PODCAST | Vodacom’s strategy to grow remittances in Africa

Vodacom’s strategy to grow its remittances offering is the focus of this edition of Business Day Spotlight. Host Mudiwa Gavaza is joined by Stephen Chege, group chief regulatory and external affairs officer for Vodacom. 

Chege outlines the maturity of mobile money systems in Africa.  In a number of African countries, mobile-enabled remittances have become the mainstay in how people send and receive money across borders.

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In Kenya, Vodacom and Safaricom-backed M-Pesa processed more than 90% of all remittances into the country in the year to March 2024. In Lesotho, remittances were an important contributor to the economy, making up 23.7% of the country's GDP, according a 2022 report by the World Bank.

Chege takes time explaining the various deals, agreements and mechanics involved in sending money from a bank account in SA to a mobile money mobile wallet in Kenya. 

In doing so, he advocates for harmonising regulations across different jurisdictions, which can facilitate cross-border remittances and reduce costs for marginilised communities. 

Through the discussion, the maturity of mobile money systems is highlighted, together with possible areas of improvement; and Vodacom’s strategy to grow its remittance business. According to the Vodacom executive, there is an opportunity for the private sector to work together with governments and regulators to create a supportive environment that encourages innovation and competition while ensuring consumer protection against risks, such as cyber fraud.

• Business Day Spotlight is a MultimediaLIVE Production. 

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