Airtel Africa’s mobile money platform processed more than $245 billion in annualised transaction value (TPV) during the first quarter of its 2027 financial year, underscoring the rapid expansion of digital payments across Africa and highlighting Nigeria as one of the company’s fastest-growing mobile money markets.
The results reinforce the growing convergence between telecommunications and financial services as mobile network operators increasingly position themselves at the centre of Africa’s digital economy, using their extensive customer networks to expand financial inclusion, digital commerce and cashless payments.
According to Airtel Africa’s trading update for the quarter ended June 30, 2026, Airtel Money recorded strong growth across virtually every major performance indicator, including customers, transaction volumes, revenue and user engagement.
The mobile money business processed more than $245 billion in annualised transaction value, representing a 51.5% increase in reported currency and 34.0% growth in constant currency, demonstrating continued expansion of digital financial transactions across the company’s 14 African markets.
Sunil Taldar, Airtel Africa Chief Executive Officer. Image credit: Airtel.
The telecoms group that owns Airtel Nigeria, the nation’s second largest mobile phone company by subscribers, also reported that Airtel Money’s customer base expanded by 23.3% in reported terms to 56.5 million users, while the comparable constant-currency measure showed 16.1% growth to 46.8 million active customers, reflecting sustained adoption of mobile financial services despite currency movements across several African markets.
Airtel Money crosses 56.5 million users
The telecoms group that owns Airtel Nigeria, the nation’s second largest mobile phone company by subscribers, also reported that Airtel Money’s customer base expanded by 23.3% in reported terms to 56.5 million users, while the comparable constant-currency measure showed 16.1% growth to 46.8 million active customers, reflecting sustained adoption of mobile financial services despite currency movements across several African markets.
Revenue from Airtel Money increased 38.9% in reported currency and 25.8% in constant currency, reaching $404 million, making the fintech business one of the fastest-growing segments within Airtel Africa’s operations.
The performance further strengthened Airtel Money’s strategic importance to the Group, with the platform contributing 21.8% of Airtel Africa’s total revenue during the quarter.
The latest results illustrate how Airtel Money has evolved from a basic mobile wallet into a comprehensive digital financial services platform supporting payments, transfers, savings, lending, insurance and merchant transactions for millions of customers across Africa.
Nigeria accelerates mobile money growth
Although East Africa remains Airtel Money’s largest market, Nigeria delivered one of the fastest growth rates during the reporting period.
Airtel Africa reported that Airtel Money Nigeria’s revenue surged 153.2% year-on-year to $5 million, while its customer base more than doubled from 1.5 million to 3.4 million users.
The performance reflects growing acceptance of telecom-led financial services in Nigeria, where mobile money adoption has historically lagged East African markets but is now gaining momentum following regulatory reforms, rising smartphone ownership and increased consumer demand for digital payment solutions.
Nigeria remains Airtel Africa’s largest telecommunications market by revenue, making the rapid expansion of Airtel Money strategically significant for both the company and the country’s digital economy.
The strong growth comes as Nigeria’s financial services ecosystem undergoes rapid transformation driven by fintech innovation, expanding broadband connectivity and increasing smartphone adoption.
With millions of Nigerians already relying on mobile devices for banking, payments, remittances and e-commerce, telecommunications operators are increasingly leveraging their nationwide distribution networks to extend financial services beyond traditional banking channels.
This model, industry analysts say, is particularly important for underserved rural communities where access to conventional banking infrastructure remains limited.
Digital payments become growth engine
Airtel Africa attributed Airtel Money’s performance to stronger customer adoption, broader product offerings and increased engagement across its expanding digital payments ecosystem.
“Our focus on deepening financial inclusion through increased customer adoption, broader use cases and a stronger digital payments ecosystem enabled higher usage and facilitated continued ARPU growth, reinforcing Airtel Money’s growing role as a trusted digital financial services provider,” the company said.
The quarter’s performance suggests customers are using Airtel Money for far more than person-to-person transfers.
Increasing numbers of subscribers now rely on the platform for:
Merchant payments
Utility bill settlements
Airtime and data purchases
Cross-border remittances
Bank-to-wallet transfers
Savings products
Digital lending
Insurance services
This broadening range of financial services is helping Airtel Money deepen customer engagement while increasing transaction frequency and average revenue per user.
Another indicator of Airtel Money’s growing maturity is the rise in customer activity.
The company reported that average processed value per customer increased by 13% to $371 per month, which it attributed to “enhanced ecosystem and increased user engagement.”
The higher transaction value suggests existing customers are conducting more financial activities through Airtel Money rather than merely opening wallets.
This trend is particularly significant because increased engagement typically translates into stronger customer retention, higher revenue and broader adoption of value-added financial products.
According to Airtel Africa, the platform’s continued expansion is creating a stronger digital financial ecosystem that supports consumers, merchants and businesses alike.
CEO highlights digital transformation
Commenting on the results, Sunil Taldar, CEO of Airtel Africa, said continued investment in digitalisation was strengthening every part of the company’s business.
“As we continue to digitise our business, we are streamlining customer journeys, increasing digital adoption and harnessing data and AI to improve service delivery and support a strong, sustainable growth profile.”
Taldar said Airtel Money continues to strengthen financial inclusion while creating new growth opportunities across Africa.
“Airtel Money continues to expand financial inclusion across our markets and unlock new growth vectors. Annualised TPV in excess of $245bn increased 51.5%, reflecting the strength of engagement across the ecosystem, as the suite of products continues to expand and digital adoption underpins the customer experience.”
