Vodacom and Nedbank to offer South Africa mobile banking

Mar 31, 2010

Vodacom and Nedbank have formed a new partnership that will enable South African residents to access the mobile banking platform M-Pesa.

The service, which was originally set up by Vodafone - the parent company of Vodacom - and the UK Department for International Development, gives customers greater access to finance by enabling them to transfer money using their mobile phones. It is already used in Kenya and Tanzania, with over ten million customers utilising the service to send and receive funds.

Managing Executive for Nedbank Retail Saks Ntombela said the bank is "delighted to be a part of this innovative, simple money transfer product, which offers easy access to funds". And Managing Director for Vodacom South Africa Shameel Joosub stated Nedbank is "the ideal financial services partner for this venture" due to its past experience in providing banking facilities to those who have previously been unable to access them.

M-Pesa is offered in Kenya through the iPay service run by Intrepid Data Systems, which also incorporates the Zap money transfer system.