Vodafone CEO hints at M-Pesa mobile money platform spin-off

The Vodafone group has hinted that it could part ways with its African mobile money service M-Pesa after its popularity skyrocketed during the pandemic.

The platform offers peer-to-peer transactions in countries such as Kenya, Tanzania, Mozambique and Lesotho. He is now embarking on new financial services such as small loans, payroll and savings.

Vodafone CEO Nick Read said it made sense to keep M-Pesa within the telecom group for now, in order to maintain benefits like distribution and customer retention. “In the future, there may be opportunities to scale up further,” Read added.

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

About Joan Ferguson

Check Also

NBK launches digital signature for personal loans and credit card applications

As part of providing customers with the most advanced digital solutions to enable them to …

Leave a Reply

Your email address will not be published.