(Ecofin Agency) - • Vodacom aims to grow mobile financial service users from 88 million to 120 million
• Vision 2030 strategy centers on expanding M-Pesa and VodaPay across key markets
• Financial services revenue hit $784 million in 2025, up 18.3% from the previous year

Vodacom plans to increase its mobile financial services user base from 88 million at the end of its 2025 financial year to 120 million by 2030. The goal forms part of its new five-year strategy, “Vision 2030,” focused on deepening financial inclusion across its markets in Africa.

To meet this target, the South African telecom operator will build on the M-Pesa and VodaPay platforms. These services already offer peer-to-peer transfers, payments, and credit advances. Vodacom plans to introduce more advanced features such as savings, loans, insurance, international transfers, and wealth management tools. Small and medium-sized enterprises will also be offered tailored funding options.

The company says expanding financial services is key to unlocking growth, especially in unbanked and underserved regions. In its 2025 financial results, Vodacom highlighted recent product launches in Tanzania and Kenya as signs of growing market demand.

Transaction volumes on Vodacom’s platforms are already significant. In the 2025 fiscal year, total transaction value rose to $451 billion, an 18.3% increase from $381 billion the year before. Daily transaction volume averages $1.2 billion. Financial services revenue reached 14.02 billion rands (about $784 million), and the company expects annual growth of 15–20% through 2030.

Despite the momentum, Vodacom faces several hurdles. These include regulatory barriers such as transaction taxes in various countries, as well as rules on cross-border data transfers and investment flows. The GSMA noted some progress in regulatory frameworks but flagged lingering restrictions as of April 2025.

Additional challenges include low digital literacy, phone ownership gaps, fraud risks, and strong competition from other telecom operators including Orange (Orange Money), MTN (Mobile Money), and Airtel (Airtel Money).