Good day, ladies and gentlemen, and welcome to the Vodacom Group Limited results conference call for the three months ended 30 June 2021. Vodacom Group CEO, Shameel Joosub, will host the conference call. Before I hand the call over to Shameel, I would have asked that you refer to and familiarize yourself with Vodacom's forward-looking disclaimer. This is set out on page 15 of the trading update and can be located on www.vodacom.com. Alternatively, if you'd like a copy of the trading update sent to you, please email investor relations website at vodacomir@vodacom.co.za. All participants on this conference call are in listen-only mode, and there will be an opportunity for you to ask questions later during the conference. If you need assistance, please signal an operator by pressing star and zero. Also, note that this event is being recorded. I would now like to hand the conference over to Shameel. Please go ahead, sir. Thank you, Chris. Good afternoon, good morning to those joining us in the call from the U.S. Thank you for joining our first quarter trading update call for the financial year 2022. I'm joined by our Group CFO, Raisibe Morathi, as well as our Head of Investor Relations, JP Davids. We are deeply saddened by the recent unrest in South Africa and related tragic loss of life. Our purpose and business model means that we will work tirelessly to support South Africa's recovery, while also doing everything we can to keep our customers connected. Through the Vodacom Foundation's Disaster Relief Fund, we provided support, including food relief parcels to communities affected by the social unrest. We also stepped up to provide relief in Cape Town following the fires in April and the volcanic disasters in Goma, D.R.C. during May. In addition to these relief efforts, we have prioritized assistance to governments and communities to enable more Africans to be vaccinated. In April, we partnered with the African Union to accelerate the COVID-19 vaccine rollout through our mVacciNation platform that manages appointments and stock readiness and the logistics chain around the vaccine distribution. In South Africa, the National Department of Health is leveraging our mVacciNation platform to manage the deployment of vaccines. This is in addition to the ZAR 87 million financial pledge made by Vodacom and Vodafone during the quarter to provide logistic support and cold chain technology to deliver COVID-19 vaccines to underprivileged and rural communities in the D.R.C., Lesotho, Mozambique, South Africa, Tanzania and Ghana. Alongside our social contract initiatives, we achieved two significant strategic milestones in the quarter. In May, our consortium, led by Safaricom, was awarded a mobile telecommunications license by the government of Ethiopia following a contested international bidding process. We are honored to be part of this powerful consortium with an effective 6.2% direct stake and additional exposure through our associate holding in Safaricom. We look forward to providing world-class services to the people of Ethiopia. In June, we announced exciting progress on our South African Super App, VodaPay. More than 70 merchants have already joined our VodaPay ecosystem ahead of its highly anticipated launch in the coming months. We see this Super App as a precursor to M-PESA's evolution, supporting accelerated growth across our financial service businesses and assisting us in connecting the next 100 million customers so that no one is left behind. Moving on to the trading update for the quarter, our performance was characterized by sustained growth in South Africa and a strong performance across our international markets. On a normalized basis, which excludes the impact of foreign currency, we delivered strong service revenue growth of 7.8% in the quarter. The growth was supported by an acceleration across our international markets and strong growth in new service areas that includes fixed IoT and financial services. Our financial service portfolio delivered a particularly strong result in the quarter, with both South Africa and M-PESA contributing. Group financial services growth was up 33.9% on a normalized basis and contributed 9.8% of group service revenue. This excludes any contribution from Safaricom. Normalized group revenue growth was 14.2%, our fastest growth rate in a decade. On a reported basis, the rand sharp recovery in the quarter impacted our results. Notably, the rand appreciated by approximately 20% against the basket of our international currencies, generating a material foreign exchange headwind. Despite this headwind, we reported revenue growth of 9% to ZAR 24.8 billion. On CapEx and to further enhance customer experience, we invested ZAR 3.4 billion in our network across the group in the quarter, including the expansion of 4G coverage, speed and capacity. Shifting now to South Africa, service revenue increased 5.2% as people continued to work, educate and learn from home. Revenue increased 13.2%, supported by equipment sales, as we lapped the impact of