It seems, read "the rumors are", that Nedbank decided to sell their soul to the devil in order to get the Mpesa deal with Vodacom South Africa. To those out there who doesnt know who Nedbank is http://en.wikipedia.org/wiki/Nedbank
Its hard to clearly articulate what is going on, because it seems wrong on so many levels:
1. Nedbank takes on KYC, but ONLY in branch (each registrant will have to visit a Nedbank branch)
2. Nedbank will co-own the float in trust with Vodacom
3. Mpesa/Vodacom makes all the system transaction fees
4. Mpesa/Vodacom owns the customer relationships
I am inviting some of my good friends from Nedbank to comment on this and give us some insight, because if what I am saying is true, Nedbank just turned into a pipe.
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