East Africa drives Airtel Africa’s mobile money revenue growth with 19.8%  

Olusegun Ogunsanya

Kampala, Uganda | THE INDEPENDENT | Uganda and five other East African countries, where Airtel Africa operates, significantly improved the overall growth of its mobile money business, following a 19.8% increase in the region’s mobile money income to US$ 635 million in 2024, up from US$ 531 million in 2023.

Airtel Africa, which is listed in Nigeria and the United Kingdom, posted an overall growth in mobile money revenue of 21.1% in reported currency, to US$ 837 million in 2024, according to Airtel Africa’s financial results for the year ending March 31, 2024.

The growth in mobile money, demonstrates strong growth in digital financial inclusion and demand for mobile-based financial services in Airtel’s East Africa business region including; Uganda, Kenya, Tanzania, Rwanda, Zambia and Malawi. During the year, Airtel Africa’s total mobile transactions reached US$ 112 billion.

Commenting on the results, Chief Executive Officer Olusegun Ogunsanya stated “The consistent deployment of our ‘Win With’ strategy has been instrumental in driving constant currency revenue growth, mitigating the impact of currency fluctuations across their markets.” He emphasized that, “This strong performance reflects not only the vast opportunities in their operating markets but also the resilience of their affordable offerings despite inflationary pressures faced by many customers.”

 

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