South Africa's Vodacom is to launch the mobile money service, M-PESA in the country, in cooperation with local banking group, Nedbank. The bank has been working with the banking regulator to ensure that the initiative will meet all requirements set out by the South African Reserve Bank.
Shameel Joosub, Managing Director, Vodacom South Africa, said: "Nedbank is the ideal financial services partner for this venture. With their proven track record of providing financial services to those who are traditionally unable to afford it and their innovative approach to banking, we know they will bring a new dimension to the project. Both Nedbank and Vodacom are confident that M-PESA is going to change the lives of 'unbanked' South Africans and we are looking forward to the imminent launch of the product."
Added Joosub, 'M-PESA has a successful track record in other markets. With the backing of Nedbank and Vodafone, as well as the power of the public's trust in the Vodacom brand, all of the signs are there that M-PESA is going to revolutionise the way South Africans transfer, share and spend their money.'
The M-PESA service was originally created as a pilot funded jointly by Vodafone and the UK Department for International Development [DFID] Financial Deepening Challenge Fund. Since then, the service has proved immensely successful in the Kenya, Tanzania and Afghanistan markets with more than 10 million M-PESA customers. Vodafone first announced its intentions to repeat its success in South Africa at the GSMA Mobile World conference in Barcelona earlier this year.
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