In a remarkable display of growth, South Africa’s telecommunications giant Vodacom Group has announced that it processed a staggering $437.1 billion in electronic transfers in 2024. This represents a significant surge in daily transactions, which jumped by 19.1% to reach $1.2 billion.

Vodacom’s mobile money services, which include those provided by its sister company Safaricom in Kenya, have solidified its position as Africa’s largest mobile money platform by transaction value processed.

Safaricom’s M-pesa platform has been a game-changer in allowing users across various African countries to send, receive, and store money using their mobile phones.

The company’s financial services revenue saw a robust 5.7% increase to R3.6 billion ($190.8 million), while gross revenue rose by 1.6% to R39.5 billion ($2.1 billion) in the fourth quarter of 2024.

Vodacom’s core services, including data, voice, messaging, mobile money, and broadband, saw earnings grow by 11.6% on a normalized basis, exceeding the company’s medium-term target.

Egypt and South Africa emerged as key drivers of Vodacom’s services market, with Egypt recording a 44.3% increase in service revenue and South Africa seeing a marginal 3.2% growth.

The company’s customer base in Egypt also expanded significantly, with 10.5 million customers using Vodacom’s financial services, representing a 40.7% increase.

Vodacom attributed its strong financial performance to the “focused execution” of its market strategies, despite currency volatility in most of the countries where it operates.

With a significant investment of R1.4 billion in network infrastructure, the company’s international business customer base reached 58.4 million, up 8.6%.