Vodacom to roll out Alibaba Super App to new Egypt market

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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. Moneyweb BusinessNews

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.

“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.” Africa-focused telecom operators have invested heavily in financial-technology products to boost revenue on a continent that lacks physical banking infrastructure. Vodacom’s Johannesburg-based rival, MTN Group Ltd., is working on a deal to bring strategic partners into its financial services unit.

 

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Vodacom outlines fintech plan for Egypt acquisitionVodacom Group plans to roll out financial services products in its new market of Egypt, using the super app it is developing alongside Alibaba Group.
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