Vodacom Group plans to roll out financial-services products in its new market of Egypt, using the super app the wireless carrier is developing alongside China’s Alibaba Group.
The Johannesburg-based company has received approvals to buy the Egypt business from its parent, Vodafone Group, for $2.7 billion, Chief Executive Officer Shameel Joosub said in an interview. Vodacom is also negotiating the terms of a mobile-money licence in Ethiopia, where it will likely use the M-Pesa platform of Kenyan partner Safaricom, he said.
“We see double-digit growth in financial services for the foreseeable future,” Joosub said by phone after Vodacom reported first-half earnings that missed analyst estimates.
“In Egypt, we want to start the full Alipay platform soon, and we expect to start our mobile-money services in Ethiopia by early next year.”