t even obtain my KCSE certificates due to unpaid fees.”

However, despite these obstacles, Peter’s business gradually expanded to include other clothing items. Eventually, he was able to establish a permanent store in Dagoretti market, where he specialized in selling electronic appliances.

One day, a friend suggested he open an M-Pesa outlet because the only agency in the area always had long queues.

Peter saw this as a great business opportunity, but he was initially frustrated when he learned that he would need to own a registered company and have bank statements going back six months to become an M-Pesa agent.

However, he didn’t let this discourage him. He shared his frustrations with his wife, who became his business partner, and they registered Gipps Enterprises.

”I visited Safaricom headquarters for information on how to become an agent, but ended up frustrated after learning I’d have to own a registered company and have bank statements going back six months,” he said

After two rejections, he was finally accepted as an M-Pesa agent with five lines.

The first year was tough for Peter. He had to pay rent for five business premises, with most of the money for this coming from his electronics shop.

The M-Pesa business was making only Sh. 18,000 a month, and had total monthly costs of Sh. 65,000, excluding his salary. After some time, they started making losses, and even Esther urged him to quit.

But Peter didn’t give up. After six months, he decided to recruit three sub-agents to share the losses. That meant he could get 20 per cent of revenue without risking his capital.

He was very good at networking, and by 2014, he had recruited 100 sub-agents.

Gipps Enterprises had over 200 sub-agents as of 2018, along with five head office tills and super-agents to support the sub-agents in meeting customers’ float demands.

Managing such a huge network of agents was quite challenging and expensive, but Peter worked with committed teams that made it easier to keep an eye on things.

They had business groups for sub-agents to help maintain clear communication, and regularly have training exercises.

One of Gipps’ most attractive aspects was their customer service, something which was also attractive to sub-agents.

For instance, they had four lines to provide 24/7 customer service. However, one of the biggest challenges they faced in the M-Pesa business was fraud and robbery. Fraudsters are very clever, and every time they discover their ways, they change the game.

This can lead to huge losses in revenue. Peter has also had to deal with rogue sub-agents who take customers’ money when it’s erroneously withdrawn. If the sub-agent refuses to pay, that becomes a cost to the company.

Peter learnt that perseverance is one of the key traits of a great entrepreneur. He took every challenge as an opportunity to learn and grow.

With the right vision, a passion for what you do, great customer service, the right people in your team, and adaptability, you can overcome business challenges more easily.