07 July 2015

M-Pesa launches in South Africa

16 February 2010  |  12062 views  |  0 smartphone

Wireless operator Vodafone is launching M-Pesa, the hugely successful Kenyan mobile money transfer service, in South Africa.

M-Pesa was launched by Vodafone affiliate Safaricom in Kenya in 2007 and now claims over eight million users in the country. A recent study by Research & Markets suggests that more than 10% of Kenya's GDP now pass through the mobile banking service.

It has since been introduced in Tanzania and Afghanistan and now Vodacom South Africa has teamed with an unnamed local financial institution to target the 26 million people in the country without official bank accounts. Vodafone says only 60% of South African adults have bank accounts but mobile penetration is over 94%.

Cenk Serdar, director, mobile payments, Vodafone, says: "Mobile technology in Africa has already improved the lives of millions simply by allowing them to communicate far beyond their immediate surroundings. It is now set to transform the way we send and receive cash. The successful take-up of M-Pesa in Kenya has clearly demonstrated the demand for easily accessible, secure payment services particularly in emerging markets."


Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

18 January, 2010
20 November, 2009
03 November, 2009
30 September, 2009
18 September, 2009
24 April, 2009
08 April, 2009
09 March, 2009
18 February, 2009
17 February, 2009
17 February, 2009
13 February, 2009
12 January, 2009
11 December, 2008
08 December, 2008
06 August, 2008
04 July, 2008
17 June, 2008
07 May, 2008
13 February, 2008

Related company news

 


Top topics

Most viewed Most shared
Singapore pledges S$225m to fintech
9584 views comments | 34 tweets | 24 linkedin
US banks pump $16.6bn into digital transfo...
8238 views comments | 39 tweets | 27 linkedin
Fintech leads the charge as VC investment...
6402 views comments | 33 tweets | 17 linkedin
Mobile banking biometrics gains traction
6302 views comments | 27 tweets | 25 linkedin
Nordea sets up fintech accelerator
5383 views comments | 20 tweets | 12 linkedin

Featured job

to £65K base, double OTE
London, UK

Find your next job