You are here: Home » International » News » Companies
Business Standard

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

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

Topics
Vodafone CEO | Vodafone | Africa

Bloomberg 

vodafone, nick read
Vodafone CEO Nick Read | PHOTO: BLOOMBERG

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.

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.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, July 24 2021. 01:24 IST
RECOMMENDED FOR YOU
.