Vodacom Tanzania Plc has announced strong financial results for the fiscal year ending March 2024, with total revenues reaching TZS 1.3 trillion ($477.9 million), a 19.4% increase from the previous year. Profit after tax also rose by 19.9%, reaching TZS 53.4 billion ($19.8 million). This growth was largely driven by M-PESA, which saw a revenue increase of 27.8%, totaling TZS 456.3 billion ($167.7 million) and accounting for 36.3% of the company’s overall service revenue.
M-PESA gained nearly 2 million new users over the year, bringing its total user base to 10.2 million and increasing its market share from 36.5% to 38.2%. The platform also saw a significant rise in transaction volume, with monthly transactions growing by 36% to exceed TZS 8 trillion ($2.9 billion).
Additionally, M-PESA’s micro-loan and credit services experienced substantial growth. Digital micro-loan disbursements surged by over 65%, providing businesses and SMEs with short-term financing exceeding TZS 1 trillion ($367.6 million). M-Pawa and M-Godi users deposited more than TZS 400 billion ($147 million) in savings, and over 6 million customers benefited from the Songesha overdraft facility.
Vodacom remains committed to supporting Tanzania’s agricultural sector through the M-Kulima platform, which connects over 3.2 million smallholder farmers to the agricultural value chain. This year, the platform paid more than TZS 16 billion ($5.9 million) to farmers, enhancing the digitization of farming communities and providing essential agricultural and market information via app and SMS.
These results highlight Vodacom Tanzania’s ongoing dedication to advancing financial inclusion and promoting economic growth through its innovative digital services.
