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M-Pesa customers increased by 24.7% to 10.3 million, with over 4.5 million customers using lending, savings, and insurance products from their mobile devices during the quarter
Vodacom managing director Philip Besiimire stated that revenue generated through new services in M-Pesa, mobile, and fixed services continued to grow and diversify the company’s sources of income. According to him, M-Pesa customers increased by 24.7% to 10.3 million, with over 4.5 million customers using lending, savings, and insurance products from their mobile devices during the quarter.
This quarterly success follows an annual profit of Sh53.42 billion for the financial year ending March 2024, up from Sh44.55 billion in the previous year. The company had a loss of Sh20.26 billion in the year ending March 2022.
By the end of June 2024, services revenue stood at Sh347.81 billion compared to Sh290 billion reported in the same quarter last year.
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According toBesiimire, transactions worth Sh270 billion were done through the service designed for pooled group savings, while short-term financing disbursed through financial products reached nearly Sh600 billion.
Approximately 60% of this amount was issued to small businesses, offering easy access to short-term financing for small and medium-sized enterprises (SMEs), said Besiimire.
