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Vodacom continues to work towards closing the transaction before the end of its FY by March 2022 We believe that through a dedicated focus on financial services, we can promote greater financial inclusion in Egypt: Vodacom Group spokesperson
Byron Kennedy , Vodacom Group spokesperson, said Vodafone Egypt generates less than 2% of its revenue from financial services. He added that there are currently no plans to restructure Vodafone Egypt When will the final acquisition process of Vodacom's stake in Vodafone Egypt be officially complete? Vodacom minority shareholders overwhelmingly voted in favour of the proposed transaction at a general meeting on 18 January 2022, which was an important milestone. Vodacom continues to work towards closing the transaction before the end of its FY in March 2022. However, the deal remains conditional upon receipt of certain approvals from Egypt's National Telecommunications Regulatory Authority (NTRA) and the Financial Regulatory Authority (FRA), and the Johannesburg Stock Exchange (JSE). Will the brand name be changed after the completion of the acquisition? There are no plans to rename Vodafone Egypt after the transaction is concluded. What is the company's strategy in the Egyptian market and the focus points for the company in Egypt? Vodacom Group sees the opportunity to create significant value for shareholders and customers by scaling its multi-product strategy into Egypt. In addition to fintech, we see significant potential from leveraging Egypt's software factory and our big data capabilities. We will also look to scale our Pan-African enterprise and IoT solutions, enabling the proliferation of digital services through a platform approach as well as talent and resource sharing. What is the company's vision for introducing new services and products to the Egyptian market? Vodafone Egypt generates less than 2% of its revenue from financial services. Across the Vodacom Group, our international markets are already above 20% on average, while markets like Tanzania and Kenya are close to 40% of revenues. We believe that through a dedicated focus on financial services, we can promote greater financial inclusion in Egypt. We intend to leverage our fintech platform capabilities in Egypt, which includes Vodasure, Vodalend, Vodapay, and the product roadmap of M-Pesa Africa. What are the distinctive qualities and aspects of the Egyptian market that prompted the company to acquire Vodafone's global stake in Vodafone Egypt? With more than 80% of Egypt's 100m+ population unbanked, Vodacom sees significant opportunity to leverage our financial services platforms, global partnerships, and best practices. Vodafone Egypt is one of Africa's premier telecom assets. It has a leading market position, with strong growth prospects and margins. How can the company benefit from Vodafone Egypt with its solutions and services in other markets where it operates? Vodafone Egypt is a well-managed company with a strong track record of growth and is recognised as one of Africa's premier telcos. Vodafone Egypt holds a strong network leadership position and is the country's largest mobile wallet provider through Vodafone Cash. According to the NTRA, Vodafone Cash accounted for almost 90% of all mobile wallet transactions as of August 2021. The acquisition is expected to diversify and accelerate Vodacom's growth potential and is aligned with our multi-product strategy or 'system of advantage'. In addition to growth from core mobile, we see significant incremental upside from financial services, the Internet of Things (IoT), and fixed services. As Africa's leading fintech player, Vodacom Group is well-positioned to partner with Vodafone Egypt to unlock the massive addressable market opportunity in Egypt, supporting greater financial inclusion in the country. Does the company have a plan to restructure Vodafone Egypt once the acquisition is completed? There are currently no plans to restructure Vodafone Egypt.
