Vodacom Now Processes $2.8 Billion In M-Pesa Transactions A Month

"We are in the process of concluding the acquisition of the M-Pesa brand and platform related assets from Vodafone through a joint agreement with Safaricom, we expect this will further accelerate our mobile money growth plans in Africa.”

Vodacom
Vodacom. Image source: Spark Media

Vodacom Group said on Monday it now processes $2.8 billion (R39 billion) in M-Pesa transactions a month across its operations.

The company, which operations in South Africa, Mozambique, Lesotho and Tanzania, said M-Pesa continues to deliver on its promise for financial inclusion empowering customers to transact easily and thereby contributing to the economy.

The Vodafone owned-mobile phone company said on Monday M-Pesa revenue rose by 32.2% to R3.1 billion contributing 15.8% to service revenue during the year to end-March 2019.

“We continue to expand the ecosystems to more services such as micro loans, merchant payment systems and further interconnection with banks and other operators,” the mobile phone operator said on Monday.

In the past year, Vodacom effected 11 billion transactions worth R2 trillion to 36.1 million customers across its Financial Services network, including Safaricom.

“We launched a number of initiatives during the year to drive the uptake of the M-Pesa in all operations.”

Vodacom said it added 1.7 million new M-Pesa customers during the year to end-March 2019 up 14.8% to 13.5 million.  “We now process $2.8 billion in transactions a month across our operations.”

“We are in the process of concluding the acquisition of the M-Pesa brand and platform related assets from Vodafone through a joint agreement with Safaricom, we expect this will further accelerate our mobile money growth plans in Africa,” the company said.

“The commercialisation of our recently-launched payment gateway and digital wallet will assist in sustaining Financial Services growth in South Africa.”

 

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