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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