Airtel Africa has reported a significant surge in mobile service revenue across East Africa, reinforcing its role in driving digital financial inclusion.
In its latest financial results for the nine months ending December 2024, the telecommunications giant registered an 11.4% growth in mobile services revenue, reaching $1.367 billion (sh5.06 trillion) from $1.227 billion (sh4.54 trillion) during the same period in 2023.
The company’s mobile services, encompassing voice, data, and other digital solutions, continue to be a major driver of its growth strategy. While voice services remain dominant, mobile money has emerged as the fastest-growing segment.
Airtel Africa’s mobile money revenue in East Africa, covering Uganda, Kenya, Rwanda, Tanzania, Zambia, and Malawi grew by 14% to hit $549 million (sh2.03 trillion) in 2024, up from $481 million (sh1.78 trillion) in 2023.
This steady rise in mobile money adoption highlights the increasing reliance on digital transactions across the region. Over the nine months starting in April 2024, Airtel Africa’s mobile money revenue grew by 15.8% to reach $731 million (sh2.7 trillion), up from $631 million (sh2.34 trillion) in 2023.
Commenting on the performance, Airtel Africa Group CEO Sunil Taldar said,
“We have delivered an improvement in both the operating and financial performance in the last quarter, driven by our refined strategy focused on delivering great customer experience across all touchpoints. An increasingly important component of this is to provide a best-in-class network, digitize, and simplify the customer journey. Our focus on speed and quality execution is enabling us to unlock the substantial opportunities for growth across our markets and business segments, where demand remains significant, resulting in a further acceleration of constant currency revenue growth to 21.3% in the most recent quarter.”
In Uganda, Airtel has aggressively pursued financial inclusion initiatives to enhance the customer experience. The company’s rewards campaign, Vroomula Amajja, coupled with strategic partnerships such as its collaboration with Letshego Uganda Limited to provide digital loans to Airtel Money customers and its agreement with Stabex International for cashless transactions has made digital financial services more seamless and rewarding.
The telecom’s robust expansion aligns with a broader trend where mobile money is reshaping financial access across East Africa. By leveraging digital solutions, Airtel Africa is playing a pivotal role in bridging the financial divide, ensuring millions gain access to convenient and efficient financial services. The company remains committed to delivering a best-in-class network, expanding its digital footprint, and fostering economic empowerment across the continent.