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Vodafone Egypt deal bumps up S. Africa’s Vodacom quarterly revenue

Vodacom bought a 55% stake in the Egyptian arm of Vodafone for 43.6 billion rand in 2021, the largest deal in the telecoms operator’s history.

The company’s service revenue also benefited from growth in its data and financial services, the fastest growing contributor to the group’s suite of new businesses.

Financial services revenue jumped 30.6% to reach 2.6 billion rand, largely on the back of demand for its mobile money M-Pesa platform across its international portfolio as well as double-digit growth in insurance policy and airtime loan sales in South Africa, Joosub added.

In South Africa, Vodacom’s largest market, service revenue grew 3%, supported by its mobile prepaid business despite electricity availability challenges and consumers battling higher inflation. Reuters

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