Vodafone Egypt increased the number of users of the mobile phone money transfer service Vodafone Cash to two million customers, said Ahmed Essam, CEO of Vodafone Egypt.
Essam added that the Ministry of Communications’ intention to issue 4G frequency licences in US dollars would pose an obstacle to the company due to its limited US dollar revenues.
Essam revealed that Vodafone Egypt’s general assembly approved the distribution of EGP 1.6bn in revenues over the company’s shareholders. He pointed out that the company has developed its network by about EGP 9.5bn during the last three years, adding that Vodafone has more than 900 customer service centres to improve the quality of mobile services.
Vodafone Egypt’s revenue grew by 8.9% over the previous fiscal year of the company, which ended on 31 March. The company attributed this growth to an accelerated growth in the data transmission services sector.
Egypt represents the second largest market for Vodafone Group in the Middle East, Africa, and Asia in terms of revenue growth. Turkey is the largest market, achieving growth rates of 19.7% supported by the high demand from the corporate and business sectors as well as from individual customers. This growth in revenue came as a result of the company’s preparations to launch 4G frequencies, which started in Turkey in April.