M-Pesa bank­ing ser­vice may ex­pand

The Star Early Edition - - COMPANIES -

SAFARICOM may ex­pand its pop­u­lar mo­bile-bank­ing ser­vice M-Pesa into coun­tries such as Nige­ria and An­gola. The sale of a 35 per­cent stake in the Nairobi-based com­pany to Vo­da­com by par­ent Voda­fone has en­abled Safaricom to look to new mar­kets, chief ex­ec­u­tive of­fi­cer Bob Col­ly­more said. That’s be­cause Voda­fone has an agree­ment with the South African gov­ern­ment to ex­pand in Africa only through Vo­da­com. “Be­fore the end of the year, I would ex­pect to have some­thing to roll out,” Col­ly­more said. Safaricom may seek to agree to plat­form-shar­ing deals with com­peti­tors such as MTN to ex­pand M-Pesa rather than set up in new coun­tries, he said. M-Pesa had more than 25 mil­lion cus­tomers in 11 coun­tries at the end of March.

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