![\"\"](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2022\/08\/Vodacom-VodaPay.jpg\")
<\/a><\/p>\nVodacom financial services growth<\/strong><\/h3>\nVodacom launched its Vodapay super-app in October of 2021, and by March 2022, it notched up 2.2 million downloads and 1.6 million wallet registrations.<\/p>\n
The company\u2019s Q1 2023 earnings results indicated that the VodaPay app\u2019s downloads have increased to 2.8 million with 1.9 million wallet registrations.<\/p>\n
Vodacom has also integrated many mini-apps from retailers on its platform, including Makro, Clicks, Hirsch\u2019s, OneDayOnly, iStore, Netflorist, and Builders.<\/p>\n
The uptake of these ecommerce services has been slow, but for Vodacom, it is a long play to create a comprehensive fintech and ecommerce platform.<\/p>\n
Vodacom has also launched the Kwika mobile point of sale (POS) device allowing SMEs to process card payments.<\/p>\n
These POS devices also have access to Vodacom\u2019s financial services and will be integrated into the Vodapay super-app.<\/p>\n
At the end of the 2022 financial year, Vodacom reported processing over R240 million per month through these devices.<\/p>\n
M-Pesa is the biggest success story. In Q1 2023, Vodacom reported that $340 billion was processed by M-Pesa in the trailing 12 months.<\/p>\n
Vodacom will prioritise the scaling of both Vodapay and M-Pesa in the 2023 financial period.<\/p>\n
These services have helped Vodacom grow its financial services customer base by 8.5% and 10.9% during the 2021 and 2022 financial periods, respectively.<\/p>\n
The chart below shows the total customer base for Vodacom\u2019s financial services segment over the past three years.<\/p>\n
![\"\"](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2022\/08\/Vodacom-financial-services-customers-2020-2022.jpg\")
<\/a>Vodacom financial services customers \u2014\u00a0 2020-2022 (Click to enlarge)<\/p><\/div>\n
The revenue generated by Vodacom\u2019s financial services segment has also been performing well over the past three years.<\/p>\n
It grew by 6.1% in the 2021 financial year and 15.6% in the 2022 financial year, as shown in the graphs below.<\/p>\n
![\"\"](\"https:\/\/mybroadband.co.za\/news\/wp-content\/uploads\/2022\/08\/Vodacom-financial-services-revenue-2020-2022.jpg\")
<\/a>Vodacom financial services revenue \u2014\u00a0 2020-2022 (Click to enlarge)<\/p><\/div>\n
The last word<\/strong><\/h3>\nVodacom is already a prominent player in the financial services market, with millions of users and billions in revenue.<\/p>\n
The operator is upbeat about its prospects in the financial services market, but it relies heavily on the success of the VodaPay super-app.<\/p>\n
Similar apps, like Tencent\u2019s WeChat and Alibaba\u2019s Alipay, have performed well in China and generated a high average revenue per user (ARPU).<\/p>\n
Vodacom is using the same strategy as in China, including zero-rating it for Vodacom customers, but it is unclear whether it will be a similar drawcard for African consumers.<\/p>\n
\nBy Drikus Greyling, first published on Daily Investor<\/a><\/strong> and republished with permission.<\/em><\/p>\nNow read:\u00a0Vodacom and MTN\u2019s massive fibre deals compared<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"Financial services are one of Vodacom’s fastest-growing revenue streams, and it is betting big on its VodaPay super app to further drive this growth.<\/p>\n","protected":false},"author":341108,"featured_media":444642,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[10106,14,80335,17934],"tags":[35,41,69287],"class_list":["post-458291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-cellular","category-investing","category-smartphones","tag-headline","tag-vodacom","tag-vodapay"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/458291"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341108"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=458291"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/458291\/revisions"}],"predecessor-version":[{"id":458301,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/458291\/revisions\/458301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/444642"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=458291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=458291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=458291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/a>Vodacom financial services customers \u2014\u00a0 2020-2022 (Click to enlarge)<\/p><\/div>\n
The revenue generated by Vodacom\u2019s financial services segment has also been performing well over the past three years.<\/p>\n
It grew by 6.1% in the 2021 financial year and 15.6% in the 2022 financial year, as shown in the graphs below.<\/p>\n
<\/a>Vodacom financial services revenue \u2014\u00a0 2020-2022 (Click to enlarge)<\/p><\/div>\n