retail restrictions in the prior year. In the contract segment, Vodacom Business delivered strong growth supported by our work from home solutions. In addition to mobile, Vodacom Business delivered excellent growth across wholesale, cloud and hosting, security and IoT to report a 14.1% revenue growth. IoT revenue increased 45.5%, and we now have 5.7 million IoT connections. In the prepaid segment, mobile customer revenue increased by 1.8%, supported by our initiatives to manage the number of days a customer remains active on the network. This growth was achieved despite the base effect of a strong quarter in the prior year. We added 532,000 customers in the quarter, with 15.1% growth in the customer base. The strong growth rate impacted the year-on-year ARPU trend. Prepaid ARPU was down 3.5% quarter-on-quarter, as we completed the price adjustments agreed with the Competition Commission and faced challenges to the customer wallet, which impacted spend potential. Adjusting for these quarter-on-quarter impacts, our underlying prepaid ARPU increased 0.5% from the fourth quarter. Data metrics were robust given the substantial base we were lapping. Data traffic increased 8.1%, with the prior year up 97.7%, so a very strong comp that we were batting against. Smart devices on the network increased 13.3%, while 4G customers increased nicely, up 26.8% to 16.4 million. Financial services in South Africa continued on its growth trajectory, with revenue increasing 19.1% to ZAR 0.6 billion for the quarter. Airtime advances amounted to 46% of total prepaid recharges versus 38% in the prior year, enabling customer convenience. Our insurance revenue increased 13.4%, with policies up 14.8% to ZAR 2.2 million, as we continue to expand our portfolio of products. From a CapEx perspective, we invested ZAR 2.9 billion in South Africa to support the demand for data. On to our international operations. We delivered a meaningful acceleration in normalized growth supported by M-PESA. Normalized service revenue was 13.5% in the quarter, compared with a decline of 1.9% in the prior financial year. M-PESA revenue increased 43.2% as we captured platform economics following our COVID-19 intervention on free person-to-person transfers last year. M-PESA customers increased by 14.3% to 16.8 million, representing 48% of our international customers. Our M-PESA ecosystem, including Safaricom, processed $25 billion a month in transaction value in the first quarter, up an impressive 62.6%. M-PESA now represents 23.2% of our international service revenue following the strong growth in the quarter. Product development for M-PESA continues, coordinated by our strategic joint venture, M-PESA Africa. A good example of this was Safaricom's recent launch of the M-PESA Super App, with many app capabilities. We will replicate this app's progress across all our M-PESA markets, also leveraging the learnings and capabilities of the VodaPay Super App. Data services also contributed to growth, with normalized data revenue up 13.9% and data traffic up 27.3%. We added 207,000 new customers to end the period at 20.9 million data customers. With just over 30% of our customers currently using a smartphone across our international markets, there is still a massive untapped opportunity in the data space. On the regulated front, we are grateful for the extension of the temporary spectrum in South Africa, which has supported network capacity in the period. We are, however, disappointed by the ongoing delays to the allocation of high-demand spectrum. We are hopeful that ICASA's mediation process can find a timely solution, and we at Vodacom are committed to this process. We see the assignment of spectrum being instrumental to the data pricing dynamic of our largest market. Wrapping up my review with a few words on the outlook, d ealing with the effects of the COVID-19 crisis and the added burden of civil unrest in South Africa will, of course, be key priorities for us, and we will continue to support our staff, government, and customers. From a strategic perspective, we are very excited about implementing our system of advantage, which is designed to meet our customers where they are today and grow with them as we strive to be a strategic partner of choice and an integral part of their lives, homes, and offices. Our strategy sets out our growth path for traditional mobile business, which is then enhanced by new areas like Fixed, Digital, IoT, and financial services. Before we open to questions, I will hand over to JP to set the scope for the Q&A questions. Thank you, Shameel. Hi,` everyone, thanks for joining the call. As a reminder, we do not disclose margins or profitability metrics in our quarterly trading updates. For our outlook and targets related to operating profit, please refer to the disclosure we provided with our full year results, which were announced in May. Finally, the results of our associate investment in Safaricom are disclosed on a biannual basis and therefore not included in this quarterly update. That, Shameel