Safaricom Finally Buys Back M-Pesa Brand

Vodacom and Safaricom have announced completion of the acquisition of the M-PESA brand, product development, and support services from Vodafone through a newly-created joint venture in a transaction estimated at Ksh1.42 billion ($13.4 million).

The transaction, which was first announced in 2019, will accelerate M-PESA’s growth in Africa by giving both Vodacom and Safaricom full control of the M-PESA brand, product development and support services as well as the opportunity to expand M-PESA into new African markets.

Shameel Joosub, Vodacom Group CEO, said this is a significant milestone for Vodacom as it will accelerate financial services aspirations in Africa.

“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,” said Joosub. ”It will also help us to promote greater financial inclusion and help bridge the digital divide within the communities in which we operate.”

Mr Michael Joseph, outgoing Safaricom CEO said the acquisition would allow Safaricom to consolidate the M-PESA platform development and synchronise more closely in terms product roadmaps.

 “For Safaricom, we’re excited that the management, support and development of the M-PESA platform has now been relocated to Kenya, where the journey to transform the world of mobile payments began 13 years ago,” Mr Joseph said.  “This new partnership with Vodacom will allow us to consolidate our platform development, synchronise more closely our product roadmaps, and improve our operational capabilities into a single, fully converged centre of excellence.”

Vodafone Group’s CEO Nick Read said M-PESA is hugely successful and enables millions of unbanked people in Africa to transfer money, pay bills and trade, adding that it benefits communities and helps create a multitude of small and micro-business ventures.

“However, with the rapid increase in smartphone penetration,” said Mr Read, “the evolution into financial services and the potential for geographical expansion, we believe the next step in M-PESA’s African growth will be more effectively overseen by Vodacom and Safaricom.”

NEXT >> Jeff Koinange Being Auctioned Over Huge Bank Loan

 M-PESA is the largest payments platform on the African continent. It has 40 million users and processes over a billion transactions every month. M-PESA is operational in Kenya, Tanzania, Lesotho, Democratic Republic of Congo, Ghana, Mozambique and Egypt.

Currently, around 25% of M-PESA customers have access to a smartphone – a figure that is growing by 10% every year. The disposal of the M-PESA brand, support and product development services to Vodacom and Safaricom is broadly financially neutral for Vodafone Group.

NEXT READ >> Surprisingly Simple Ideas Anyone Can Try in Kenya

Latest

Navigating Forex Markets: The Top 10 Forex Brokers of 2023

Selecting the right broker from the top 10 forex brokers of 2023 can significantly impact your trading success.

Whipped and Stripped! A Survivor’s Tale of Harrowing Brutality in a Mental Hospital

The lack of a long-term vision and inadequate resourcing of mental hospital infrastructures continues to take a toll on Kenya’s mentally ill patients.

Dubai Agency Picks Top Influencer Marketers to Lead Kenyan Operation

This strategic move is in line with indaHash vision to cement its presence in Africa, following its impactful footprint in South Africa since 2017 and successful collaborations with clients like the South African Tourism Board.

SportPesa to reward Customers in Cash-Filled Festive Promotion

Running from December 4th to 25th, the SportPesa campaign promises daily excitement with six lucky winners expected to walk away with Ksh5,000 daily.

Follow Us

Newsletter

Don't miss

Tusker Oktobafest Rolls East African Cultures into One

From regional events across Kenya to inaugural gatherings in Uganda and Tanzania, and the Tusker Oktobafest grand finale in Nairobi, the festival harmonized traditions, celebrated diversity, and highlighted the rich cultural tapestry of the East African culture

Lupita’s Little Brother Junior Nyong’o Charting His Own Path in Acting

Junior Nyongó, who is also a musician and a DJ and now a graduate of UC San Diego with an MFA in Acting, is crafting his own solid path in the world of acting with roles in major theatre productions.

Safaricom To Power Tusker OktobaFest Beer Festival

Safaricom’s involvement in OktobaFest as a technology and payments partner will focus on fostering seamless in-festival connectivity, empowering the youth and Gen Z community through Safaricom Hook, and powering digital payments through M-PESA.

Music Producers Launch Organization To Streamline Recording Industry

Recording Industry of Kenya (RIKE) was launched on 9th October 2023. Registered in 2022 as a not-for-profit organization, RIKE aims to promote the collective interests of producers of sound recordings in the country.

Nairobi’s Hero Bar Listed Among World’s 50 Best Bars

World Best Bars: Hero Bar in Nairobi continues to climb the list, moving up six places to No.62 and Johannesburg’s Sin + Tax comes in at No.94. Dubai new entry Ergo is at No.69 and Melbourne’s Byrdi has re-entered the list at No.61.

Kenyan DJs Face Off In Smirnoff Battle Of The Beats Season 3

The Smirnoff Battle of the Beats Season 3, a DJ competition, is poised to unleash an unprecedented musical frenzy countrywide.

The Highs And Lows Of Betty Kyallo, Sisters Show As Season 2 Ends

Kyallo Kulture has always been, above all, about sisterhood, and in Season 2 we have witnessed the charm of it - the ups that gave us wholesome moments as the sisters led by Betty Kyallo spent time together.

DStv Beats CNN, BBC To Become Most Admired Media Outlet In Africa

DStv, MultiChoice Group’s leading broadcast service, has been named...

MultiChoice Revises Subscription Fees For DStv, GOtv

MultiChoice has announced price adjustments on some of their...

Octopizzo: How I Make My Money

"I've been doing this for 12, 13 years. It reaches a point where you no longer need to prove that you can make a hit record," he stated.
BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke

Navigating Forex Markets: The Top 10 Forex Brokers of 2023

Selecting the right broker from the top 10 forex brokers of 2023 can significantly impact your trading success.

Whipped and Stripped! A Survivor’s Tale of Harrowing Brutality in a Mental Hospital

The lack of a long-term vision and inadequate resourcing of mental hospital infrastructures continues to take a toll on Kenya’s mentally ill patients.

Dubai Agency Picks Top Influencer Marketers to Lead Kenyan Operation

This strategic move is in line with indaHash vision to cement its presence in Africa, following its impactful footprint in South Africa since 2017 and successful collaborations with clients like the South African Tourism Board.

LEAVE A REPLY

Please enter your comment!
Please enter your name here