Kibo Capital Group Limited is a Financial Technology (FinTech) firm founded in 2015 under the premise to help businesses grow by maintaining low costs on transactions receipts dissemination and archiving.
Kibo Capital electronic receipts (e-Receipt), which banks on mobile and card payments, makes paperless transactions possible by offering a simple evidence of payment through text messages with a link which when clicked, shows the payment details such as amount and products purchased.
The e-Receipt is a registered intellectual property of Kibo Capital by the Kenya Industrial Property Institute (KIPI)
Evidence: click me
VIDEO: Quick Stats about the e-Receipt
It is a malleable receipt that can be made to suit a client’s need. It is also tamper proof as it generates a bar code that is unique to each.
Businesses can collate the sales at the end of the day by just a logging into the portal provided by the firm to check the transactions instead of using a calculator to add up a lot of paper receipts which also requires physical storage space later.
- Kibo Capital’s e-Receipts saves cost of storage.
- Kibo Capital’s e-Receipts save time in case of a dispute over a transaction as they can be retrieved easily online by the two parties (client & business)
- Kibo Capital’s e-Receipt has a feedback mechanism where clients can fill in a small questionnaire or just write about their experience with your good or product, this comes directly to the business email.
‘not just an e-Receipt’: Feedback Mechanism
Remember, physical receipts are also cumbersome when one is trying to locate one to prove a transaction. Kibo’s e-Receipt solves this issue. The e-Receipt can also be accessed anywhere in the world between the seller and the client in case if a dispute.
In an environment-conscious world, e-Receipt comes in handy removing the need for paper receipts.
Not just an e-Receipt
The mechanism works like this: When one pays for a good or service through mobile money or card, they receive a text in their phone with a link. When you click on that link, it open to reveal a receipt with the details of the purchase. The e-Receipt also has an advert, which when clicked takes the client to the website or catalogue of the firm that has advertised.
It is tamper proof as it can only be accessed by the two entities, the client and the business. It also avails a bar code which when scanned reveals the details of payment.
VIDEO: About the e-Receipt
It affords privacy as the person paying is not asked to show their MPESA message as is the case with current payment options.
For the business, the easy access to the log of transactions from one place makes reconciliation of sales easier at the end of the day.
“Issue instant branded e-Receipts. The receipt comes with automated reconciliation functionality as we give you an electronic digital clerk”, – Kibo Capital Group Limited website, 8th August 2015
“The service will equally empower millions of M-Pesa PayBill customers with better record keeping by providing digital receipts for each payment,” Safaricom CEO Peter Ndegwa, 26th January 2021
Kibo Capital Group Limited has signed up many firms on the service; among them: MyCredit, Username Inc, Fahari Restaurants, Tsenda Corporation etc.
This being a utility model registered in 2017, it means the earliest any corporate entity can use for free is January 2028. As for now, all the corporates that have stolen it including Safaricom Plc, Integrated Payment Services Limited (Pesalink) etc must pay for its use