and Raisibe are ready to answer any questions you may have. Chris, over to you. Thank you very much. Ladies and gentlemen, if you wish to ask a question, please press star and then one on your touch-tone phone or on the keypad on your screen. You will hear a confirmation tone that you have joined the queue. If you wish to withdraw your question, please press star and then two. Our first question is from Preshendran Odayar of Nedbank CIB. Please go ahead. Hi. Good afternoon, everyone. Thank you for the opportunity to ask some questions. I've got three from my side, if I can. First one just has a clarification in it. I wanted to confirm, your other service revenue line, that is where your roaming revenue from the likes of Cell C and Telkom, along with your financial services and IoT revenue sits, and your non-service revenue line is where the leasing revenue from Rain and hopefully Liquid sits. If that's the case, it looks like your other service revenue grew really well. My question is the Cell C roaming revenue now coming in, and how big is an impact or is that going forward? Secondly, the leasing revenue from Liquid, if that sits in the non-service revenue line, it doesn't look like it's come in. Just wanted to get some clarification on timelines on when you can see that coming in. Second question, also related somewhat to Liquid, is how much of your traffic is being carried on Liquid and Rain's network this quarter versus last year's quarter one? The last question is, your fixed service revenue line grew really strongly. I'm assuming this is fiber. Just wanted an update on your fiber plans, because we saw CIVH's rights issue and its plans to lower debt. Does this asset look a little bit more sexy and attractive to you and within your fiber expansion plans? Thanks very much. Preshendran Odayar, thanks for the questions. I'll help with the clarification question and then hand over to Shameel and Raisibe for the more detailed questions on Liquid, Rain traffic, and the fixed line aspirations. Just in terms of clarification, you're broadly right in terms of other service revenue. Yes, that includes ISP. Yes, that includes wholesale revenue. It's not all of the financial service revenue. Actually, the majority of financial service revenue will sit within the customer service revenue, both within prepaid and contract, depending on what type of financial service we are selling. You are correct that the Rain agreement is captured within that other non-service revenue line item. To just round off on that, you're asking about the contribution to growth from Cell C. If we can sort of round it off by saying that the wholesale revenue growth in the quarter added 1 percentage point to service revenue. All else equal, we would have printed four, instead we printed five because of the bump up in wholesale revenue, and that is captured within the other service revenue line, as you've called out. Let me hand to Shameel on Liquid and traffic related questions, and then on the fixed side. Yeah. Just on the Liquid part, it's still getting very low traffic, because it's 5G roaming and such, and there's not a hell of a lot happening in that space as yet. It's still quite light. We have within the envelope that we have with Rain, in terms of commitments, seeked to maximize some of the opportunities around traffic or available capacity that we're basically taking advantage of that more fully. We have optimized more where we utilize those agreements. Of course, we don't disclose the exact amount of traffic. Most of it is within the envelope of what is already agreed. Yeah. The next question was on fixed, and you're asking about fiber. Remember, we have roughly about 145,000 homes passed on fiber. That is what this is relating to. Yeah. Thank you. The growth in fixed remains very strong. We've been growing 70%-80% over the last period, over last year in terms of fixed deployment, both from an ISP perspective and a resale perspective, as well as growth in terms of connecting the homes that we've already passed. Sorry, Raisibe, is that 145,000, that's homes passed by your own fiber network that you guys have built out, right? Is that correct? That's correct. Just, if you can, CIVH, does it look a little bit more attractive for you guys to expand or you guys are comfortable with your current strategy of building where you are? Of course, we don't comment on speculation and so on. Effectively, what we are, as we said to you, we basically, we will this year finalize our, and we've given ourselves a target to finalize our fiber plans, which, as I said, at the full year, will either take the form of a fiber JV, or potential small acquisitions, or let's say, potential acquisitions in the space. We are looking at, do we move our fixed assets into a separate vehicle, bring on a partner, and further accelerate our fiber builds. Awesome. Thanks very much, Shameel. Thanks, Raisibe and JP as well. Thank you. The next question is from Maurice Patrick of Barclays. Please go ahead. Yeah. Morning or afternoon, guys. Thank