Safaricom Public Limited Company (PLC) has taken full ownership of M-PESA Holding Company.
In a statement on Thursday, October 19, Safaricom said it has gained complete control of M-PESA, previously owned by Vodafone International Holdings BV.
“The Board of Directors of Safaricom PLC (Safaricom) is pleased to notify the public of the completion of the acquisition by Safaricom of the entire issued share capital of M-PESA Holding Co. Limited from Vodafone International Holdings BV (the Transaction),” read the statement in part.
According to the statement, the agreement was made in April to affect the transfer of all shares from Vodafone BV to Safaricom.
“On 17th April 2023, Safaricom entered into a share purchase agreement with Vodafone International Holdings B.V. (Vodafone BV) for the transfer of one hundred percent (100%) shareholding in M-PESA Holding Co. Limited (M-PESA Holding) from Vodafone BV to Safaricom,” read the statement.
Further, Safaricom said the ownership transfer observed all requirements and conditions needed for such processes.
“Completion of the Transaction was subject to the satisfaction of conditions that are customary for transactions of this nature, including obtaining approval from shareholders and relevant regulators, all of which have been duly satisfied and all regulatory approvals obtained,” added the statement.
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Additionally, Safaricom said the notice is issued pursuant to Paragraph G.06 of the Fifth Schedule of the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations 2002.
Moreover, Safaricom said the notice constitutes an announcement duly informing the public of the successful completion of the Transaction.
In addition, Safaricom said M-PESA Holding will continue to act as the corporate trustee of the M-PESA trust funds.
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About Safaricom M-PESA
M-PESA Holding is the corporate trustee responsible for holding M-PESA customer funds under the M-PESA trust arrangement as required by the National Payment System Regulations, 2014.
It is Africa’s most successful mobile money service and the region’s largest fintech platform.
M-PESA is the preferred way to make payments across the continent both for the banked and unbanked due to its safety and unmatched convenience.
Also, it provides financial services to millions of people who have mobile phones, but do not have bank accounts, or only have limited access to banking services.
Now, it provides more than 51 million customers across seven countries in Africa with a safe, secure, and affordable way to send and receive money, top-up airtime, make bill payments, receive salaries, get short-term loans and much more.
