Vodacom Group Ltd (OTC: VDMCY) (OTC: VODAF) intends to use the super app that it developed with China’s Alibaba Group Holdings Ltd (NYSE: BABA) to launch its financial services products in Egypt.
CEO Shameel Joosub said in an interview that the Johannesburg-based company received approval to purchase the Egypt division from its parent, Vodafone Group Plc (NASDAQ: VOD), for $2.7 billion.
Additionally, Vodacom negotiated the conditions of a mobile money license in Ethiopia, where it is anticipated to utilize Safaricom Ltd.’s M-Pesa platform, a partner from Kenya.
“We see double-digit growth in financial services for the foreseeable future,” Joosub said by phone after Vodacom reported first-half earnings that missed analyst estimates. “In Egypt, we want to start the full Alipay platform soon, and we expect to start our mobile money services in Ethiopia by early next year.”
Telecom companies with an emphasis on Africa have made significant investments in financial technology products to increase revenue on a continent devoid of physical banking infrastructure.
Similar to Tencent Holding Ltd.’s (OTC: TCEHY) WeChat, Vodacom, and Alibaba’s super app Vodapay allows users to access a wide range of services, including taking out loans, shopping online, and making standard mobile payments.
Akola, Maharashtra – A trailblazer in psychiatry and holistic healing, Dr. Deepak Kelkar has spent… Read More
Philanthropic work plays a key role in addressing the most important challenges faced by societies… Read More
Global health surpasses national boundaries to produce widespread impacts across communities throughout the world. Different… Read More
As a branding expert, PR manager, and rising name in real estate and automobile, Syeddubai… Read More
Even though parenting is described as one of the most rewarding journeys, it is indeed… Read More
Successful deal sourcing is a cornerstone of investment planning, influencing everything from the quality of… Read More
