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Home Telcos

Vodacom to discontinue M-Pesa in South Africa

Milcah Lukhanyu by Milcah Lukhanyu
5 years ago
in Telcos
3 min read
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Following a thorough review, Vodacom will discontinue its M-Pesa product in South Africa with effect from 30 June 2016 after showing a little prospect of growth in the country according to a press statement by the company.

Speaking about the decision, Shameel Joosub, Vodacom Chief Executive Officer, says: “Vodacom’s decision is based on the fact that the business sustainability of M-Pesa is predicated on achieving a critical mass of users. Based on our revised projections and high levels of financial inclusion in South Africa there is little prospect of the M-Pesa product achieving this in its current format in the mid-term.”

In other markets where financial inclusion is limited and where there is a more supportive macro environment, M-Pesa continues to gain solid traction based on exponential growth in customer acquisition. Kenya and Tanzania are prime examples of this. It is important to note that this decision does not affect M-Pesa customers in Tanzania, Lesotho, Mozambique and the DRC, where the product continues to grow exponentially.

Vodacom says its fully committed to mitigating any inconvenience to customers impacted by the decision and assures all M-Pesa South Africa customers that their funds remain safe and readily accessible. We remain of the opinion that opportunities exist in the Financial Services environment and we will continue to explore these.”

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Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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