Cairo – Al-Nafiza Research Unit ,A monitoring report conducted by the “Al-Nafiza Research Unit,” based on official data from Vodafone Egypt, revealed that the company achieved consolidated revenues of approximately EGP 137.9 billion over the last 18 months (Fiscal Year 2024 and the first half of Fiscal Year 2025)
Despite the company’s leadership in the market in terms of revenue volume and a customer base reaching 51.5 million subscribers, a meticulous analysis of the financial services sector figures showed a significant disparity between the number of registered wallets and actual usage rates
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Vodafone & Al-Nafiza Analysis: The 13-Million Wallet Gap
Figures analyzed by the “Al-Nafiza Research Unit” point to a statistical paradox in the digital financial solutions sector, “Vodafone Cash,” which is a primary driver of the company’s growth
Registered Wallets: The total number of wallets counted by the end of 2024 reached approximately 24 million
Actual Usage: The company recorded only about 11 million active customers by the end of September 2025
The Conclusion: These figures reveal the existence of nearly 13 million “dormant” or periodically inactive wallets. This poses a challenge for the company to convert “numerical spread” into continuous “monetary interaction,” despite its ambitious plan to reach 26 million citizens by 2026
Financial Performance: Revenue Growth vs. Investment Cost
In parallel, Vodafone succeeded in maximizing its revenues despite inflationary pressures and operating costs
Revenue Surge: The company achieved EGP 55 billion in the first half of 2025 (April – September), a growth rate of 46.1%, compared to EGP 82.9 billion for the entire 2024 fiscal year
Capital Expenditure (CAPEX): The company increased its network development budget by 50%, reaching EGP 12 billion in 2025, compared to EGP 8 billion in the previous year, to accommodate the increasing demand for data services
Analytical Vision: Operational Efficiency
The analytical reading of the company’s data confirms that Vodafone Egypt has transitioned from the “horizontal expansion” phase of increasing subscribers to a “qualitative targeting” phase. According to the “Al-Nafiza Research Unit,” revenue growth of nearly 46% is a positive indicator of the company’s ability to offset the high cost of capital investments
However, the sustainability of this growth remains linked to the company’s ability to narrow the gap between registered and active wallets, converting millions of “dormant” wallet holders into permanent users of the electronic payment ecosystem
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