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Mozambique’s Vodacom launches M-PESA cash transfer service

APA

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Mozambique leading mobile phone company Vodacom- SA, a subsidiary of south Africa’s Vodafone, has launched its M-Pesa cash transfer service.Speaking at the launch ceremony late on Thursday, the governor of the Bank of Mozambique, Ernesto Gove, said the existence of a strong and stable financial system that is comprehensive and inclusive is an objective that must be realized for the benefit of people living in districts without any point of access.

M-Pesa was launched by Vodacom in Kenya in 2007 and is now available in eight countries including Tanzania, Afghanistan, South Africa, India and the Democratic Republic of Congo. Worldwide it has 17 million users.

According to Gove, adjustments to the legal and regulatory framework in 1999 and 2004 opened the way for new forms of financial institutions and the emergence of new services and products.

An academic report last year into the mKesh service provided by Mozambique’s publicly-owned mobile phone company mCel found that financial literacy has increased in rural areas where mobile money has been introduced.

According to the researchers, there are about five million subscribers to mobile phone services, which is about a quarter of the population.

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