Home Business News Companies Safaricom and Vodacom jointly acquire the M-Pesa brand

Safaricom and Vodacom jointly acquire the M-Pesa brand

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.”

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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.

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