Vodacom's $548 billion mobile money business is becoming a bigger part of the company

Vodacom processed nearly $548 billion in mobile money transactions over the past year, highlighting the growing role of financial services in the group’s business. In its trading update for the quarter ended June 30, 2026, the company said its mobile money platforms, including Safaricom’s M-PESA, handled close to $548 billion in transactions over the previous 12 months. The update is the first since Vodacom completed its acquisition of an effective 20% additional stake in Safaricom. The deal increased its shareholding to 55% and gave it control of the Kenyan telecommunications operator.

Financial services now account for a larger share of revenue

The Safaricom acquisition has done more than expand Vodacom’s footprint in East Africa. It has also increased the contribution of financial services to the group. Before the transaction, financial services generated 13% of Group service revenue. That figure has now risen to more than 22%, driven by the addition of M-PESA and Safaricom’s broader financial services business. Vodacom Group CEO Shameel Joosub said the acquisition marks an important step in the company’s long-term plans. “This quarter marked a defining moment for Vodacom with the completion of our acquisition of a controlling stake in Safaricom. This strategically important transaction represents a major milestone in our Vision 2030 journey, significantly enhancing the Group’s scale, diversification and long-term growth prospects.” The transaction also strengthens Vodacom’s position in Kenya. It also expands the group’s exposure to Ethiopia, Tanzania, the Democratic Republic of Congo, Mozambique and Lesotho.

The business is becoming more diversified

Voice and data remain Vodacom’s core business. However, financial services are making a bigger contribution to growth. The company has raised its medium-term guidance. It now expects EBITDA and operating free cash flow to grow at an early-teens rate. Previously, it had targeted double digit growth. Vodacom also raised its Vision 2030 revenue ambition. It now expects revenue to exceed R300 billion ($18 billion), up from its previous target of more than R200 billion ($12 billion).

South Africa remains steady while other markets grow faster

South Africa remains Vodacom’s largest market and biggest earnings contributor. Service revenue increased 2% during the quarter, supported by stronger prepaid performance. Growth was stronger elsewhere in the group. Egypt reported 32.8% service revenue growth in local currency. Financial services revenue in the market rose 73%. Vodacom’s International business, which includes Tanzania, the Democratic Republic of Congo, Lesotho and Mozambique, recorded 14% normalised service revenue growth. Digital services generated R7.8 billion ($467 million) during the quarter. That represented almost 23% of Group service revenue. Financial services remained the largest contributor within that segment. Vodacom also expanded its mobile money offering during the quarter. Its Tanzanian business launched a tap to pay service that allows M-PESA customers to make contactless payments directly from their mobile wallets. The latest results show financial services accounting for a larger share of Vodacom’s business than they did a few years ago. Mobile connectivity remains its foundation, but payments and digital financial services are contributing more to the group’s growth across Africa.