Vodacom, the South African mobile operator that now consolidates Safaricom, Kenya’s largest mobile operator, says it will push further into lending, investing and small-business finance. Chief executive Shameel Joosub set out the plan around the half-year results of 10 November 2026, when the company reported 108 million financial services customers.
Key Facts
—Who. Vodacom, a mobile operator listed in Johannesburg, led by chief executive Shameel Joosub.
—What. It plans more lending, investment and merchant products, including invoice financing for small businesses.
—Scale. 108 million financial services customers across the group, up 15% in a year.
—South Africa. Joosub put South African financial services revenue at 1.9 billion rand (about US$112 million at 16.92 rand per dollar).
—As of. 14 November 2026, 13:00 GMT.
Vodacom wants financial services to grow beyond its core mobile business. South Africa is still the smaller part of that story.
What Vodacom Says It Will Build
On 10 November 2026 Vodacom reported results for the six months to 30 September. In remarks reported on 11 November, Joosub said the group would keep growing beyond core services by expanding lending, investments, merchant services, merchant lending and invoice financing.
Invoice financing means a business gets cash against a bill its customer has not yet paid. Merchant lending means a loan to a shop or small business.
Joosub was quoted on 11 November as saying Vodacom saw no opening for M-Pesa, the mobile wallet widely used in Kenya and Tanzania, in South Africa. He pointed to the country’s developed banking system.
Vodacom sells airtime loans, insurance, funeral cover, merchant services and lending there instead. It also runs VodaPay, its payments app.
The Numbers Behind the Push
Vodacom’s 10 November release said financial services customers rose 15% to 108 million across the group, which has counted Safaricom as a subsidiary since 30 June 2026. Financial services revenue rose 99% to R15.9 billion (about US$0.94 billion at R16.92 to the dollar), a jump that reflects Safaricom now being counted as a subsidiary.
The release of 10 November said customers initiated US$575.5 billion in transaction value on its financial services platforms over the last twelve months. That is the value of payments and transfers customers made on them.
South Africa Is the Smaller Piece
In remarks reported on 11 November, Joosub put South African financial services revenue at R1.9 billion (about US$112 million) for the six months to September, up 6%. He said Vodacom expects almost R4 billion (about US$236 million) for the full year, with about 15 million South Africans using at least one of its financial products.
By our calculation, South Africa is about 12% of the group’s half-year financial services revenue, which was R15.9 billion. The jump in the group total came from consolidating Safaricom, so home-market products such as lending and investing are the main way Vodacom can lift the South African share.
What It Means for You
For investors who follow African telecoms, the plan ties to a stated target: Vodacom’s “beyond mobile” group of services, which includes financial services, fixed connectivity, digital services and the internet of things, made up 27.4% of group service revenue in the half-year. Vodacom said on 10 November that it raised its 2030 goal for that share from 30% to more than 32%.
What Is Not Known
Vodacom’s release gives no launch dates, prices or partners for the new products. It also gives no separate figures for lending, insurance or merchants.
The Kenyan court case also stays open. Kenya’s High Court declared the sale of the Kenyan government’s 15% Safaricom stake to Vodacom null and void on 15 September 2026, and the Kenyan Court of Appeal has ordered things to stay as they are while an expedited appeal proceeds.
What to Watch Next
The next interest rate statement from the South African Reserve Bank, the central bank, is due on 19 November 2026, and the bank put its policy rate, the main interest rate it sets, at 7.25% in its September statement. A rate decision changes what borrowers pay on loans from any lender, so it is the next dated signal for the lending side of Vodacom’s plan.
The date of the Kenyan appeal hearing is not confirmed. We found no date for Vodacom’s next update on the new products.
Frequently Asked Questions
How many financial services customers does Vodacom have?
Vodacom said on 10 November 2026 that it has 108 million financial services customers, up 15% in a year. The figure covers the whole group, including Kenya’s Safaricom.
How much does Vodacom earn from financial services in South Africa?
Chief executive Shameel Joosub put South African revenue at R1.9 billion (about US$112 million) for the six months to September 2026, up 6%. He expects almost R4 billion (about US$236 million) for the full year.
Which new products is Vodacom planning?
Joosub named lending, investments, merchant services, merchant lending and invoice financing. Vodacom’s 10 November release gives no launch dates or prices.
Does Vodacom run M-Pesa in South Africa?
Joosub was quoted on 11 November as saying Vodacom saw no opening for M-Pesa in South Africa because of its developed banking system. It sells airtime loans, insurance, funeral cover, merchant services and the VodaPay app there instead.
Sources
Vodacom Group, reviewed interim results release, 10 November 2026 · South African Reserve Bank, monetary policy statement, September 2026 · Remarks by Vodacom chief executive Shameel Joosub, 11 November 2026 · Closing exchange rate of 13 November 2026 (R16.92 to the US dollar).
Connected Coverage
Read how the Vodacom half-year profit rose on the Safaricom deal and Vodacom Tanzania’s profit. More coverage is in South Africa news.
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