Mobile money transactions drive Airtel Africa’s revenue base

Airtel Africa says the firm’s mobile money transaction value has increased by 45.3 percent in constant currency, with annualised transaction value of US$116 billion in reported currency.

Its results for half year ended September 30, 2023 released on Tuesday indicated that total customer base grew by 9.7 percent to 147.7 million.

This was as the penetration of mobile data and mobile money services continued to rise, driving a 23.0 percent increase in data customers to 59.8 million and a 23.1 percent increase in mobile money customers to 36.5 million, according to the report.

The results also showed that revenue in constant currency grew by 19.7 percent, with reported currency revenues up by 2.3 percent to US$2,623 million.

Commenting on the trading update, Olusegun Ogunsanya, Group Chief Executive Officer, said the resilient growth in voice, data and mobile money usage levels reflected the inherent demand for essential services across its footprint.

Ogunsanya said the firm’s strategy continued to ensure it captured growth opportunity by expanding its customer base and providing the platform to enable increased usage across the network.

“Looking forward, the delivery of affordable and reliable telecom and mobile money services across our markets remains our key focus. Our strong operating performance continues to make us a stronger and bigger company, which is well positioned to deliver against the growth opportunities these markets offer.

“Despite the challenges of rising diesel prices in Nigeria, we aim to limit the impact with continued operational leverage and further cost efficiencies to deliver an improved EBITDA margin in the financial year of 2024 versus financial year of 2024,” he said.

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