06 August 2024

Vodacom Group has transacted $400.2 billion through its mobile money platforms, including Safaricom, in the previous 12 months.

Shameel Joosub, CEO of Vodacom Group, informed shareholders and the market that financial services are “a clear strategic priority” for the Group and remain the largest component of beyond mobile services.

“We now process US$400 billion in mobile wallet transaction value annually, highlighting the scale of this business. I was particularly pleased with the growth of M-PESA services that aim to deepen financial inclusion, such as loans, savings, international money transfer and merchant services,” said Joosub.

M-PESA and Vodacom Group’s other super-apps, VodaPay and Vodafone Cash, are critical to pursuing Vodacom Group’s financial services objectives because they combine its own products and services with the best offerings from its partners, said Joosub.

In the quarter that ended 30 June, group financial services revenue of R3.3 billion was also underpinned by rapid local currency growth of 87.0% in Egypt, and significant growth in South Africa within Vodacom’s insurance and Airtime Advance categories.

“Across our geographic segments, Egypt remains a star performer having grown service revenue at 43.7% in local currency, well above the rate of inflation,” said Joosub. “South Africa delivered a resilient 1.8% increase in service revenue, while Tanzania and DRC were the significant contributors to the 5.7% growth in our international business.”