Airtel’s mobile money revenue hits $731m in nine months

Mobile money revenue for Airtel Africa increased to $731 million between April and December of 2024 from $631 million in the corresponding period of 2023.

According to its latest financial report, mobile money revenue grew by 15.8 percent in reported currency, with a substantial constant currency growth of 29.6 percent.

“The constant currency revenue growth was primarily driven by robust performances in East Africa and Francophone Africa, which recorded growth rates of 32.1 percent and 21.1 percent, respectively. In Nigeria, the company focused on customer acquisitions, registering 1.5 million active users for its mobile money services by the end of December 2024,” the telco disclosed.

The report added that the overall constant currency revenue growth of 29.6 percent was attributed to an 18.3 percent increase in the customer base and an 11.8 percent rise in mobile money Average Revenue Per User (ARPU).

It said, “This growth was further supported by the expansion of Airtel Money’s distribution network, including exclusive branches and kiosks. Additionally, transaction value per customer increased by 13.3 percent in constant currency, reaching $274 per customer per month. In Q3 2025, the company’s annualized transaction value amounted to $146 billion, with mobile money revenue contributing 20.1 percent of the total group revenue.”

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Despite a 5.78 percent decline in overall revenue to $3.64 billion from $3.86 billion in the nine months, Airtel Africa recorded a 12,300 percent growth in profit after tax, reaching $248 million from just $2 million in the corresponding period of 2023.

The report said the revenue decline was primarily attributed to currency devaluations in Nigeria, Malawi, and Zambia. Specifically, the Nigerian naira saw a sharp depreciation from an average exchange rate of NGN/USD 677 in the prior year to NGN/USD 1,532 in the current period.

However, revenue in constant currency grew by 20.4 percent, and profit after tax was boosted by $94 million following the appreciation of the naira and Tanzanian shilling. The company noted that its profit after tax was impacted by $57 million in exceptional derivative and foreign exchange losses.

The report also stated that Airtel Nigeria faced a challenging period, with revenue declining by 40.34 percent to $738 million in the nine months ending December 2024, compared to $1.24 billion in the corresponding period of 2023.

This decline was largely due to the naira’s devaluation, which fell by over 40 percent in 2024. Nevertheless, in constant currency terms, revenue grew by 35 percent, with ARPU increasing by 31.9 percent.

Following a turbulent 2024, Sunil Taldar, Airtel Africa’s chief executive officer, expressed optimism about future growth, citing recent tariff hikes in Nigeria and currency stabilization across operating markets.

“The recent signs of currency stabilization in some markets and the recent decision from the Nigerian Communications Commission (NCC) regarding tariff adjustments in Nigeria are encouraging and signal a more stable and supportive operating environment. While challenges remain, these developments provide a firm foundation for growth and improved market conditions,” Taldar stated.

Beyond Airtel Africa’s performance, Nigeria’s mobile money sector experienced exponential growth in 2024. Data from the Nigeria Inter-Bank Settlement System (NIBSS) revealed that licensed mobile money operators, including PalmPay, OPay, and 15 others, processed transactions worth N71.5 trillion between January and December 2024. This represents a 53.4 percent increase compared to the N46.6 trillion recorded in 2023.

The volume of transactions also surged, increasing by 23 percent from 3 billion transactions in 2023 to 3.9 billion in 2024.

Industry analysts predict an even bigger boom in 2025, driven by the anticipated rise in smartphone penetration and the continued adoption of digital financial services across Nigeria.