To make things easier for users across the globe, Vodacom has recently collaborated with Nedbank to reveal M-PESA – an innovative mobile money solution.
With this new solution, unbanked users can now transfer money by using their mobile device. Designed for users in the South Africa, the service ensures to help the unbanked population who are not yet part of the formal banking system.
“Nedbank is the ideal financial services partner for this venture. With their proven track record of providing financial services to those who are traditionally unable to afford it and their innovative approach to banking, we know they will bring a new dimension to the project. 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,” explained Shameel Joosub, Managing Director, Vodacom South Africa.
For those unfamiliar, M-PESA is a person-to-person money transfer system using mobile phones. It has turned out quite successful in a number of African markets, as well as in Afghanistan in the Middle East. The service also enables unbanked customers to transact electronically.
The M-PESA service was originally created as a pilot funded jointly by Vodafone and the UK Department for International Development Financial Deepening Challenge Fund.