Vodacom Group has emerged as Africa’s largest mobile financial services operator, outpacing rival MTN Group in revenue, active users, and transaction volumes, according to new financial results released by both companies.
On a continent where access to formal banking remains limited, financial technology (fintech) services have become a major strategic pillar for Africa’s two biggest telecom operators. Both companies have been aggressively expanding their digital finance portfolios—covering payments, lending, insurance, and wealth management—as part of their five-year strategic plans ending in 2025.
As both look toward 2030, Vodacom and MTN are intensifying their focus on fintech to make it an even larger contributor to overall group revenue.
“Financial services is the key driver of our ‘beyond mobile services’,” Vodacom said in its annual report for the year ended March 31, 2025. “As we deepen financial inclusion across our markets, we expect to unlock new economic growth opportunities.”
Vodacom’s fintech revenue for the financial year stood at about $1.82 billion, generated from 87.7 million active users who conducted 42.6 billion transactions. The total value of transactions processed during the year hit $450.8 billion, underscoring the operator’s dominance in mobile-based financial ecosystems across Africa.
MTN, in comparison, reported fintech revenue of roughly $1.25 billion for 2024. Its operations served 63.1 million active users who conducted 15.3 billion transactions, with the total transaction value reaching $321.3 billion.
Both operators rely heavily on consumer-facing mobile money applications to drive their digital finance strategies. Vodacom operates VodaPay, Vodafone Cash, and M-Pesa, while MTN’s platform is unified under its MoMo app.
Vodacom’s crown jewel, M-Pesa, continues to deliver robust growth, particularly in Kenya, where it remains the dominant mobile payments platform for individuals and businesses alike. In the 2025 financial year, M-Pesa revenue rose 15.2%, buoyed by a 10.5% increase in active customers and a 27% jump in transaction volumes to 36 billion.
The company has also begun expanding into advanced financial products, such as cross-border remittances, insurance, and lending. In 2024, Vodacom launched wealth management services in Kenya and Tanzania, where assets under management in Kenya reached approximately $69 million.
“Advanced financial services such as savings, loans, and merchant offerings contributed more than 40% of M-Pesa revenue in the year,” Vodacom noted.
MTN’s fintech operations—while smaller in total scale—are experiencing rapid growth across key markets. Nigeria, its largest market, posted a 21.6% increase in fintech revenue, while Ghana recorded a remarkable 48% growth rate, albeit from a lower base.
The company has prioritised cross-border remittances and digital lending as core pillars of its fintech strategy. In 2024, MTN processed $4.4 billion in remittances across its African markets and disbursed $1.7 billion in digital loans through its “bank-tech” platform.
“We continue to scale our marketplace lending service, onboarding new partners and expanding the services across the footprint,” MTN said in its annual review. “We have accelerated the roll-out of MoMo Advance in Cameroon and Ghana, adding to Uganda.”
Both telecom giants have made inroads into South Africa’s financial sector, though growth there remains limited due to high levels of traditional banking penetration. Instead, much of their fintech momentum is coming from East and West African markets, where mobile money has revolutionised access to payments, savings, and credit.
As Africa’s digital finance landscape matures, Vodacom and MTN are positioning themselves not only as connectivity providers but also as key players in financial inclusion and digital banking innovation across the continent.
