Vodacom‘s mobile money business has become a far larger part of the group after it completed its move to a controlling stake in Safaricom. The company said it processed US$547.9 billion in mobile money transactions over the past 12 months, while financial services now make up more than 22% of group service revenue.

Safaricom lifts the financial services mix

Vodacom completed its acquisition of an effective additional 20% stake in Safaricom on 30 June 2026. The deal lifted its shareholding to 55% and gave it control of the Kenyan operator.

That matters because Safaricom brings M-PESA more directly into Vodacom’s numbers. Before the transaction, financial services accounted for 13% of group service revenue. After the deal, that share rose to more than 22%.

Vodacom Group chief executive Shameel Joosub said the transaction marks a defining moment for the company’s Vision 2030 plan. He said it improves scale, diversification and long-term growth prospects.

The latest trading update also shows the broader operating picture remains solid. Group revenue for the quarter ended 30 June 2026 rose 5.9% to R42.4 billion, while service revenue increased 6.3% to R34.3 billion.

Mobile money now carries more weight

Vodacom mobile money is no longer a side business. It has become a central growth engine across the group’s African footprint.

The company said voice and data remain the core business. However, financial services are now contributing more to growth. Digital services also added momentum. They generated R7.8 billion in the quarter, or almost 23% of group service revenue.

The regional mix is also shifting. South Africa remains Vodacom’s largest market and biggest earnings contributor. Yet growth was stronger elsewhere. Egypt posted 32.8% service revenue growth in local currency. Financial services revenue there rose 73%. Vodacom’s international business, which includes Tanzania, the Democratic Republic of Congo, Lesotho and Mozambique, recorded 14% normalised service revenue growth.

Vodacom also raised its medium-term targets. It now expects EBITDA and operating free cash flow to grow at an early-teens rate. Previously, it had targeted double-digit growth. It also lifted its Vision 2030 revenue ambition to more than R300 billion, from a previous target of more than R200 billion.

The strategic message is clear for investors. Mobile connectivity still anchors the group, but Vodacom mobile money is increasingly shaping the earnings profile. Watch how quickly Safaricom’s contribution turns into sustained cash flow, and whether Vodacom can convert that larger fintech base into stronger group margins over the next few quarters.

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