THElatest data released today shows that the value of Vodacom’s mobile money platform, M-PESA, continues to scale at an impressive rate with transaction values exceeding R5.3 trillion in 2022 financial year.
“Alongside M-Pesa, which is expected to further establish itself as Africa’s largest fintech provider through the implementation of an enhanced product roadmap, VodaPay will be instrumental in our quest in connecting the next 100 million African customers so that no one is left behind,” said Shameel Joosub, Vodacom CEO.
“M-Pesa across our markets has grown to serve more than 47.1 million customers and 550 000 merchants through 510 000 agents in the DRC, Kenya, Lesotho, Mozambique and Tanzania.
“M-Pesa processes over 52 million transactions daily with a value of US$324.6 billion during the year.
“We now serve 60.6 million financial services customers across our footprint, including Safaricom on a 100% basis.”
International M-Pesa revenue was up 9.9% to R5 billion, contributing 22.3% of service revenue. Growth was supported by strong performances in the DRC, Lesotho and Mozambique.
Tanzania’s M-Pesa performance and progress on financial inclusion were stalled by mobile money transaction levies introduced in July 2021. “Adjusting for the impact of these levies, normalised M-Pesa revenue was up an impressive 29.5%. The underlying momentum of M-Pesa reflects our ongoing product enhancements in both the consumer and merchant segments, supported by M-Pesa Africa,” said the company.
In Tanzania, revenue from its lending product ‘Songesha’ grew 22.7%, with the equivalent of R3.3 billion in loans disbursed in the year. We also launched new insurance, term-loan and group-savings products, scaled international money transfer and enhanced our M-Pesa app during the year.
“To grow and diversify the M-Pesa ecosystem, we also accelerated our merchant strategy more than doubling the number of active merchants. M-Pesa transaction value processed on our platform was $324.6 billion, including Safaricom, up 29.2%.”