Mobile money revenue for Airtel Africa, a telecommunications company, increased to $222 million in the second quarter of 2024 from $202 million in the corresponding period of 2023.
According to the telco’s financial report for the period ended June 2024, mobile money revenue grew by 10.1 percent in reported currency, with constant currency growth of 28.4 percent.
It said, “The constant currency mobile money revenue growth was driven by revenue growth in both East Africa and Francophone Africa of 31.7 percent and 18.4 percent, respectively.”
Sunil Taldar, chief executive officer, said, “Having visited most of our OpCos since I joined Airtel Africa, I am encouraged by the scale of the opportunity available across our markets in both the GSM and mobile money business.”
He added, “A key priority for us is to look for new opportunities to further grow our business, especially in the enterprise, fibre, and data centre businesses across our footprint in Africa.”
Further breakdown of the telco’s result revealed that its mobile money average revenue per user (ARPU) growth of 8.8 percent was driven by transaction value per customer growth of 9.0 percent in constant currency, to $258 per customer per month.
“Annualised transaction value amounted to over $120 billion in reported currency, with mobile money revenue contributing 19.2 percent of total Group revenue during the quarter ended 30 June 2024 as compared to 14.6 percent in the prior period.
“In Nigeria, we continue to focus on customer acquisitions, with 1 million active customers registered for mobile money services at the end of June 2024. Additionally, we added almost 125,000 agents during the year, reaching over 192,000 agents as of 30 June 2024,” Airtel Africa added.
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