Vodacom Tanzania Records Strong Revenue Growth, Driven by M-PESA Expansion

Vodacom Tanzania Plc has reported impressive financial results for the full year ending March 2024, recording total revenues of TZS 1.3 trillion ($477.9 million), marking a 19.4% increase. Profit after tax also grew by 19.9% to reach TZS 53.4 billion ($19.8 million). This growth was primarily driven by the performance of M-PESA, whose revenue surged by 27.8% to TZS 456.3 billion ($167.7 million), contributing to 36.3% of the company’s total service revenue.

M-PESA saw nearly 2 million new customers during the year, bringing its total user base to 10.2 million, and expanding its market share from 36.5% to 38.2%. The platform also recorded a significant increase in transaction value, which grew by 36% to over TZS 8 trillion ($2.9 billion) per month.

In addition, M-PESA’s micro-loan and credit services experienced notable growth. Digital micro-loan disbursements rose by over 65%, providing businesses and SMEs with access to short-term financing worth over TZS 1 trillion ($367.6 million). Customers utilizing M-Pawa and M-Godi deposited more than TZS 400 billion ($147 million) in savings, with over 6 million benefiting from the Songesha overdraft facility.

Vodacom also continues its support of Tanzania’s agricultural sector through the M-Kulima platform, which links over 3.2 million smallholder farmers to the agricultural value chain. The platform paid more than TZS 16 billion ($5.9 million) to farmers this year, helping digitize farming communities and provide access to vital agricultural and market information via App and SMS.

These developments reflect Vodacom Tanzania’s sustained commitment to enhancing financial inclusion and supporting economic growth through innovative digital services.