Vodacom’s Mobile Money Services Continues To Gain Traction

"With an enhanced M-Pesa platform and high-speed 4G now available in all our International markets, we expect the solid performance in these operations to continue gaining momentum."

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DIGITAL ECONOMY over a smart phone on blur background , business technology concept
DIGITAL ECONOMY over a smart phone on blur background , business technology concept (Photo Credit: www.shutterstock.com)

Vodacom reported on Thursday said it added 227 000 new mobile money (M-Pesa)  customers to in the quarter to end-December 2018, pushing its total users to 13.million.

The figures exclude Kenya’s mobile phone operator Safaricom, which was bought by Vodacom in 2017.

M-Pesa customers are based on the number of unique customers who have generated revenue related to M-Pesa during the last month.

The Vodafone owned firm added that mobile money services generated R851 million in revenues in the quarter, with growth accelerating to 30.3%, contributing 16.4% of service revenue, as it grows the M-Pesa ecosystem in all markets.

In Mozambique, Vodacom said it expanded interoperability to a third bank, the country’s biggest retail bank, widening and enhancing the M-Pesa ecosystem for all our customers.

The company said on average for the quarter, 237 million transactions were processed monthly through the M-Pesa system, growing at 24.2% year-on-year.

“Our merchant payment platform has also been very successful across our markets as we expand our ecosystem,” Vodacom said on Thursday.

“With an enhanced M-Pesa platform and high-speed 4G now available in all our International markets, we expect the solid performance in these operations to continue gaining momentum.”

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