South Africa’s largest mobile operator, Vodacom Group, announced an 11.4% increase in first-quarter service revenue compared to the previous year, reaching 32.3 billion rand ($1.84 billion) for the period ending June 30. On a normalized basis, service revenue rose 13.8%, exceeding its medium-term target of double-digit growth.
Egypt was a standout performer with service revenue growth of 43.8% in local currency. The South African market grew by 3%, supported by contracts, while international markets including Tanzania, the Democratic Republic of Congo, and Lesotho contributed to a normalized international business growth of 12.4%.
Non-mobile service revenue, particularly from fintech, generated 6.9 billion rand (21.4% of group revenue), progressing toward Vodacom’s goal of 30% contribution by 2030. Group financial services revenue reached 3.9 billion rand, boosted by strong insurance growth in South Africa, “excellent” 44.3% growth in Egypt, and a 17.4% rise in international business driven by Mozambique.
Including Kenya’s Safaricom, in which Vodacom holds a stake, the group processes $460 billion in mobile-wallet transactions annually, underscoring its significant role in digital financial services.
