Vodafone Egypt contributes $418.4 mln to South Africa's Vodacom in 4 months

The group ascribed 16 percent of its revenue for the fiscal year ending in March 2023 to the acquisition of a 55 percent stake in Vodafone Egypt for $2.28 billion in December.

Vodacom's revenue recorded about $6.24 billion over the past fiscal year.

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 helped improve  financial inclusion rates in Egypt since 2016 by 147 percent, 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 percent of Egyptians above the age of 16 (65.4 million citizens).

The South African group revealed that it now serves 45.4 million customers in Egypt.