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Vodacom’s Massive R7.4 Trillion Mobile Money Deal
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Vodacom’s R7.4 Trillion Mobile Money: Vodacom Group has expanded to the point of getting more than US$ 400 billion (R7.4 trillion) in transaction value annually through its mobile wallet offerings.
The company transacted $ 400.2 billion through its mobile money platforms, including Safaricom in the past year.
Vodacom’s R7.4 Trillion Mobile Money
Vodacom Group CEO, Shameel Joosub, said, “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.”
The CEO further highlighted that the company’s financial services were supported by the local currency growth in Egypt.
He said, “Vodacom’s R7.4 Trillion Mobile Money was also supported by rapid local currency growth of 87% in Egypt, and strong growth in South Africa within our insurance and Airtime Advance segments.”
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Group service revenue climbed 10% on a normalized basis, above the medium-term target. South African service revenue grew by 1.8%.
Expectations Of New Investments In Vodacom Group
Egypt was Vodacom’s best-performing operation in the quarter, with revenue rising 43.7% in local currency, well above inflation. In South Africa, prepaid performed well. Price increases also helped deliver a stronger performance.
“Supported by additional data allocations and good growth in smart devices, data traffic grew 31.3%, while ‘beyond mobile services’ increased by 6.3%, contributing R2.6 billion to South Africa’s service revenue of R15.3 billion.
Having invested R1.9 billion in the quarter, we expect to invest around R11.5 billion of capital expenditure in the current financial year to further enhance the customer experience,”
