Vodacom has announced that, for the quarter ended 31 December 2023, group revenue increased 26,8% to R38,9-billion, positively impacted by the acquisition of Vodafone Egypt.

Group service revenue growth including Vodafone Egypt on a pro-forma basis was 8,8%, at the higher-end of the group’s medium-term target.

Customers across the group, including Safaricom, reached 200-million for the first time with more than 75-million of customers using a financial service.

In South Africa, service revenue grew 1,9%, due to a strong comparative period in the prior year.

Egypt grew service revenue 29,1% in local currency, with Egypt financial services customers up 55,5% to 7,5-million.

International service revenue increased 10,7% as network investment accelerated data revenue growth.

Group financial services revenue increased 31% to R3,4-billion, with $98,2billion transacted through the group’s mobile money platforms in the quarter.

Shameel Joosub, Vodacom Group CEO, comments: “During the third quarter Vodacom Group celebrated a number of key milestones including Vodacom Mozambique’s 20-year anniversary, the trialing of 5G in the DRC and the announcement of Project Kuiper, a strategic collaboration with Amazon’s low Earth orbit satellite (LEO) communications initiative.

“Having operated in Mozambique for two decades, its anniversary highlights the contribution Vodacom has made to digital and financial inclusion in the country and more broadly across our footprint. A prime example of this impact across our footprint is in our financial services business, which connects more than 75-million customers and facilitates $1,1-billion a day in mobile money transaction value.

“Project Kuiper adds to our satellite partnerships that will extend the reach of 4G and 5G services to more of our customers in Africa and in particular in areas that may otherwise be operationally challenging or prohibitively expensive to serve via traditional fibre or microwave solutions.”

Joosub points out that Vodacom Group, including Safaricom, has reached the 200-million customer mark for the first time, having reached 100-million customers in 2018.

“As a purpose-led company, the transformational impact we have on our customers and the economies in countries where we operate provides a strong foundation upon which we are able to ensure sustainable growth of our businesses.”