Vodacom branding.
JOHANNESBURG - Vodacom is expecting to grow faster now that Safaricom is in its fold.
It now has a controlling stake in Safaricom, which leads the mobile market in Kenya and had more than 62 million customers in December.
Safaricom also owns the fintech M-Pesa which facilitates more than 100 million transactions every day.
READ | Vodacom boosts Safaricom stake to 55%
Vodacom raised its target as it reported a 6.3% rise in first quarter revenue driven by strong growth in Egypt and other parts of Africa.
The telecoms group has cut its dividend payout target to at least 65% of headline earnings.
Vodacom says retaining more capital will help fund expansion in fast-growing markets while continuing to support dividend growth.
The company has also raised its 2030 revenue target to R300 billion.