Vodacom to expand financial services products

Vodacom plans to expand its South African financial services with investing, lending and merchant products, including services already offered in other African markets. CEO Shameel Joosub said the company supports a proposed Reserve Bank licensing framework that could let mobile-money providers operate independently of banks. Vodacom’s financial services business generated R1.9 billion in revenue in the six months to September, up 6% year on year.