Vodacom’s Next Move: Taking On Takealot and the Banks

From mobile giant to fintech disruptor, Vodacom’s game plan is clear: dominate digital Africa

Vodacom is no longer just your cellphone provider. It wants to be your bank, your online mall, your investment advisor and even your insurance broker.

The telecoms giant has quietly been shifting its business model beyond mobile into financial services, e-commerce and digital ecosystems. And it’s working.

Financial services now contribute between 20% and 22% of Vodacom’s earnings, according to Sanlam Investments portfolio manager Roy Mutooni. And the numbers back it up: Vodacom’s fintech revenue has surged from R6 billion in 2020 to R14 billion in 2025, with 9 million new customers added just last year.

Banking the unbanked and banking on growth

At the heart of Vodacom’s strategy is its super app ecosystem, led by VodaPay in South Africa, M-Pesa in East Africa, and Vodafone Cash in Egypt and Ghana.

These platforms aren’t just fancy payment apps. They offer loans, savings, insurance, investments, and merchant services, essentially putting a digital bank in the pockets of millions who were previously unbanked or underbanked.

In Kenya alone, Safaricom’s M-Pesa unit raked in R22.6 billion in financial services revenue in 2025. Across Vodacom’s footprint, its mobile money platforms processed an eye-watering R8.1 trillion in transaction value.

Challenging the old guard: Takealot, big banks and insurers

Vodacom’s fintech and e-commerce push is not subtle. With over 87 million financial services users, a growing merchant network, and daily mobile money transactions worth $1.2 billion, it’s muscling in on territory long dominated by banks and online retailers like Takealot.

Its VodaPay app, now fully integrated with the old MyVodacom app, is fast becoming a one-stop-shop for shopping, payments, airtime, savings and more.

“We’re not just talking about payment systems. We’re talking about full ecosystems, from insurance to lending, and even wealth management,” Vodacom said in its latest report.

Why fintech is central to Vodacom’s future

South Africa’s mobile market is saturated. But financial exclusion remains high and that’s where Vodacom sees its next growth wave.

With ambitions to reach 120 million fintech customers by 2030, Vodacom is targeting digital and financial inclusion as its core mission and money-maker. It’s a playbook already working in Tanzania, Egypt, and Kenya, where regulators are embracing innovation and allowing price adjustments to keep up with currency shifts.

Mutooni noted that Kenya and Egypt now contribute around 40% of Vodacom’s earnings. “These markets are doing the heavy lifting,” he said.

Africa’s data-driven fintech leader?

Vodacom believes its real edge lies in Big Data. With 13,000+ customer attributes analysed, its AI and data analytics team is driving personalisation across loyalty, pricing and financial services.

This data-centric approach is what allows it to offer ultra-targeted financial products to both individuals and small businesses, in ways that traditional banks can’t compete with.

Vodacom is becoming a digital empire

From offering micro-loans in Kenya to launching wealth products in Tanzania, Vodacom is building a continent-spanning fintech empire.

And with South African growth stagnating, its international markets and super apps are carrying the torch.

For consumers, this means more accessible digital finance tools. For the competition, from banks to Takealot, it’s a loud warning shot.

Vodacom is no longer just playing the mobile game. It’s rewriting the rules of African digital commerce.

{Source: My Broad Band}

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