Airtel Africa Reports Strong Operating Performance Across the Continent Amid Forex Challenges in Nigeria
Airtel Africa has published its half-year financial report ending on September 30, 2023, highlighting robust operating results despite forex challenges, particularly in Nigeria, one of its key markets. The report underscores a notable 9.7% growth in its customer base, reaching 147.7 million, with significant upsurges in mobile data and mobile money services.
In specific figures, the data customer base rose by 23.0% to 59.8 million, while mobile money customers experienced a 23.1% increase, totaling 36.5 million. Airtel Africa also witnessed a steady growth in Average Revenue Per User (ARPU) by 9.8% due to increased usage in voice, data, and mobile money services.
Moreover, mobile money transaction value surged by 45.3% in constant currency, with the second quarter of 2024 registering an annualized transaction value of $116 billion in reported currency.
In a trading update, Olusegun Ogunsanya, the Group’s Chief Executive Officer, expressed satisfaction with the overall operating performance, despite the foreign exchange challenges faced, particularly in Nigeria. He emphasized the essential role of Airtel Africa’s six-pillar strategy in capturing growth opportunities, expanding the customer base, and encouraging increased network usage. The strategy, combined with cost efficiencies, contributed to the expansion of EBITDA margins.
Ogunsanya also highlighted the impact of the recent changes in Nigeria’s FX market, reiterating the company’s commitment to achieving sustainable and efficient growth. Airtel Africa remains dedicated to delivering reliable telecommunications and mobile money services across its markets, aiming to optimize operational leverage and cost efficiencies to enhance the EBITDA margin in the fiscal year 2024 compared to 2023.
Airtel Africa operates in 14 African countries, primarily focusing on East, Central, and West Africa, providing integrated telecommunications solutions, mobile voice and data services, and mobile money services both nationally and internationally. The company continues to prioritize a seamless and user-friendly customer experience through simplified customer journeys.