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What you need to know: This weblog captures key data points about the global telecoms industry. I use it as an electronic notebook to support my work for Pringle Media.

Tuesday, February 2, 2021

Financial Services Fuels Growth for Vodacom

Vodacom Group, which is majority owned by Vodafone, reported 6.7% year-on-year growth in group revenue (on a normalised basis) for the quarter ending December 30th to 25.1 billion South African rand (1.68 billion US dollars).  The increase was driven by 4.2% service revenue growth and sales of equipment and non-service revenue in South Africa.

The group's financial services revenue was a key growth engine. Shameel Joosub, Vodacom Group CEO, said: "Supported by a significant increase in demand for our Airtime Advance product and a healthy increase in insurance policies, our financial services business remains a very strong performer having increased revenue by 24.3%, as the business continues to scale. Our partnership with Alipay will add new dimensions to our financial services’ proposition and in particular VodaPay, which will become our single lifestyle super app."

Revenues from the mobile money payment service M-Pesa increased 10.1%, largely the result of a 7.7% increase in customers. The group reported that almost 16 million people - or just under half of its international customer base (customers outside of South Africa) - are now making use of M-Pesa. Including Safaricom, monthly M-Pesa transactions amounted to 24.2 billion US dollars, up 58% year-on-year.  Source: Vodacom statement

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