Vodacom, a South African mobile communications company, and Safaricom, a communications company in Kenya, completed the acquisition of M-PESA, a mobile phone-based money transfer, financing and microfinancing service, from Vodafone, a multinational telecommunications company. Financial terms were not disclosed. "This is a significant milestone for Vodacom as it will accelerate our financial services aspirations in Africa. Our joint venture will allow Vodacom and Safaricom to drive the next generation of the M-PESA platform – an intelligent, cloud-based platform for the smartphone age. It will also help us to promote greater financial inclusion and help bridge the digital divide within the communities in which we operate," Shameel Joosub, Vodacom Group CEO.