Another non-indigenous player in Nigeria’s telecoms industry, Airtel Africa has reported revenue growth of 10.2 per cent in constant currency, largely driven by double-digit growth in Nigeria and East Africa.
The report came from its first quarter financial report, ending June 30, 2019.
It would be recalled that the result is the very first company’s quarter results after listing on the London Stock exchange and the Nigerian Stock Exchange earlier this month.
Airtel said it had secured the approval of the brand name for its mobile money business in Nigeria, which it described an important step for obtaining a payment service bank licence from the Central Bank of Nigeria.
The telco reported 22.2 per cent growth in revenue in Nigeria as a result of a stable foreign exchange environment as well as voice and data revenue growth, both up by double-digit. It said voice revenue increased 12.7 per cent, mainly driven by double-digit increase in customer growth, as the company continued to leverage its efficient distribution system and 4G network to acquire new customers.
Just like MTN Nigeria in its latest result where data and fintech revenues jumped exponentially, the Nigeria’s third-largest telecom company, Airtel averred that data revenue was up 73.1 per cent, making the service the largest contributor to revenue growth after all.
