South African operator Vodacom and Nedbank today announced a joint initiative to bring mobile money service M-PESA to the country.
M-PESA, so far present in other African countries and Afghanistan, allows banked and unbanked customers to transfer money via cellphones.
Both Nedbank and Vodacom are confident that M-PESA is going to change the lives of “unbanked” South Africans and we are looking forward to the imminent launch of the product”, said Shameel Joosub, Managing Director, Vodacom South Africa.
The operator first announced its plans to introduce M-PESA to South African customers at this year’s Mobile World Congress held in Barcelona.
Saks Ntombela, Managing Executive, Nedbank Retail, said that the money transfer product would help unbanked South Africans, to share, spend and transfer money via a mobile phone.
M-PESA was originally created as a pilot funded jointly by Vodafone and the UK Department for International Development [DFID] Financial Deepening Challenge Fund.
The service has more than 10 million customers in countries like Kenya, Tanzania and Afghanistan.