Africa’s Biggest Fintech Platform, Vodacom 

Vodacom has been ranked as one of the fintech platform in Africa with a growth of 26.8% that occurred in December 2023.

Vodacom has been ranked the largest fintech platform in Africa

An announcement by Vodacom Group revealed that a vigorous growth of 26.8% occurred in December, the last quarter of the year. This growth of the fintech platform was attributed to the strategic expansion of Vodafone Egypt and an expansion in their services, which include financial, digital, fixed, and IoT.  

The group’s commitment to facilitating easier access to smartphones, financial services, healthcare, and education across its markets was highlighted by CEO Shameel Joosub. He emphasized that the group’s approach holds enormous potential for reducing inequality and creating economic value. 

The group’s dedication to enabling easier access to smartphones, financial services, healthcare, and education across its markets was articulated by CEO Shameel Joosub. He stressed that the group’s strategy has significant potential to reduce inequality and generate economic value. 

“During the third quarter Vodacom Group celebrated several 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,” he stated. 

“Across our International business segment it was pleasing to see that our network investment contributed to a 25.4% increase in 4G sites, which ultimately supported an acceleration of local currency revenue growth.” 

To bring a larger number of phones to the market and increase rural coverage, Joosub stated that she hoped to combine network investment with an emphasis on digital inclusion. This approach would enable additional growth factors and opportunities for the carrier in each of the eight markets it operates in. 

The Latest Services  

Vodacom’s latest services, including financial and digital services, fixed and IoT, mark an encouraging path, contributing to a 20% revenue increase that has exceeded expectations for the first time. 

A significant factor in this success is the new financial services, which have grown by 31.0% to R3.4 billion in the current quarter. This growth is attributed to the scaling of new products and robust customer growth of 12.0%. 

Moving forward, the group has been dedicating itself to delivering innovations that enhance customer value, fully recognizing the financial constraints on customers resulting from the high cost of living. 

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