Telecom company Vodacom reported a mobile money transaction value of $547.9 billion for the twelve months ending in June 2026, according to its latest quarterly trading update. This figure highlights how Africa’s largest telecom companies are increasingly transforming into financial services providers in addition to being network operators.
Vodacom’s M-Pesa operations are active in several African countries, including Tanzania, Mozambique, Lesotho, the DRC, Ethiopia, and Egypt. The company also has a stake in Safaricom, which runs M-Pesa in Kenya. These markets are reshaping Vodacom’s revenue mix. Instead of just selling airtime and data, facilitating digital payments has become just as important.
To put $547.9 billion in context, that is more than the GDP of most African countries. It moves through mobile phones, not bank branches, reaching people who have never had a formal bank account and may never need one if their phone can do everything a bank does.
Vodacom’s financial services revenue grew in the quarter, supported by the deepening penetration of M-Pesa across its markets. The company has been pushing its financial services ambitions harder since completing the consolidation of Safaricom, which added Kenya’s enormous M-Pesa ecosystem, the most mature and widely used mobile money network on the continent, more directly into its reporting and strategic planning.
Similar read: Vodacom launches M-Pesa tap-to-pay in Tanzania, a boost for Africa’s digital payments
The company’s recent trading update shows that its service revenue is growing in most markets. The increase comes from financial services and data usage, which are helping to balance the decline in traditional voice calls. This trend is common across African telecom companies: people are making fewer voice calls and using more data and mobile money. Companies that have established a strong presence in these areas are moving ahead of the competition.
Beyond mobile money, what else is driving Vodacom’s growth
Data revenue is a key driver of growth. As more people in Nigeria, Tanzania, and South Africa use smartphones and the internet for work, entertainment, and shopping, the demand for data keeps increasing. Vodacom invests in its network to meet this growing demand and to support mobile money and financial services.
The company also flagged progress in its enterprise business: selling connectivity, cloud services, and digital tools to businesses rather than individuals. This segment tends to generate more stable, recurring revenue than consumer services and has become a growing priority for Vodacom as it looks to diversify its earnings further.
The consolidation of Safaricom has been a significant strategic decision. Kenya is one of the most active digital markets in Africa, and M-Pesa is widely used for various purposes, such as paying rent, sending school fees, and buying groceries. By integrating this market more closely into the Vodacom group, the company improves its financial strength and gains better insights into how financial services and connectivity work together across different African economies.
Vodacom is not just a phone company that offers mobile money anymore. It’s turning into more of a financial services and digital platform business, with a network underneath it all.
Interesting read: Vodacom records $10 billion revenue for year ended March 2026
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