Vodacom develops companies and fintech by the purchase of Egypt

Vodacom re-platform on Thursday its latest VodaPay and M-Pesa into Egypt and it recorded about 80 percent of the inhabitance is unbanked, CEO Shameel Joosub said in a statement.

The deal is still pending for regulatory approvals in Egypt, which are expected very soon.

“…we see a big opportunity to grow the financial services play and then to leverage off each other in terms of best practices and also skills,” Joosub explained.

He added that 3 million subscribers from 44 million are using Vodafone financial services providing a huge growth prospect.

The operator recorded solid results during 2022, with 18 percent increase in services revenues in Egypt and 22.3 percent growth in earnings before interest, taxes, depreciation and amortization (EBITDA).

Vodacom has a strong market leadership, as most of Vodacom and Safaricom currently are existing products could work well in Egypt. “it is necessary to take into account local nuances and customize products to take advantage of the needs that are relevant to a specific local market,” Joosub said.

The remaining 45 percent of Vodafone Egypt owned by Telecom Egypt, also it owned 80 percent by the Egyptian government.

Vodafone had almost 43 percent mobile market share in Egypt latest of March 2022, according to statistics from market research company Omdia.