MTN Group and Vodacom Group have together pushed more than US$1 trillion of mobile money transactions through their platforms in the most recent financial years, underscoring the outsized role telecom operators now play in Africa’s financial ecosystem. While both giants dominate the continent’s fintech landscape, their strategies for scaling differ dramatically – one betting on breadth, the other on depth.
Vodacom’s financial services revenue surged 19.6% year‑on‑year to R16.8 billion for the year to 31 March 2026. When the group’s 34.94 % effective interest in Safaricom is accounted for on a 100 % basis, the combined fintech footprint balloons to R41.3 billion. By contrast, MTN reported R30.3 billion in fintech revenue for the year ended 31 December 2025, a 23.2% increase in constant‑currency terms. Although the two financial year‑ends do not line up perfectly, the figures illustrate how both operators are turning mobile networks into financial powerhouses.
The transaction volumes tell a similar story. MTN’s MoMo platform moved $500.3 billion in 2025, a 37.6% rise, while Vodacom and Safaricom together processed $525.6 billion, up 16.6%. Together, the two telcos eclipsed the $1‑trillion mark, a milestone that few African companies have achieved in any sector.
Mobile money transactions: diverging paths to scale
| Metric | Vodacom (incl. Safaricom) | MTN |
|---|---|---|
| Fintech revenue (2025‑26) | R41.3 bn (incl. Safaricom) | R30.3 bn |
| Revenue growth YoY | 19.6% | 23.2% (constant‑currency) |
| Mobile money value processed | $525.6 bn | $500.3 bn |
| Transaction growth YoY | 16.6% | 37.6% |
| Fintech share of total services revenue | 12.6% | 13.1% |
| Active customers | 103 m (incl. Safaricom) | 69.5 m monthly active MoMo users |
The table highlights the core contrast: Vodacom leans on higher revenue per customer, while MTN drives faster transaction growth across a larger geographic spread. Both models are delivering strong top‑line figures, but the underlying philosophies could shape future profitability.
Vodacom’s approach hinges on deepening its foothold in a limited number of markets. The group operates in eight countries – six wholly or majority‑owned plus Safaricom’s Kenyan and Ethiopian ventures – and is banking on Safaricom’s near‑monopoly position in Kenya. A contested deal to acquire an additional 15 % stake in Safaricom remains frozen after Nairobi’s high court extended a constitutional challenge, leaving the future of that investment uncertain.
MTN, meanwhile, spreads its fintech services across 16 markets, from West Africa to the Indian Ocean islands. Its MoMo platform is now a standalone vertical, offering not only payments but also a growing lending suite and a virtual Mastercard‑linked card. In 2025, the lending platform reached 9.6 million unique users and disbursed $3.6 billion in loans, signalling a shift from pure payments to full‑stack digital banking.
Both operators are adding higher‑margin services onto their core rails. Vodacom’s “beyond‑core” portfolio – encompassing lending, savings and merchant services – now accounts for 46.4 % of M‑Pesa revenue across its international business, with R26.7 billion in loans facilitated during the year. Safaricom’s merchant base swelled 71.9% to 3.2 million merchants, reflecting strong uptake among small‑scale traders.
In the wider ecosystem, fintech players are building on the telco rails rather than challenging them outright. AI‑driven microlender Optasia, which listed on the JSE in November 2025 with a R23.5 billion valuation, taps MTN and Vodacom networks for customer acquisition. Its model illustrates how third‑party services can add value without directly competing with the operators’ payment infrastructure.
Stablecoins gaining traction as an alternative rail
A recent BVNK Stablecoin Utility Report, compiled with YouGov, Coinbase and Artemis, revealed that 95 % of African respondents would like to receive payments in stablecoins – well above the 77 % global average. The appetite stems from a desire for dollar‑denominated value and the limited reach of traditional banking.
South Africa has already seen three rand‑pegged stablecoins launch in quick succession: ZARP (backed by Old Mutual), ZAR Supercoin (from NYSE‑listed Super Group) and Zaru, supported by Luno, EasyEquities, Lesaka Technologies and Sanlam. While these projects aim to carve out a niche, the telecom‑driven rails remain the dominant conduit for everyday transactions.
MTN Group chairman Mcebisi Jonas summed up the sector’s outlook in the 2025 integrated report: “Our investment case remains compelling because the continent has a youthful demographic, is experiencing increasing digital adoption and connectivity is critical for economic growth and social stability.”
Whether MTN’s broad footprint and vertical‑stack strategy or Vodacom’s concentrated, Safaricom‑anchored model will yield higher long‑term returns is the question that will decide who captures the next trillion dollars of mobile money. The answer will shape the future of African fintech, the balance of power among the continent’s telecom giants, and the pace at which new assets such as stablecoins gain mainstream acceptance.