Vodacom will discontinue its M-Pesa mobile money service in South Africa from 30 June 2016.<\/p>\n
\u201cVodacom\u2019s decision is based on the fact that the business sustainability of M-Pesa is predicated on achieving a critical mass of users,\u201d said Vodacom CEO Shameel Joosub.<\/p>\n
\u201cBased 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.\u201d<\/p>\n
Vodacom said M-Pesa continues to gain traction\u00a0and growth in countries where financial inclusion is limited.<\/p>\n
\u201cKenya and Tanzania are prime examples of this. This decision does not affect M-Pesa customers in Tanzania, Lesotho, Mozambique, and the DRC, where the product continues to grow.\u201d<\/p>\n
Joosub said Vodacom will mitigate\u00a0any inconvenience to clients affected by the decision, and that their funds are safe and accessible.<\/p>\n
\u201cWe remain of the opinion that opportunities exist in the financial services environment and we will continue to explore these.\u201d<\/p>\n
Vodacom considering options for failed M-Pesa service in SA<\/a><\/strong><\/p>\n Vodacom relaunches M-Pesa in SA<\/a><\/strong><\/p>\n