South Africa-based Vodacom Group Ltd is planning to launch financial services in Egypt via the super app it is currently developing along with China’s Alibaba Group Holdings Ltd, Bloomberg reported on November 14th.

The mobile communication company has already obtained approvals to acquire Vodafone Group Plc’s stake in Vodafone Egypt for $2.7 billion, CEO of Vodacom Shameel Joosub said in an interview.

The South African group is also in talks over the terms of a mobile-money license in Ethiopia, where it is possible to use the M-Pesa platform of Kenyan partner Safaricom Ltd, Joosub added.

“We see double-digit growth in financial services for the foreseeable future,” he expected, adding that “In Egypt, we want to start the full Alipay platform soon, and we expect to start our mobile-money services in Ethiopia by early next year.”

Vodacom and Alibaba’s super app, called Vodapay, grants subscribers access to a wide range of services, including taking out loans, shopping online, and making standard mobile payments.

On November 13th, the Financial Regulatory Authority (FRA) announced it was reviewing a voluntary tender offer by Vodacom Group Limited to acquire 0.05%, equivalent to 124,608 shares, of Vodafone Egypt’s capital for €17.92 per share.

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