Valenture Institute Secures R114-M in Investment To Expand In SA, UK, USA

Valenture Institute, a global tech-enabled high school, has secured $7 million (R114 million) investment backed by GSV Ventures. The Institute is a global online high...

Latest Posts

Blue Label Telecoms Pays Joint CEOs R26 Million in 2020

Blue Label Telecoms has published its annual report for 2020, showing how much its joint chief executive officers were paid. Blue Label joint-CEOs Mark and...

Cell C Appoints Ex-Investec CEO Stephen Koseff, Deloitte as Recapitalisation Advisors

Deloitte, a consulting firm, and Stephen Koseff, a former CEO of Investec, have been appointed as advisors for Cell C's recapitalisation process. "Deloitte was appointed...

Are You A FinTech Entrepreneur? AlphaCode’s Applications Open For R10m Programme

Applications are open for the next AlphaCode Incubate programme which aims to identify, partner and grow innovative financial services entrepreneurs. Successful applicants will receive...

Vula Mobile App Revolutionising Rural Healthcare Services

In rural South Africa, a lack of access to healthcare is a daily reality for so many people. Even when a clinic is nearby,...

Vodacom abruptly pulls plug on M-Pesa in South Africa

Vodacom has pulled the plug on its M-Pesa product in South Africa after admitting that the service doesn’t stand a chance to succeed in the country. By Staff Writer

The mobile phone operator, which is owned by Vodafone, said following a thorough review, it will discontinue its M-Pesa product in South Africa with effect from 30 June 2016.

“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,” Shameel Joosub, Vodacom CEO, said in a statement.

In other markets where financial inclusion is limited and where there is a more supportive macro environment, the mobile phone giant said 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,” the company said on Monday.

With regard to customers, Joosub says: “Vodacom is 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.”

Latest Posts

Blue Label Telecoms Pays Joint CEOs R26 Million in 2020

Blue Label Telecoms has published its annual report for 2020, showing how much its joint chief executive officers were paid. Blue Label joint-CEOs Mark and...

Cell C Appoints Ex-Investec CEO Stephen Koseff, Deloitte as Recapitalisation Advisors

Deloitte, a consulting firm, and Stephen Koseff, a former CEO of Investec, have been appointed as advisors for Cell C's recapitalisation process. "Deloitte was appointed...

Are You A FinTech Entrepreneur? AlphaCode’s Applications Open For R10m Programme

Applications are open for the next AlphaCode Incubate programme which aims to identify, partner and grow innovative financial services entrepreneurs. Successful applicants will receive...

Vula Mobile App Revolutionising Rural Healthcare Services

In rural South Africa, a lack of access to healthcare is a daily reality for so many people. Even when a clinic is nearby,...

Don't Miss

International Travel Makes A Return Under Alert Level 1

South Africa will reopen its international borders on 1 October 2020, under alert level 1 of lockdown. President Cyril Ramaphosa made the announcement during a...

South Africa Moves To Alert Level 1

South Africa has withstood the Coronavirus storm and will move to lockdown alert level 1 from midnight on Sunday, 20 September 2020. President Cyril Ramaphosa...

GridCars Now Official Charge Point Operator To BMW South Africa

BMW South Africa, in line with its expanded electromobility offering in the country, announced on Wednesday the appointment of established service provider GridCars as...

Naspers Takes A Stake In Food Supply Network

Naspers announced on Wednesday an investment in the food service industry with a stake in the Food Supply Network (FSN). FSN is an independent business-to-business...

Valenture Institute Secures R114-M in Investment To Expand In SA, UK, USA

Valenture Institute, a global tech-enabled high school, has secured $7 million (R114 million) investment backed by GSV Ventures. The Institute is a global online high...

Stay in touch

To be updated with all the latest news, offers and special announcements.