Mobile Money – Airtel Spins Off its MoMo Service
Airtel Africa is spinning off its mobile money arm. This follows discussions in a number of telecom firms on how best to unlock their value by spinning off their MoMo services to become standalone financial entities. The UK’s Vodafone Group Plc, which was involved in the creation of M-Pesa with the Kenyan telco Safaricom, last year hinted it could spin off its MoMo service. Last May, Safaricom reported that its M-Pesa MoMo service had overtaken voice services to become its biggest revenue source for the year ended March 2020. Also last year, South Africa’s MTN Group said it is considering spinning off its financial services units, whose revenue increased more than any other unit’s for the quarter ended September 2021
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