Safaricom and Vodacom joint venture have seen the two companies acquire the M-Pesa brand from U.K based company Vodafone.
Through a press release, Vodacom highlighted how the venture will enable them to expand the brand to other African countries.
Vodacom Group CEO Shameel Joosub described it as a major milestone that will promote greater financial inclusion and bridge communities.
“To promote greater financial and digital inclusion, Vodacom and Safaricom have acquired the M-PESA brand from Vodafone, a move which Vodacom Group CEO, Shameel Joosub, says will help accelerate Vodacom’s financial services aspirations in Africa.”
Acting Safaricom CEO Michael Joseph said how pleased he was that the brand has finally been moved to Kenya after 13-years of its development.
Currently, M-Pesa has a total of 40 million users and operates in several African countries including Kenya, Tanzania, Lesotho, Egypt, DRC Congo and Mozambique.
Yearly it has been growing at a rate of 10% generating billions in transactions in a month.