you for taking the question. If I could ask a bit to dive into the 43% growth in normalized M-PESA revenues. You saw a pretty significant step up. Shameel in the presentation, your prepared remarks, you referred to the fact that you are able to charge for the service rather than elements that have been free last year. Could you talk a little bit to things like what is the elasticity around that? Giving a service away for free, obviously then maybe people use it, then you start charging for it. Presumably some realize the benefit using it and others say, "Well, now you're charging for it, I can't be bothered." Can you walk us just through the extent to which how elasticity is running through and whether that 43% number is like a run rate going forward Thank you very much. Sure. You would've seen that firstly, on M-PESA, there was an acceleration of the customer base from last year. When we zero-rated M-PESA, we saw two effects. One effect came from an increase in customers. Now, basically, let's call it almost a half year into it, if we take the quarter and the end of the quarter of charging or resuming charging, which took in January. You can now see that the customer base being up 14.3% means that those customers are stuck. That's the first part. Your increased customer base has remained with you, and that's very positive. The second part is the number of transactions have increased quite dramatically. We saw during the free period that traffic was up, I think it was 68%. You'll see for the quarter, we're saying that the traffic is up 62.6%. You're seeing this massive increase in traffic, and those come with chargeable transactions. The transition that people made to mobile money during the COVID-19 period is stuck with us. That's why we call it platform economics midlife. Because that zero rating actually increased the number of transactions and increased the customer base. Now that we're charging again, it's actually been hugely positive for us across all operations. I mean, that's very helpful. I believe, Shameel, that 63% number and 68% have increased Safaricom. Was it broadly similar in the Vodafone international segment? Yes. Yes, it has been because, essentially, you've picked up everywhere, the 13% or 14% customer base growth is just for the internationals, right? Excluding Safaricom. You've seen the customer base growth, and you've seen the envelope of transactions increasing as well. If we- What's also important to understand is M-PESA Africa now, the way we operate is that we lay certain foundations and then a year in, 18 months later, you start to see the benefits of that flowing through. I'd say M-PESA Africa is now nicely kicking in terms of the product set, the product rollout, the consistency of the platform, the ecosystem, making sure that we can improve it in each country so it all can be very similar to what we have in Kenya. The intent always is, we launch in Kenya first, and then we replicate across the market. You'll see we've launched the Super App, or the M-PESA app, which includes mini app capabilities, from Ant as well into the app. We're taking the learnings from South Africa, we're implementing it there, and essentially, we're seeing this nice pickup in revenues. That is not catered for in these numbers because, of course, it's early days. All these things are kind of driven to create the success, making sure we get the Fuliza product rolled out to all the markets, making sure that we have consistent platforms. Through the year, you'll see more of these products and services in different markets coming to bear. Thank you. If I can ask a basic question. You talked about having 70 merchants signed up for the Super App. I wasn't sure if that's like a big number or a small number. Is it sort of a critical mass or a number you expect to have when you launch? I mean, what's an acceptable number of merchants that have signed up by the time you launch? The Super App is very much about eventually you'll get to hundreds, right, of different entities coming in. Initially, you have to have enough meat, as I call it, in the Super App to ensure the success. What's very encouraging is the big brands that have come on, that have signed up. The likes of Massmart, which includes Makro, Game, Builders Warehouse, and so on. Also, people like Clicks and the whole Clicks Group and Edgars and the whole Edcon or Retailability it's now called, that whole group. Like that, you've got some really nice big partners that have come on, which immediately almost ensures that you've got enough substance in the app to launch. I think that's the big part. Of course, the number of parties is a lot more than the 70, but all of them will not be ready for launch. In the days, in the weeks that follow, different ones will kick in all the time. Your ecosystem just keeps on expanding, and there's always something new that you bring into the Super App. Got it. Thank you so much indeed. Thank you. The next question is from Jonathan Kennedy-Good of JP Morgan. Please go