Why South Africa’s largest mobile network, Vodacom, failed to grow M-Pesa
Tuesday, August 4, 2015
With just one million subscribers at the end of March 2015—the uptake of the mobile money platform M-Pesa has been labelled a failure in South Africa.
M-Pesa had already enjoyed unprecedented success in in its home country Kenya where it was launched by mobile network Safaricom with more than 20 million subscribers. In Tanzania, its second biggest market, M-Pesa boasts some 7 million subscribers.
But its been a very different and sobering story in South Africa, the continent’s most advanced economy. Vodacom—Safaricom’s sister network in South Africa—acknowledged as much in its 2014-2015 annual report.