Vodacom’s mobile money transactions hit $437.1bn in 2024 

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February 3, 2025
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2 min read
Vodacom

South Africa’s telecommunication giant, Vodacom Group, has disclosed that it processed electronic transfers worth $437.1bn in 2024 as daily transactions surged by 19.1% to reach $1.2 billion. 

This transaction volume includes mobile money services provided by Safaricom. 

Safaricom is Vodacom’s sister company in Kenya and the operator behind M-pesa, a platform that allows users in various African countries to send, receive, and store money using their mobile phones. 

Vodacom, in a press statement issued on Monday, noted that this development solidifies its position as Africa’s largest mobile money platform by transaction value processed. 

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The statement, which contains details of the company’s trading update for the quarter ended December 2024, also revealed robust growth in other key performance indicators. 

The telecom company reported a 5.7% increase in financial services revenue to R3.6 billion ($190.8 million) while gross revenue rose by 1.6% to R39.5 billion ($2.1 billion) in Q4 2024. 

Additionally, Vodacom's ongoing earnings from core services, namely data, voice, messaging, mobile money, and broadband grew by 11.6% on a normalised basis, above its medium-term target. Excluding income from Safaricom, it generated R3.6 billion ($190.8 million) in service revenue up by 17.2%, barring the impacts of currency fluctuations. 

In the quarter under review, Egypt and South Africa emerged as key drivers of the company’s services market. 

Egypt retained its top performer status by recording a 44.3% increase in service revenue, generating R6.8 billion ($360.4 million) in the quarter, while the company’s share of the South African market grew marginal by 3.2% to reach R16.2 billion ($858.6 million

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The total number of customers who use Vodacom’s financial services in Egypt also rose substantially by 40.7% to 10.5 million while data traffic soared by 25.6%.

“In particular, the quarter was positively impacted by accelerated growth in South Africa’s prepaid market in addition to another stellar performance in Egypt and Tanzania," the statement read. “With service revenue of R6.8 billion, Egypt now accounts for 22.3% of the Group’s total, closing the quarter with 50.7 million customers, up 6.2%.”

On the international business front, the company noted that e Tanzania and the Democratic Republic of Congo were significant contributors to the normalised 7.0% growth recorded in that segment of its operations. 

However, while Mozambique remained a major player in the company's international business during the quarter, its growth in East Africa’s country was hampered by post-election tensions which began in October 2024. 

Furthermore, supported by robust business strategies and a R1.4 billion investment in network infrastructure, the Group’s international business customer base reached 58.4 million, up 8.6%. 

Vodacom attributed its strong financial performance in the last quarter, despite currency volatility in most of the countries where it operates, to the “focused execution” of its market strategies.

A versatile and experienced writer who enjoys demystifying complex financial data for easy consumption.
A versatile and experienced writer who enjoys demystifying complex financial data for easy consumption.
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