Vodafone plans to turn its M-Pesa mobile payments service into a wider financial services platform operating across the whole continent of Africa, reports the Financial Times.
Vodafone Group CEO Nick Read told the newspaper that he wanted to explore strategic technology partnerships and partner with major financial institutions.
This would allow Vodafone to expand M-Pesa in the seven African markets where it currently operates, as well as into new markets where it does not have existing mobile operations.
The M-Pesa service currently accounts for 3.5 percent of revenue at Vodafone Group’s African unit Vodacom.
It had 37 million across the seven African markets where it is active at end-March 2019, with revenues up 21 percent to EUR 750 million.
The M-Pesa platform processes more than EUR 10 billion worth of payments each month.
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Vodafone Plc
