Vodacom Group recorded double-digit growth in customer numbers and a 33 per cent revenue increase from mobile money across its operations in the final three months of 2017.
In a brief trading statement, CEO Shameel Joosub (pictured) hailed the performance of the company in its fiscal Q3, focusing on a 14.4 per cent increase in its customer base in South Africa (its home market). Vodacom ended 2017 with 41.6 million customers in the country, while customers across its other African markets increased 11 per cent.
Group revenue grew 6.7 per cent year-on-year to ZAR22.6 billion ($1.9 billion). Vodacom does not disclose profit or loss figures in its quarterly results and also omits figures from its stake in Kenyan business Safaricom.
Joosub added: “Our strategy of sustained investment into our network and improving customer experience has delivered solid gains in customer numbers in South Africa, and driven growth in our international operations, resulting in stronger growth in Group revenue”.
Its boost in mobile money revenue comes as the company attempts to increase its presence in Africa’s financial services industry.
Since Vodafone Group announced the transfer of its stake in m-Pesa pioneer Safaricom to Vodacom in 2017, Joosub repeatedly highlighted its lofty target of being a leading player in financial services across Africa.