June 14, 2017 IBOMLLC Team

Kenya’s telecom Safaricom set to expand its mobile money service M-Pesa across Africa

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Kenya’s leading mobile service provider Safaricom is planning to roll out its successful mobile money service M-Pesa to other markets outside East Africa. Currently, M-Pesa enjoys a dominant market position in its home base in Kenya and some of its East African neighbors.

This news comes hot on the heels of UK’s Vodafone Group selling 35% stake in the telecom to its South African subsidiary, Vodacom. Although the transfer of shares is subject to shareholder and regulators’ approval, it would be safe to assume it is a done deal. When the deal goes through South Africa’s Vodacom will be set it back some $2.6 billion.

The Kenyan government owns 35% stake at Safaricom. The telecom says it has given “appropriate assurances to Kenya’s government on the deal. Vodafone will maintain a 5% stake at Safaricom, with 25% being free floated for trade at the securities market.

According to a financial analyst Aly-Khan Satchu based in Nairobi while talking to Quartz, said the deal is lucrative for both companies and will go a long way in consolidating their combined reach to markets across Africa.

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