The Kenyan and South African telecom firms say acquisition of M-Pesa’s brand, product development and support services was done through a newly-created joint venture.
Kenya’s leading telecom firm Safaricom and South Africa’s Vodacom said on Monday that they have completed the acquisition of the popular mobile money platform M-Pesa from Britain’s Vodafone, the companies said in a statement.
The firms said that the acquisition of M-Pesa’s brand, product development and support services from Vodafone was done through a newly-created joint venture.
“The transaction, which was first announced in 2019, will accelerate M-Pesa’s growth in Africa by giving both Vodacom and Safaricom full control of the M-Pesa brand, product development and support services as well as the opportunity to expand M-Pesa into new African markets,” they said in a statement.