Vodacom’s push into e-commerce will be replicated by Kenyan partner Safaricom, whose M-Pesa mobile-money service accounts for about a third of revenue. While the super-app will be available to South African customers, M-Pesa will start to offer more online retail and financial services in other markets such as Tanzania, Joosub said. Mobile operators in Africa have invested heavily in financial technology to fill a gap left by a lack of physical banking infrastructure. MTN is looking to carve out and possibly list its financial-services business, while Airtel Africais looking at similar options. Vodacom upgraded its profitability targets on improved prospects for Safaricom and other businesses outside South Africa, while announcing improved full-year earnings and sales.

Source: News 24 May 18, 2021 08:48 UTC