Wednesday
April 8
2020

Safaricom, Vodacom Acquire M-PESA Payments Platform

Safaricom, Kenya’s telecommunications giant, and the South African mobile communications company Vodacom have completed the acquisition of the M-PESA brand, along with its product development and support services, from Vodafone Group PLC through a joint venture, the companies said on Monday (April 6.)

“This is a significant milestone for Vodacom, as it will accelerate our financial services aspirations in Africa,” said Shameel Joosub, Vodacom Group CEO, in a statement. “Our joint venture will allow Vodacom and Safaricom to drive the next generation of the M-PESA platform, an intelligent, cloud-based platform for the smartphone age. It will also help us to promote greater financial inclusion and help bridge the digital divide within the communities in which we operate.”

Photo courtesy of Internews Europe.

Source: PYMNTS (link opens in a new window)

Categories
Finance
Tags
digital finance, digital inclusion, digital payments, emerging markets, financial inclusion, financial services, fintech, mergers and acquisitions, Safaricom