The Vodacom Empire: How Shameel Joosub’s Mobile Money Bonanza is Enslaving the Unwary
Vodacom Group CEO Shameel Joosub has revealed that his company processes a staggering US$400-billion (R7.4-trillion) in transaction value annually through its mobile wallet offerings. But at what cost to the vulnerable?
In its latest trading update, Vodacom disclosed that it transacted $400.2-billion through its mobile money platforms, including Safaricom, in the past year. But the true extent of Vodacom’s financial services ambitions is far more sinister. The company’s "super apps" – VodaPay, Vodafone Cash, and M-Pesa – are designed to integrate Vodacom’s own products and services with those of its partners, effectively creating a monopoly on financial transactions.
"This is a clear case of corporate greed," said a local financial expert. "Vodacom is using its dominance in the mobile market to push its financial services offerings, which are often designed to trap people in a cycle of debt and exploitation."
But Vodacom’s financial services revenue growth is not the only worrying trend. The company’s "beyond mobile services" category, which includes digital and financial services, fixed-line telecommunications, and internet of things services, contributed R6-billion to revenue in the quarter. This represents a staggering 20.8% of the group’s total revenue, and Vodacom is on track to reach its targeted contribution of 25-30% "over the medium term".
"This is a clear indication that Vodacom is prioritizing its financial services ambitions over its traditional mobile services business," said another financial expert. "But at what cost to the consumer? Vodacom’s financial services offerings are often designed to be predatory, and the company’s dominance in the market allows it to dictate the terms of these transactions."
But Vodacom is not alone in its financial services ambitions. The company’s CEO, Shameel Joosub, has said that Vodacom’s "super apps" are designed to deepen financial inclusion, but this is a euphemism for exploiting the vulnerable. The company’s financial services offerings are often designed to trap people in a cycle of debt and exploitation, and Vodacom’s dominance in the market allows it to dictate the terms of these transactions.
The Real Cost of Vodacom’s Financial Services Ambitions
Vodacom’s financial services ambitions are not just a threat to the consumer, but also to the economy as a whole. The company’s dominance in the market allows it to dictate the terms of financial transactions, and its financial services offerings are often designed to trap people in a cycle of debt and exploitation.
But the true extent of Vodacom’s financial services ambitions is far more sinister. The company’s "super apps" are designed to integrate Vodacom’s own products and services with those of its partners, effectively creating a monopoly on financial transactions. This is a clear case of corporate greed, and it is up to regulators and consumers to take action to stop it.
The Future of Financial Services: A World of Exploitation and Oppression
Vodacom’s financial services ambitions are not just a threat to the consumer, but also to the economy as a whole. The company’s dominance in the market allows it to dictate the terms of financial transactions, and its financial services offerings are often designed to trap people in a cycle of debt and exploitation.
But the true extent of Vodacom’s financial services ambitions is far more sinister. The company’s "super apps" are designed to integrate Vodacom’s own products and services with those of its partners, effectively creating a monopoly on financial transactions. This is a clear case of corporate greed, and it is up to regulators and consumers to take action to stop it.
The Verdict: Vodacom’s Financial Services Ambitions are a Threat to the Consumer and the Economy
Vodacom’s financial services ambitions are a clear threat to the consumer and the economy. The company’s dominance in the market allows it to dictate the terms of financial transactions, and its financial services offerings are often designed to trap people in a cycle of debt and exploitation.
But the true extent of Vodacom’s financial services ambitions is far more sinister. The company’s "super apps" are designed to integrate Vodacom’s own products and services with those of its partners, effectively creating a monopoly on financial transactions. This is a clear case of corporate greed, and it is up to regulators and consumers to take action to stop it.
The Future of Financial Services: A World of Freedom and Choice
The future of financial services does not have to be a world of exploitation and oppression. With the right regulations and consumer protections in place, financial services can be a powerful tool for empowering individuals and communities.
But Vodacom’s financial services ambitions are a clear threat to this vision. The company’s dominance in the market allows it to dictate the terms of financial transactions, and its financial services offerings are often designed to trap people in a cycle of debt and exploitation.
It is up to regulators and consumers to take action to stop Vodacom’s financial services ambitions and create a world of financial freedom and choice.
