Vodacom has processed $547.9 billion in mobile money transactions over the past twelve months. This makes it the largest mobile money operator on the African continent. The figure comes from the telecom group’s latest quarterly trading update. It includes transaction volumes from Safaricom’s M-Pesa business.
This update arrives at a defining moment for the South African telecom giant. Vodacom completed its acquisition of a controlling stake in Safaricom on 30 June. The deal raised its shareholding from 35 percent to 55 percent. Group CEO Shameel Joosub called it a major milestone in the company’s Vision 2030 strategy. He said it strengthens Vodacom’s scale, diversification, and long term growth prospects across the continent.
The $547.9 billion figure marks a 19.1 percent jump in mobile wallet transaction value year on year. That growth outpaces much of Vodacom’s traditional voice and data business. To put the number in perspective, it exceeds the annual gross domestic product of most African nations. And this money does not move through bank branches or ATMs. Instead, it flows through ordinary mobile phones. Millions of users may never open a formal bank account, yet they still send, receive, and save money daily.
Vodacom’s M-Pesa operations now span several African markets. These include Tanzania, Mozambique, Lesotho, the Democratic Republic of Congo, Ethiopia, and Egypt. Kenya is also part of this network through Safaricom. Financial services have become a central part of the group’s business. They now contribute 22 percent of group service revenue. Before the Safaricom deal closed, that figure stood at just 13 percent.
The Safaricom acquisition has pushed Vodacom to raise its long term ambitions. The group lifted its Vision 2030 revenue target from over R200 billion to more than R300 billion. It also upgraded its medium term earnings guidance from double digit to early teens growth. Group revenue for the period rose 5.9 percent to R42.4 billion. Vodacom now consolidates Safaricom’s results under international accounting rules, since it holds the majority stake.
Group financial services revenue climbed 17.8 percent to R4.5 billion. Normalised growth accelerated even further, reaching 27 percent. This shows that mobile money and digital payments are picking up the slack. Traditional telecom services like voice calls continue to slow down. Across the industry, other African telecom operators are seeing the same pattern. Customers are making fewer calls. But they are using more data and more mobile money.
SEE ALSO: Botswana Tech Fund Hits $6.7m First Close
Vodacom’s push into financial services goes beyond basic transactions too. The company keeps expanding advanced offerings. These include loans, savings products, international remittances, and insurance. Customers access them through platforms like VodaPay and M-Pesa. These advanced services already make up a large share of M-Pesa’s revenue. This reflects a bigger shift happening across the industry. Telecom operators want to become full scale financial services providers. They no longer want to be seen as simple network operators.
The Safaricom deal is now finalised. The Kenyan government still holds a 20 percent stake in Safaricom. But Vodacom now controls one of Africa’s largest combined telecom, technology, and financial services businesses. Joosub said the enlarged portfolio gives the group a more balanced structure. It also brings stronger exposure to some of the continent’s fastest growing markets. These include connectivity, digital services, and financial inclusion.
