South African wireless network provider Vodacom said the company’s VodaPay app, which debuted in October, is the centerpiece of its quarterly growth for the three months ending December 31, which saw its revenues jump 12.5% to 2 billion South African rand (about $131 million). ), according to a press release on Tuesday, February 1.
Financial services remain a priority for Vodacom, the statement said.
“The group remains committed to focusing on economic recovery in the markets where we operate through the execution of a goal-driven six-point plan,” Vodacom Group CEO Shameel Joosub said in the statement. . “This plan includes expanding network coverage and resilience, accelerating support for governments, improving digital accessibility and adoption, supporting our customers as they adapt to new methods of work and the promotion of financial inclusion.”
VodaPay has been downloaded 1.4 million times since its debut in October and has 1 million registered users, according to the release.
“Our M-Pesa platform, including Safaricom, continues to scale at an impressive pace with transaction values up 16.1%…,” Joosub said in the statement. “…We view VodaPay as a forerunner in the evolution of M-Pesa and further strengthening our FinTech position across our entire footprint.”
Overall group revenue increased 6.4% to 26.7 billion rand (approximately $1.7 billion) in the quarter, driven by growth in the company’s services revenue of 5 .3% to 20.7 billion rand (about $1.3 billion) due to continued demand for connectivity and the growth of new services, including financial and digital offerings, such as the VodaPay app, says the press release.
In April, wireless service provider MTN Group and a consortium led by Vodafone Group submitted bids for a license in Ethiopia.
Read more: MTN and Vodafone chase the untapped Ethiopian telecom market
Safaricom, Kenya’s largest telecommunications company, said it was bidding on a license jointly with Vodafone.
Ethiopia has a population of over 110 million, less than half of whom subscribe to telecommunications, making it one of the few remaining intact markets in the world.