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    Home » Vodacom Sets Sights On Wealth Management Market
    COMPANIES

    Vodacom Sets Sights On Wealth Management Market

    October 3, 2025
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    Shameel Joosub - Vodacom CEO
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    Vodacom, a leading telecommunications company, is optimistic about providing wealth management services to its extensive clientele of over 44 million in South Africa. This comes on the heels of a successful introduction of similar services in East African nations, such as Kenya and Tanzania.

    While the company has not yet finalised plans for launching these products in South Africa, a spokesperson highlighted that wealth management is a key component of Vodacom’s broader financial services strategy. The goal is to enhance financial inclusion across its markets, recognising the significant opportunities to tap into the savings and investments sector, where many current offerings remain out of reach for a large segment of the population.

    Vodacom made history as the first telecom provider in South Africa to obtain an insurance licence. With about 211 million customers across the continent, the company has been vigorously expanding its financial services portfolio, which includes providing credit to both individuals and businesses.

    Valued at R280 billion on the Johannesburg Stock Exchange, Vodacom operates in several countries, including the Democratic Republic of Congo, Egypt, Lesotho, Mozambique, and Tanzania, while its partnership with Safaricom enables access to the Ethiopian and Kenyan markets.

    Last year, Vodacom partnered with Sanlam Allianz Investments in Tanzania to introduce M-Wekeza, a mobile-first investment platform aimed at bringing Tanzanians into the capital markets. With an entry point as low as 1,000 Tanzanian shillings (approximately R7) and potential annual returns of up to 13%, M-Wekeza allows users to save and grow their wealth directly from their M-Pesa accounts. Customers can earn daily interest and have the flexibility to withdraw their funds instantly.

    The initiative promotes microsavings and investment opportunities in stocks and securities through fund managers. M-Wekeza is regulated by the Capital Markets and Securities Authority and has seen remarkable growth, attracting nearly 25 billion Tanzanian shillings (around R176 million) in deposits within its initial months of operation, which aligns with the financial year ending March 2025.

    Referencing the 2023 FinScope report, the spokesperson noted that capital market penetration in Tanzania stands at just 0.5% of the adult population. This low figure is attributed not to a lack of interest but rather to a deficiency in accessible, user-friendly investment solutions. M-Wekeza addresses this gap by offering a unique mobile-based collective investment scheme that allows any eligible M-Pesa user to invest with a minimal amount, thereby revolutionising the market where traditional investment services often require substantial upfront capital and complex documentation.

    In Kenya, Vodacom has launched Mali and Ziidi, two money market funds available on the M-Pesa app. The company’s financial services ecosystem currently connects 87.7 million customers, with plans to increase this number to 120 million by 2030.

    Vodacom’s financial services revenue has more than doubled in the past five years, growing from R6 billion in the 2020 financial year to R14 billion in 2025. This growth is further amplified by the success of Safaricom, which generated R22.6 billion in financial services revenue.

    Central to Vodacom’s financial services ambitions are its apps—VodaPay, Vodafone Cash, and M-Pesa. These platforms are expected to play a vital role in achieving the company’s financial service goals, with a projected growth of over 40% in fintech customers over the next fi

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