Safaricom PLC proudly declared the official finalization of its acquisition of M-PESA Holdings Co. Limited from Vodacom International Holdings BV.
The strategic acquisition, initiated on April 17th, 2023, underscores Safaricom’s dominance in the mobile money industry and has significant implications for the region.
The acquisition stemmed from a share purchase agreement with Vodafone International Holdings BV, resulting in Safaricom obtaining full ownership of M-PESA, a cornerstone of mobile finance in Kenya and East Africa.
M-PESA Holdings, responsible for safeguarding M-PESA customer funds under the National Payment System Regulations of 2014, will now be under Safaricom’s stewardship.
Meeting all regulatory approvals and satisfying the necessary conditions for such a complex transaction, Safaricom has successfully assumed full control of M-PESA Holdings, adhering to Kenyan capital market regulations.
Despite the change in ownership, M-PESA will continue to serve as the custodian of the M-PESA trust funds, prioritizing customer interests.
This historic development positions Safaricom as a key player in Kenya’s financial sector, guaranteeing enhanced mobile financial services and underlining the company’s commitment to innovation and growth.
Safaricom’s Chairman expressed optimism that this acquisition would lead to greater financial inclusion and innovation in the region, cementing its role as a pioneer in mobile financial services.