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Vodcom Lesotho confirms M-Pesa banking deal

Vodcom Lesotho confirms M-Pesa banking deal

Vodacom Lesotho M-Pesa has launched the Bank Card to M-Pesa service through which Vodacom M-Pesa customers to transfer money from their Standard Lesotho bank card into their M-Pesa accounts.

According to a statement issued by the operator, the latest technology announcement adds to the offering's overall value proposition, including that businesses are able to pay their employees' salaries or beneficiary grants through M-Pesa.

Executive Head of M-Pesa: Palesa Mphunyetsane said, "We are excited to bring the Bank Card to M-Pesa services to our customers, affording them the convenience and security to move funds from their bank card to their M-Pesa accounts, while participating in the global digital economy."

"This partnership between the bank as a financial service provider and ourselves as a telecom is a FinTech innovation that is expected to continue to expand the market for banking services, as it presents an opportunity to increase the user-friendliness of financial services, while bringing financially excluded Basotho into the financial system."

In May 2019 the Vodacom Group underlined the value of its investment in Safaricom after having posted an operating profit of R24.5 billion as part of its annual results for the year ended 31 March 2019.

Vodacom owns a 34.94% stake in Safaricom, and its operations outside of South Africa include Tanzania, DRC, Mozambique and Lesotho.

"It was a stellar year for our international portfolio where economic and political environments have improved, although it remains challenging in various aspects. We grew service revenue by 15.6% and expanded margins. Other significant achievements include the 25.8% growth in data revenue, and another year in which M-Pesa helped to empower inclusive growth by supporting economic development in Mozambique, Lesotho, DRC and Tanzania," said Shameel Joosub, Vodacom Group CEO.

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