ahead. Good afternoon. Just two questions from me, please. I saw some comments, I think by Nick Read, at Vodafone's results, talking about potentially spinning out M-PESA. I just wondered if any thoughts had changed around keeping the business within the group or potentially unlocking value there. Secondly, you made some comments on the spectrum auction. Just would like to understand whether you have access to temporary spectrum beyond the end of August, I think is the date that was originally set, or if I'm correct, and whether or how you see the timeline for spectrum playing out now that we've seen another kind of three-month delay since. Okay. Just be clear, Nick didn't say we're spinning off the company or anything of that sort. What he did say is that, and which we've said to you before, we basically took the initiative a while back, either on initiative or also in some instances, the regulatory part, where effectively we have split up the M-PESA company into separate entities. Yeah. Th at's now, of course, in the Vodacom stable. We have basically created that optionality as such. Also what's clear is that the financial service part is growing at different multiples. Okay. The multiples are hugely attractive. We're seeing multiples of 26 times-plus. That said, we're not yet in the mode of wanting to spin anything off. What we're hoping for is that all of you will give us credit for it, and that it will become more prevalent in our share price that we have the strong revenue pool and revenue growth parts. That's where you'll see, as you would've seen at the year-end results, increased disclosure around this. I think that will be the trend in telco in Africa for a while to come, is that basically, a lot more excitement, disclosure, and understanding around financial services and the potential growth and the contribution that it's making to each of our entities and how material it's becoming in our businesses. Yeah, we are keeping optionality now. Ideally, all of you will see the light and give us value. On terms of the spectrum auction, look, where we are is twofold. One is the court case. The court case, I think, is coming up in September. That's the one side. The one side is the court case. Of course, with the court, you can always have a hearing, then they could have a postponement and so on. I can't give you an end date of when that happens. My personal view is that once the digital migration has happened, which government has indicated by the end of March, that takes away one of Telkom's primary arguments that you're auctioning spectrum that's not available. That's the one side. ICASA is hard at work in trying to reach a settlement. They've, of course, been engaging with all of us as operators in terms of proposals around the settlement. We've been actively engaging. We're hopeful that they will be able to find a solution, Telkom permitting, I would call it. Why I call it Telkom permitting, is that there's always the risk that Telkom will find a reason to delay it or play games. That's risk. That's all we've seen. It does look more positive, and it does look like they're coming to the table. That's clear. I say that fingers crossed. Okay. Thank you. Temporary spectrum is extended to end of August, but we think that if ICASA finds a solution, they'll continue to extend that. Great. Thank you. Thank you. The next question is from Myuran Rajaratnam of MIBFA. Please go ahead. Good afternoon, guys. Thanks for taking my questions. The first question is, on your data subs, in the last few quarters, we see that you've been able to add prepaid subs and then a bit of postpaid subs, quite a number of prepaid subs, but the data active subscribers is actually coming down. Perhaps you can explain, is this sort of an internal thing, or is it the market environment that you're playing in? I've got a few more questions. I think it's more an internal thing, where we have taken certain actions on the Facebook Flex, and we're also putting in measures to control the free traffic on the network and so on. Yeah. We've put more stricter controls on certain things, specifically Facebook Flex, and that does have an impact. Of course, the customers that have come off is more low spending to no spending customers. Sure. I think, of course, is that we have seen a strong growth in the number of smartphones as well. The smartphone base continues to expand. There are a few moving parts here, Shameel. ARPU seems to be coming down as well. They're not necessarily the lower spending customers who are going out. The ARPU part, you must just be careful on ARPU in total versus last. Remember, you have the bigger base now. Last year you had that massive increase in ARPU, remember? Of the volumes and the big comm that we're betting against. I think more important to look at quarter-on-quarter than it is to look at year-over-year. Sure. It's just the trend line seems strange to me. Quarter-on-quarter was ZAR 0.5 difference. Yeah, in ARPU. If you normalize for everything that went wrong, right? Yes. Well, not