31 March 2023

Airtel Africa will invest some $750 million in total capital expenditure in the full year 2023, primarily to accelerate the development of its Airtel Money mobile money business across the entire African continent.

The company intends to pursue the development of its technological platform, its distribution infrastructure, and its offer. Particular emphasis will be placed on Nigeria.

“We are very well placed to leverage government policy on cashless payments to drive the penetration of a digital model. We have a lot more phones than debit cards, we really plan to automate this opportunity and use this policy to drive cash differentiation in our customer base,” said Segun Ogunsanya, chief executive officer of Airtel Africa.

The investments should allow Airtel Africa to increase the number of active subscribers of its mobile money services, as well as the volume and value of transactions, helping bridge the financial inclusion gap, which remains high throughout Africa, and particularly among marginal groups.

For the 2022 financial year, the company’s 26.2 million active Airtel Money subscribers carried out transactions with a total value of $64.4 billion.