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Vodacom’s M-Pesa Reaches $15B in Transactions

Vodacom’s M-Pesa Reaches $15B in Transactions

Vodacom Mozambique’s M-Pesa digital wallet, the main mobile payment service in the country, moves around 945 billion meticals (15 billion dollars) annually, representing 80 per cent of the country’s Gross Domestic Product (GDP). The information was released by the company’s managing director, Sérgio Gomes, during the 1st edition of the CEO Forum Angola 2024, held recently in the city of Luanda, as reported by Forbes Africa Lusófona magazine.

‘The figures are significant when compared to Kenya, where the company has a turnover of approximately 31.5 billion meticals (500 billion dollars),’ said Sérgio Gomes, who emphasised the strong dependence on the informal sector in M-Pesa’s operations: ‘this volume of transactions is largely driven by the informal sector, which is often not fully accounted for in the GDP. Even so, it shows the impact of having ten million users and a large number of traders integrated into our platform.’

The managing director also emphasised the comparability of the data: ‘these figures are significant, especially when compared to the Kenyan market, where M-Pesa manages to reach 31.5 billion meticals (500 billion dollars)’.

The M-Pesa mobile wallet, a partnership between the Vodacom Group and Safaricom, is, according to the article, the most successful mobile payment platform on the African continent, making it a vital source of revenue for both telecoms companies.

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