Vodacom Group’s financial services business (primarily M-Pesa and related fintech offerings) continues to be one of the Group’s strongest growth engines.
For the year ended 31 March 2026, the division surpassed 100 million active customers for the first time, reaching 103 million, a 17.4% increase from 87.7 million the previous year.
Financial services revenue grew 19.6% to R16.8 billion (reported basis) and now accounts for 12.6% of the group’s total service revenue.
Below is a breakdown of the largest contributors to this growth:
1. Safaricom (M-Pesa): The Largest Contributor
- Scale and Impact: Safaricom’s M-Pesa operations remain the single biggest driver of Vodacom Group’s fintech performance. Although Vodacom holds a 34.94% effective interest in Safaricom, the results are included at 100% in the Group’s financial services metrics.
- Key Metrics:
- M-PESA revenue increased 13.4% to KSh 182.73 billion.
- One-month active M-PESA customers reached 40.99 million (+14.5%).
- Beyond Core Services: Lending, savings, insurance, and merchant payments now make up 46.4% of M-Pesa revenue, showing successful diversification beyond basic transfers.
2. Egypt (Vodafone Cash): Strongest Growth Market
- Performance: Egypt delivered the fastest growth within Vodacom’s direct operations.
- Key Metrics:
- Revenue growth of 48.2% (in local currency).
- Active users increased 28.5% to 14.7 million.
- Significance: This market is becoming an increasingly important contributor as Vodafone Cash expands its user base and product range.
READ ALSO:Strong Outlook Ahead of FY2026 Results Announcement by Vodacom Group
3. Other International Operations (Tanzania, DRC, Mozambique, Lesotho)
- Performance: These markets delivered solid double-digit growth.
- Key Metrics:
- Revenue increased 22.8% to R9.9 billion.
- Strong contributions from Tanzania and the Democratic Republic of Congo (DRC) in particular.
- Role: These operations provide geographic diversification and demonstrate the scalability of the M-Pesa model beyond Kenya.
Strategic Context
Shameel Joosub, CEO of Vodacom Group, described financial services as “a core pillar” of the Group’s growth strategy and “a powerful engine for inclusion.”
The company has raised its Vision 2030 target for financial services customers from 120 million to 130 million, reflecting confidence in continued expansion.
Future Outlook
Safaricom (M-Pesa) remains the dominant contributor to Vodacom’s financial services growth due to its massive scale and successful diversification into higher-margin services.
Egypt stands out as the fastest-growing direct market, while Tanzania, DRC, Mozambique, and Lesotho provide important regional momentum.
Together, these operations have helped transform fintech from a supporting service into a major growth driver for the Group.
As of 7 May 2026, Vodacom’s fintech business is well-positioned for continued expansion across Africa.
For detailed segmental breakdowns, refer to Vodacom Group’s official FY2026 results.
Vodacom Group Overview
Vodacom Group subsidiaries: Vodacom Group operates subsidiaries, including Vodacom South Africa, Vodacom Tanzania, Vodacom DRC, Vodacom Mozambique and Vodacom Lesotho, while also holding a major stake in Safaricom PLC.
Vodacom countries / Vodacom Africa: Vodacom operates across several African markets, including South Africa, Tanzania, the Democratic Republic of Congo, Mozambique and Lesotho, with broader regional exposure through Safaricom in Kenya and Ethiopia.
Vodacom headquarters: Vodacom Group is headquartered in Midrand, Gauteng, South Africa.
Vodafone and Vodacom: Vodafone Group is the majority shareholder in Vodacom Group, making Vodacom its main African telecommunications affiliate.
Leave a Reply