Vodacom Group reported 108 million financial-services customers across its operations as it published interim results showing continued growth in mobile connectivity, digital services and financial technology.
For the six months ended 30 September 2026, the telecommunications group recorded revenue of R102.5 billion, an increase of 25.6 per cent. Financial-services revenue rose 99 per cent to R15.9 billion, although the reported increase was materially affected by the consolidation of Safaricom into the group.
On a pro-forma basis, which assumes Safaricom was part of Vodacom for the full comparative period, financial-services revenue increased by 19.2 per cent. That distinction is important when assessing the underlying growth of the business.
In its interim results announcement dated 10 November 2026, Vodacom said it served 250 million customers, up 11.8 per cent, and that its financial-services customer base had grown 15 per cent to 108 million.
Telecommunications and financial services converge
Mobile network operators have increasingly expanded beyond voice and data services into payments, transfers, savings, credit and merchant services. Their distribution networks and established customer relationships can provide a route into formal financial services for people who may have limited access to conventional banking infrastructure.
Mobile money has become a significant part of this shift in several African markets. Platforms associated with Safaricom and M-Pesa, alongside services operated by other telecom groups, have made digital transactions part of everyday commercial activity for households and businesses.
For merchants, digital payments can reduce reliance on cash handling and create transaction records. For consumers, mobile platforms can provide a way to transfer funds and pay for services without visiting a bank branch. The extent of these benefits depends on affordability, reliability, consumer protection and access to suitable devices and connectivity.
Understanding the reported growth
Vodacom’s 99 per cent increase in financial-services revenue should not be interpreted as organic growth alone. The company said the comparable pro-forma increase, including Safaricom in both periods, was 19.2 per cent.
Group revenue reached R102.5 billion, while earnings before interest, tax, depreciation and amortisation increased 40 per cent to R42.7 billion. On a pro-forma basis, EBITDA grew 18 per cent.
The company also reported that customers used its financial-services platforms to access and initiate more than USD 575.5 billion in transaction value during the period. Transaction value is not the same as revenue or profit; it measures the value of activity carried across the platforms.
Safaricom transaction faces legal uncertainty
Vodacom’s expanded financial-services scale reflects its increased shareholding in Safaricom, which it said had reached 55 per cent. However, the transaction is subject to legal uncertainty in Kenya.
Vodacom disclosed that the Kenyan High Court had declared the acquisition null and void and that an expedited appeal was under way. The Court of Appeal had ordered that the status quo be maintained, meaning Vodacom remained the registered shareholder of the shares pending the outcome of the appeal.
The legal proceedings are relevant to investors’ assessment of the group’s structure and future financial reporting. The company’s disclosure should not be read as a final resolution of the dispute.
Digital services become a larger part of the business
Vodacom said financial services, fixed connectivity, digital and Internet of Things services together contributed 27.4 per cent of group service revenue. It has raised its ambition for these businesses to contribute more than 32 per cent by 2030.
The group also reported investment of R13.3 billion during the half-year period, supporting network capacity and infrastructure. It added thousands of 4G and 5G sites across its markets and expanded its fibre footprint through Maziv in South Africa and Safaricom in Kenya.
These investments show how telecom operators are seeking to monetise connectivity through a wider range of services. The strategy also increases the importance of data protection, cybersecurity, reliable payment systems and clear regulation.
What the results mean for African markets
Vodacom’s figures illustrate the growing importance of financial technology within major African telecommunications groups. They also show why comparisons across reporting periods need care when acquisitions change the size and composition of a business.
The next test will be whether customer growth and transaction activity translate into sustainable revenues, improved financial access and useful services for businesses and households. Competition, regulation and consumer trust will shape that outcome across the markets in which the group operates.
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