M-PESA, the mobile money platform jointly powered by Vodacom and Safaricom, has once again demonstrated its dominance in Africa’s digital financial services space by processing over $450.8 billion in transaction value during the financial year ended March 2025.
The latest figures, released as part of Vodacom Group’s annual financial results, underscore M-PESA’s vital role in driving financial inclusion across the continent. According to Vodacom, the platform recorded an 18.3% year-on-year increase in transaction value, highlighting robust demand for mobile money services across its seven operating markets.
Financial services revenue—which includes M-PESA, grew by 17.6% on a normalised basis and accounted for 11.6% of Vodacom Group’s total service revenue. In Kenya alone, Safaricom, which operates M-PESA, reported R22.6 billion in financial services revenue, further solidifying the platform’s central role in the telco’s revenue mix.
“M-PESA continues to solidify its leadership as Africa’s largest mobile money platform,” said Vodacom Group CEO, Shameel Joosub. “The platform’s performance reflects the growing demand for digital payments, savings, lending, and merchant solutions.”
Since its launch in Kenya in 2007, M-PESA has grown to serve over 50 million users across Kenya, Tanzania, Mozambique, the Democratic Republic of Congo, Lesotho, Ghana, and Ethiopia. The service is now a cornerstone of Vodacom’s Vision 2030 strategy, which targets 120 million financial services users by the end of the decade.
The platform’s success is particularly evident in Ethiopia, where M-PESA saw its customer base surge by 103.2% to 8.8 million users, contributing to a 238.9% increase in service revenue (in local currency). Ethiopia’s rapid digital adoption signals a bright future for M-PESA in one of Africa’s most populous nations.
Across Vodacom Group’s international operations, M-PESA has also contributed to strong financial performance. Tanzania stood out with a 20.5% increase in service revenue and 25.2% growth in EBITDA, both in local currency. Lesotho and the DRC also posted solid service revenue growth of 10.4% and 8.2%, respectively.
Over a five-year horizon, M-PESA’s impact has been transformative. The number of financial services users across Vodacom’s footprint—including Safaricom—rose from 53.2 million in FY2020 to 87.7 million in FY2025. This upward trajectory aligns with the Group’s broader digital inclusion agenda.
Looking ahead, Vodacom aims to grow its total customer base to 260 million and increase the share of service revenue from “beyond mobile”—including financial services like M-PESA—from the current 21% to 30% as part of its Vision 2030 roadmap.
