Forget revenue growth, Vodacom is Africa’s biggest fintech platform

Forget revenue growth, Vodacom is Africa’s biggest fintech platform

Vodacom Group announced a robust 26.8% revenue growth for the quarter ending 31 December 2023. This surge is attributed to the strategic acquisition of Vodafone Egypt and the expansion of an array of services, including financial, digital, fixed, and IoT. The group, which includes Kenya’s Safaricom, has reached a milestone of 200 million customers, with over 75 million utilising a financial service. With a staggering $98.2bn processed in mobile money transactions in the quarter, Vodacom Group has emerged as Africa’s largest fintech platform. CEO Shameel Joosub expressed the group’s commitment to enhancing access to smartphones, financial services, healthcare, and education across its markets. He emphasised that the group’s strategy holds immense potential for economic value creation and addressing inequality. “During the third quarter Vodacom Group celebrated a number of key milestones including Vodacom Mozambique’s 20-year anniversary, the trialling of 5G in the DRC and the announcement of Project Kuiper, a strategic collaboration with Amazon’s low Earth orbit satellite (LEO) communications initiative,” he said. “Across our International business segment it was pleasing to see that our network investment contributed to a 25.4% increase in 4G sites, which ultimately supported an acceleration of local currency revenue growth.” Joosub expressed an ambition to