South African number one mobile operator Vodacom’s fin-tech platform, VodaPay is hitting the right notes, as 1 million users have already downloaded the app. This is great news for for the company after is was launched three months ago.
In a statement the company said, “This is evidenced by the 12.5% increase in financial services revenue to breach the R2 billion mark for the first time in a quarter. Our M-Pesa platform, including Safaricom, continues to scale at an impressive rate with transaction values up 16.1% to exceed R430 billion per month.”
“In South Africa, the launch of our VodaPay super-app in October last year has exceeded our expectations by attracting 1.4 million downloads and 1.0 million registered users in its first three months. We see VodaPay as a precursor to M-Pesa’s evolution and further strengthening our fintech position across our footprint,” Shameel Joosub, Vodacom Group CEO said.
The company registered impressive growth across all its business units in the quarter ended December. In all, the Group revenue grew 6.4% to R26.7 billion on the back of service revenue which went up 5.3% in the quarter.
“Looking ahead, we are encouraged by the post-Covid-19 recovery taking place in many of the markets in which we operate and look forward to making meaningful contributions to foster economic development,” Joosub added.
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