Vodafone CEO hints at spin-off of mobile money platform M-Pesa

Vodafone Group hinted it could spin off its African mobile money service M-Pesa after its popularity soared through the pandemic.

The platform offers peer-to-peer transactions in countries including Kenya, Tanzania, Mozambique, Lesotho. It is now pushing into new financial services like small loans, payroll and savings.

Vodafone CEO Nick Read said it’s logical to keep M-Pesa within the telecommunications group for now, to maintain benefits like distribution and cementing customer loyalty. “In the future, there may be opportunities to scale further,” Read added.