Vodacom targets 275 million Africans in major expansion push

Vodacom Group, a leading African connectivity, digital and financial services company, has raised its medium-term target to 275 million customers by 2030, as it steps up efforts to expand across a rapidly changing telecom and mobile payments landscape in Africa. 

The updated goal reflects a wider push by the group to grow its customer base in markets where demand for data, mobile money and digital services continues to climb.

It also signals a shift in focus toward deeper market penetration rather than just subscriber additions, as competition among telecom operators intensifies across the continent. 

Vodacom said the new target is part of its Vision 2030 strategy, which is designed to strengthen its role in providing both connectivity and financial access.

The company is increasingly linking its core mobile business with digital financial services, betting that integrated platforms will drive long-term growth. 

The Johannesburg-based operator continues to benefit from rising smartphone usage and broader adoption of mobile financial tools, particularly in markets where traditional banking access remains limited.

That trend has helped reshape its business mix over the past few years.

Customer growth and regional performance 

For the year ended March 2026, Vodacom added 26 million customers, bringing its total base to 237.3 million, up 12.3% year on year.

Growth was led by Egypt, Tanzania, the Democratic Republic of Congo and Lesotho, underscoring the group’s expanding regional spread. 

The performance highlights how Vodacom is leaning more heavily on higher-growth African markets to balance slower conditions in South Africa, its largest but more mature market.

Financial services drive earnings 

A key part of Vodacom’s strategy is its growing financial services business, which continues to benefit from increased use of mobile wallets and digital payment platforms.

The segment has become a central driver of new revenue growth. 

The group also expanded its East African footprint following its stake in Safaricom, strengthening its position in one of the continent’s most competitive mobile money markets.

Earnings rise, South Africa lags 

Revenue rose 10.1% to R167.7 billion, while service revenue increased 10.6% to R133.56 billion.

Financial services revenue climbed 19.6%, reflecting stronger activity in digital payments, transfers and mobile banking services. 

Earnings also improved, with EBITDA up 12.8% to R62.6 billion and headline earnings per share rising nearly 23% to 1,053 cents.

Free cash flow increased 20.1% to R21.84 billion, supported by what CEO Shameel Joosub described as a more balanced mix of markets. 

South Africa recorded modest service revenue growth of 2.1% to R64.37 billion, while Egypt delivered the strongest performance, with service revenue up 30.2% and EBITDA rising 38.5%, making it a key growth driver for the group. 

Vodacom said its revised customer target reflects confidence in its ability to scale across Africa, with a stronger focus on digital services and financial inclusion as part of its long-term expansion plan.