Vodacom’s Mobile Money Exceeds $2.8 Billion In Monthly Transactions

29 November 2019

Money Transfer

Mobile operator Vodacom has announced that its M-Pesa transactions exceeded R41 billion ($2.8 billion) a month consecutively for the six months that ended on 30 September 2019.

The mobile operator added that the high number of transactions is in line with M-Pesa’s promise to deliver financial inclusivity and positively contribute to economic growth in the countries where it has become ubiquitous.

The Vodacom Group’s CEO Shameel Joosub said that Vodacom’s strategic investment in Safaricom continues to perform as expected, having reported solid interim results at the start of November.

He added that Safaricom continues to invest in its network and infrastructure while also accelerating its fee-transformation strategy.

According to the CEO, M-Pesa has grown much faster than expected, with the six months earnings data revealing that the telco posted significant gains from its mobile money platform.

Vodacom reported rapid growth in its M-Pesa mobile money service, contributing over $61 million in the three months that ended in June.

Last month, the mobile money service enjoyed global recognition and was named among the top 10 of the most influential innovations over the past 50 years by the Project Management Institute.

The mobile money platform was recognised for introducing cutting-edge mobile technology that allowed Kenya to do better than more advanced economies and set a banking revolution into motion.

M-Pesa is a massive hit in East Africa, and South Africa’s Vodacom holds a 35% share in Safaricom, which controls the mobile money platform.

Source: All Africa