His comments underscore Airtel Africa’s strategy of building an integrated digital ecosystem in which telecommunications, mobile broadband, artificial intelligence and financial services reinforce one another to drive long-term growth.
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Access Holdings is considering exiting at least one market outside its base in Nigeria to comply with a Central Bank of Nigeria (CBN) rule requiring lenders to limit investment in foreign subsidiaries to no more than one-tenth of shareholders’ funds.
The banking group mentioned one business in which it plans to offload its stake to meet the requirement, Bloomberg reported on Monday, citing Chairman Aigboje Aig-Imoukhuede.
“If a subsidiary cannot meet its cost of capital and the strategic objectives for which it is set up, you should be ready to take a decision to exit,” Mr Aig-Imoukhuede was quoted as saying at an African Financial Industry Summit in Luanda, Angola, last week.
“Do we have one or two troublesome subsidiaries? I can think of one.”
Investment in subsidiaries for Nigeria’s biggest bank by assets stood at N446.6 billion at the end of September, equivalent to 19.3 per cent of its equity, according to Access Holdings’ 9M 2026 Investor Presentation.
That was roughly double the 10 per cent ceiling permitted by the Banks and Other Financial Institutions Act (BOFIA) 2020.
Only in cases of regulatory approval for a higher threshold from the CBN are lenders allowed to exceed that limit, the Act says.
The banking industry watchdog has given Access Holdings 12 months to address the issue.
The potential exit is part of the financial institution’s move to review its international operations to comply with the directive.
In June, Access Bank’s chief executive, Roosevelt Ogbonna, said the lender would reduce its shareholding in some of its foreign subsidiaries to achieve compliance.
According to Innocent Ike, CEO of Access Holdings, the lender will explore three strategies towards that end.
The options include recalling surplus capital from overseas subsidiaries, offloading minority stakes and restructuring some businesses, he said.
He added that the group has already completed one capital repatriation exercise involving its six targeted subsidiaries, and is engaging regulators in five countries to facilitate the return of excess capital to Nigeria.
Access Holdings plans to meet the regulatory requirement ahead of the March 2027 deadline, Mr Ike stated.
“We gave ourselves up till January next year, and I think we’re completing this ahead of schedule,” said Mr Aig-Imoukhuede.
The Access Holdings’ chairman said the group’s international portfolio remains fundamentally strong despite plans to sell interests in some international subsidiaries.
He noted that the group would continue to review the performance of its subsidiaries to ensure they generate sustainable returns and remain aligned with the strategic objectives for which they were established.
“You have to do dynamic portfolio management. Every year, you’re looking for ways to improve,” he said.
Access Bank sold its 97 per cent stake in its loss-making Ivorian subsidiary to Cameroon’s Afriland First Group SA for $1 million in January 2014, after the CBN restricted parent-bank capital for foreign subsidiaries.
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ntel emerged winner of The Hunt: Searching for the Next Great MVNO, a Shark Tank-style competition held on November 4, 2026, during the November 3–5 telecoms industry event.
The competition featured aspiring and recently launched MVNO businesses, each given five minutes to present their products and business propositions to a panel of industry judges.
Representing ntel, Kingsley Uwazie, the company’s Chief Technology Officer, presented its Next Frontier relaunch, outlining its approach to connectivity, digital innovation and opportunities in the evolving global telecommunications market.
The company’s victory was announced at the MVNO Nation Awards, marking an international recognition milestone for the Nigerian telecommunications operator as it pursues a new phase of business development.
A central element of ntel’s presentation was WakaGo, its global travel eSIM offering, which reflects the company’s ambition to expand beyond conventional mobile services into digital connectivity solutions for international travellers.
An embedded SIM (eSIM) enables compatible devices to connect to mobile networks without requiring users to insert a physical SIM card. The technology is increasingly relevant to international travellers seeking mobile connectivity across different countries without relying exclusively on conventional roaming arrangements.
Through WakaGo, ntel is positioning itself to participate in the expanding market for travel connectivity services, where eSIM-enabled products offer customers access to mobile networks across international destinations.
The offering forms part of the company’s broader Next Frontier strategy, which seeks to redefine its approach to connectivity and digital services.
The recognition comes as the mobile virtual network operator market attracts growing attention from telecommunications companies and businesses seeking alternative ways to deliver mobile services.
Unlike traditional mobile network operators, MVNOs provide mobile connectivity under their own brands, typically relying on network infrastructure and wholesale capacity supplied by licensed network operators. The model allows businesses to develop differentiated services, target specific customer segments and explore digital-first approaches without necessarily owning the underlying radio access infrastructure.
Uwazie’s presentation at the European event provided ntel with an opportunity to showcase its technology direction to telecommunications executives, industry professionals and other participants in the international MVNO ecosystem.
The competition victory also gives the company’s Next Frontier proposition exposure to a wider international audience, as ntel explores opportunities in digital connectivity and emerging mobile service models.
For Nigeria’s telecommunications industry, the recognition places an indigenous operator among participants attracting attention within the international MVNO ecosystem, highlighting opportunities for Nigerian telecommunications businesses to develop services for markets extending beyond conventional domestic mobile connectivity.
ntel said its participation at MVNO Nation Europe reflects its commitment to engaging with the global telecommunications industry and exploring opportunities to strengthen its position in an increasingly competitive connectivity market.
The company is seeking to build on the international recognition as it advances its Next Frontier ambitions, with digital innovation and alternative connectivity services forming part of its business direction.