Vodacom soars in its 2025 Financial Year (FY) 2025,

…eyes even bigger wins by 2030

Moroke Sekoboto

THE Vodacom Group, parent company of Vodacom Lesotho, has delivered a strong performance for the financial year (FY) ending 31 March 2025, recording revenue of M152.2 billion.

The results, released yesterday, reveal a company that continues to grow despite global economic headwinds. Highlights include a surge in customer numbers, successful expansion into new service areas, and steady progress toward its long-term Vision 2030 strategy.

Over the past five years, Vodacom has nearly doubled its customer base from 115.5 million in FY2020 to 211.3 million in FY2025. A major contributor to this growth was its financial services segment, which now serves 87.7 million customers, up from 53.2 million in 2020. This signals the success of Vodacom’s shift beyond traditional mobile services.

While overall revenue dipped slightly by 0.1% on a reported basis, normalised results tell a different story: revenue rose by 11.2%, with service revenue also growing by 11.2% – beating the company’s medium-term targets. Notably, services beyond mobile, such as; fixed connectivity, Internet of Things (IoT), and digital and financial services, now make up 21.4% of total revenue, showing that the diversification strategy is paying off.

The report also states that financial services continue to be a powerhouse for the group, generating M14 billion in revenue, up 7.6% (or 17.6% when normalised). The M-Pesa platform remains a cornerstone of Vodacom’s fintech operations, processing a massive US$450.8 billion (M8.1 trillion) in transactions. The number of transactions jumped by 26.4%, reaching 42.6 billion over the year, reinforcing Vodacom’s leadership in Africa’s digital financial space.

Geographic diversification is also making an impact. South Africa now contributes 55.5% of the Group’s operating profit, down from 71% in 2020, due to growing revenue from international markets, including Vodacom Lesotho. Together, these markets generated M30.6 billion in service revenue, a 2.6% increase (or 7.1% normalised).

The Group is steadily transforming into a tech company (TechCo), expanding its digital and financial ecosystem with platforms like VodaPay, new savings, credit and insurance offerings, and support for small merchants. By 2030, Vodacom aims to have 30% of its revenue coming from these “beyond mobile” services.

Strategic investments in modernising its network, sharing infrastructure, and upholding strong ESG (Environmental, Social and Governance) principles have helped Vodacom remain resilient in uncertain times. The company remains focused on profitable growth through smart cost management and capital spending.

Reflecting on the year, Vodacom Group chief executive officer (CEO), Shameel Joosub, said they were pleased to have achieved their targets.

“Despite macroeconomic headwinds, we are proud to have delivered on our Vision 2025 goals, ending FY25 on a high note with 8.2 million new customers. Looking ahead to Vision 2030, we aim to grow our customer base to 260 million and reach 120 million financial services users. We see huge potential in ‘beyond mobile’ services and expect them to drive 30% of our revenue. This confidence in Africa’s growth story is what fuels our investment strategy,” Mr Joosub said.

Locally, Vodacom Lesotho CEO, Mohale Ralebitso, expressed pride in his team’s contribution.

“It’s been a challenging year, but this strong performance reflects the dedication and resilience of our entire team, as well as the continued support of our customers. As we step into a new financial year, we’re committed to building on this momentum and driving our strategic goals forward. Realising our Vision 2030 targets will take collective effort, and we are ready for the challenge,” Mr Ralebitso said.