Vodacom Group has reported a record-breaking year for its mobile money services, processing transactions worth $437.1 billion in 2024. The company also saw a 19.1% increase in daily transaction volumes, reaching $1.2 billion.
This impressive growth includes contributions from Safaricom, Vodacom’s Kenyan sister company and the operator behind M-Pesa—one of Africa’s largest mobile money platforms. The milestone reinforces Vodacom’s position as the leading mobile money provider on the continent by transaction value.
Strong Financial Performance in Key Markets
The company’s financial services revenue grew by 5.7%, reaching R3.6 billion ($190.8 million), while overall revenue climbed 1.6% to R39.5 billion ($2.1 billion) in the final quarter of 2024.
Excluding Safaricom, Vodacom’s service revenue surged by 17.2% on a normalised basis, driven by strong performance in data, voice, messaging, and broadband services.
Egypt and South Africa were standout performers, with Egypt recording a 44.3% increase in service revenue to R6.8 billion ($360.4 million). The South African market also expanded, generating R16.2 billion ($858.6 million)—a 3.2% increase compared to the previous year.
Expanding Customer Base Despite Economic Challenges
Vodacom’s financial services users in Egypt grew by 40.7%, reaching 10.5 million customers, while data traffic across its markets surged by 25.6%. The company also saw strong growth in Tanzania and the Democratic Republic of Congo, where international business revenue increased by 7.0% on a normalised basis.
However, Mozambique’s growth faced setbacks due to post-election tensions that began in October 2024. Despite this, Vodacom’s international customer base expanded to 58.4 million, marking an 8.6% increase.
Despite currency fluctuations in multiple countries, Vodacom credits its “focused execution” of business strategies for its continued success. The company also invested R1.4 billion in network infrastructure, reinforcing its commitment to maintaining service quality and expanding financial inclusion across Africa.
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