Vodacom Group Ltd (OTC: VDMCY) (OTC: VODAF) intends to use the super app that it developed with China’s Alibaba Group Holdings Ltd (NYSE: BABA) to launch its financial services products in Egypt.
CEO Shameel Joosub said in an interview that the Johannesburg-based company received approval to purchase the Egypt division from its parent, Vodafone Group Plc (NASDAQ: VOD), for $2.7 billion.
Additionally, Vodacom negotiated the conditions of a mobile money license in Ethiopia, where it is anticipated to utilize Safaricom Ltd.’s M-Pesa platform, a partner from Kenya.
“We see double-digit growth in financial services for the foreseeable future,” Joosub said by phone after Vodacom reported first-half earnings that missed analyst estimates. “In Egypt, we want to start the full Alipay platform soon, and we expect to start our mobile money services in Ethiopia by early next year.”
Telecom companies with an emphasis on Africa have made significant investments in financial technology products to increase revenue on a continent devoid of physical banking infrastructure.
Similar to Tencent Holding Ltd.’s (OTC: TCEHY) WeChat, Vodacom, and Alibaba’s super app Vodapay allows users to access a wide range of services, including taking out loans, shopping online, and making standard mobile payments.
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