for everything that went wrong. Essentially, quarter-on-quarter. Basically, it's more we're saying on a quarter-on-quarter basis, ARPU declined 3.5%. That is year-over-year. Okay. That's quarter-on-quarter. Sorry, that's quarter-on-quarter. Adjusting for these impacts, basically is 0.5%. Remember, we also decreased prices by 14%. For sure. No, okay, fair enough. My next question is, the wholesale revenue grew, which is nice to see, and I think JP was kind enough to say, it had a 1% boost to their revenue growth, right, in South Africa. Presumably, that didn't come full bang on the 1st of April, right? It sort of came in waves through the quarter. Is it fair to assume that's just the average improvement? In the exit rates, probably like 2% or more? No, I would say most of the traffic, if not all of the traffic is on from the 1st of April, yeah? Remember, it came in already from 1st of March, so you've had a full quarter of revenue. Okay, that's helpful. Thanks. The next one is a quick one on airtime advance. It's a phenomenal product, there's no doubt about it, right? You have 46% of your prepaid revenue coming through the advance program. Is there a limit to this? Because it keeps growing, and actually, it seems to have grown even more robustly lately than in the past because it's growing off such a big base. Just some thoughts on that please, Shameel Joosub. Look, I think to be honest with you, in terms of 46%-47%, I think we exit the quarter on like 47% of airtime going through it. I do think there's a limit on the one side. If you think about it, but more crudely, 47% of the time people are lending airtime from you before buying airtime from you, which is interesting. On the one side, the benefits that flow from it is a couple of fold, right? Can you mute? Sorry. The benefit that's coming from it is a fewfold. One is that it increases your active days, right? The second thing is that we keep reinventing the Advance. What we do is, and why the growth is still coming is, what we're doing now is initially it was low balance or no balance. If you didn't have money, we borrowed you some. 4 million times a day, someone tries to buy something and doesn't have money, and we extend an advance. The interesting part is that, now what we do is we do what we call partial bundle completion. If you've got ZAR 5 in your wallet and we push you a ZAR 10 bundle, right? We basically borrow you the ZAR 5 increment. That has the ability to do two things. One is pushing up spend. A lot of the benefit also comes through Intelco of this product, right? Second, it increases your active days because that bundle could be for another seven days or another two days or three days or whatever it is. It increases your activity as well. That's why we're putting a lot of focus on Advance not just in South Africa, but in all our markets to make sure that we can get the same benefits that we've had in the South African market. I think that's an important part. The other interesting thing is that there's 17 million customers provided, provision, but only 10.8 million that are using the service. There is still growth there, in terms of potential customers that would use the service. To be honest, I wouldn't get too carried away, because I think, 47% of airtime is big. That's the one part. I do think over time, it does slow down. That said, we're now starting to do the same functionality would be used for things like Advance Me, right? Which will create another growth trajectory for the Nando's b urgers, and of course that a lot of those things will come to light in the VodaPay platform. Great. It sounds like a very clever product, the advance airtime, and the changes you're making. Just the last one, the government contract, when do we start seeing some impact from it? I'm talking about the postpaid one. Thanks. I'll leave it there. Yeah. To be honest, I think we'll be able to give you better color at half year and then through the year in terms of impact. It's still early days on the government contract. I think we're very comfortable with the competitiveness of the offerings that we've put forward. Remember, every department now, all 460 odd of them, have to decide to renew or change. Of course, they'll do it with different timelines. We'll be able to give you more, I'd say, at half year at least. Perfect. Thank you so much. Thank you. The next question is from Nadim Mohamed of SBG Securities. Please go ahead. Good afternoon, Shameel, Raisibe, and JP. Just two questions from my side. Firstly, it seems like the turnaround in Vodacom International was quite broad-based. I see voice only up as much as 7.6% on a normalized basis. Just was wondering, is that because of an economic recovery in those markets, or is it due to specific interventions that you've put in place in those markets? Secondly, we came across the M-PESA for Business app in there. I I think this is a very exciting opportunity for M-PESA. We're just wondering how in that then, are you planning to launch it in other markets, even South