Vodafone Egypt has contributed around $418.47 million to Vodacom’s revenue and profit growth during the last 4 months, according to a statement by the South African mobile communication group on Monday.
Vodacom ascribed 16% of its revenue for the FY ending in March 2023 to the acquisition of a 55% stake in Vodafone Egypt for $2.28 billion in December. Vodacom’s revenue recorded about $6.24 billion over the past FY.
The company estimates that the informal market in Egypt amounts to $300 billion, which opens a wide market for its cash transfer service. Vodacom said that Vodafone Cash services have generated $20.8 million from December 2022 until the end of March 2023.
E-wallet services like Vodafone Cash have given a boost to financial inclusion rates in Egypt since 2016 by 147%, according to data released by the Central Bank of Egypt.
The overall number of Egyptians who now have accounts in banks, Egypt Post, mobile phone wallets, or prepaid cards has reached 42.3 million, which represents 64.8 % of Egyptians above the age of 16 (65.4 million citizens). Currently, Vodacom offers its services to 45.4 million customers in Egypt.