Africa? I think there could be some relevance here as well. Nadim, would you mind repeating the second question around? We lost you at the end there. Apologies. Maybe my connection's not so good. I just was asking about the M-PESA for Business app that was launched, I think last month. It seems to be scaling up quite well in market. I was just wondering how far are you on the take-up of in that. Are you planning to roll it out in other markets such as South Africa and some of the other Vodacom international markets as well? Yeah. Maybe, firstly, on your first question on the international revenue, right, it is broad-based. Revenue's coming from different areas. I think it's coming from two folds. One is that there's definitely the economic recovery that's happening across all the markets. I think a step up across the board in every market in terms of performance that has come from both voice and data, so much stronger performance there. We're also putting a lot of focus using the personalization engine, the CVM part, specifically on voice, but also on data. Now we're making sure that the CVM activities also extend to M-PESA. There's deliberate actions like morning offers, these type of things. Across the group now, what we've done, including South Africa, is what we call an active day focus. We break the base down into voice active, data active, five days voice, or 10 days voice, five days data, and so on. Five days, 10 days, 15 days, 20 days on the one axis, and then on the other axis, one axis is voice, one axis is data, and we put that into different quadrants. Basically what we do is we put more targeted offers against those customer bases to try and increase the active days. If we can increase the active days between by two days across our markets, we shoot the lights out. I think it's that sensitive to the active day piece. We're putting a lot more focus on trying to drive up the active days in each market, because in my simple view, no customer puts the phone into their drawer at all, not even for two days a month. If anybody is less than, let's say, 30 days active or 28 days active, then effectively they're using somebody else's network. How can we then counter that by putting compelling offers? If we know you're only 10 days active, at day seven, we have to come up with a compelling offer to extend that usage. Those are the kind of And using the AI tools and making them work a bit harder in that respect, we think we can achieve better results. That's the key focus for us. I think as far as M-PESA goes, I think the opportunity is still huge, right? If you look at the contribution to service revenue, it's still below 20%. Still a huge opportunity to grow in terms of revenue going forward, where we should be able to grow the financial services portfolio, high teens and early 20s, I would say for the foreseeable future. I think that portfolio will grow continuously. That said, we basically also targeting it from two segments, to your point. The one segment is the consumer part, and there in comes the lending, the loan marketplaces, making sure the full ecosystem of products are available, the new app, the mini app capability, and so on. That's one bucket, right? The second bucket is around, and the use of big data analytics and CVM is on the consumer side. On the merchant part or the enterprise part, I think the merchant app becomes a bigger play in the M-PESA markets. We're rolling that out to all the markets as well and putting more focus on it. I think the strategy in that regard is very well-defined in Kenya and in South Africa. In Kenya, where we have, what is it, 320,000- odd merchants, probably more during the quarter. That's been a big play for us. The other markets have been lagging on the merchant part. We're putting a lot more focus on that and growing the merchant products through the merchant apps and so on and that merchant app that you've seen is, of course, from M-PESA Africa. Then in South Africa, of course, we've got a very well ecosystem, where effectively we have the point-of-sale devices, which we're now rolling out. We are scaling up the loans that we're extending from the point-of-sale devices, from business advances, to all the way from ZAR 10,000- ZAR 1.5 million. Of course, the VodaTrade platform, where you can order from all the FMCG companies through the platform. We now introduce invoice financing, which will be new. All of these products help to create the ecosystem that we're pushing, which is a two-sided ecosystem of both merchant and consumer. Right. Thank you so much. It sounds really exciting on the merchant side as well as the consumer side. Yes, definitely. Thank you very much. We have no further questions in the queue. Okay. If there's no further questions, thank you for joining today's call. If there are any other questions that you may have, please reach out to the Vodacom investor relations team. Enjoy your weekend. Thank you. Thank you, sir. Ladies and gentlemen, that then concludes this event, and you may now disconnect.