The telecommunication company; Airtel Africa announced it’s revenue increase from $744.5 million to $795.9 million recorded in the corresponding period of 2018.
The company noted that it is preparing for the launch of it’s Mobile Money business in Nigeria while anticipating approval for its payment service bank license.
Details of the revenue increase which was posted on the website of the Nigeria Stock Exchange (NSE) showed that its customer base increased by 9.3 per cent to 99.7 million in the first quarter of 2019 and revenue growth of 10.2 per cent in constant currency was driven by double-digit growth in Nigeria and East Africa.
The telecommunications company reported a strong start to the financial year in its first quarterly results since the Initial Public Offer (IPO).
Chief Executive Officer of Airtel Africa, Mr Raghunath Mandava, said that the company continued to invest in their 4G network, adding nearly 1,500 sites; as a result, more than half of the company’s sites are 4G.
According to Mr Mandava,
“Voice revenue, our largest business product, was up 3 per cent largely driven by 9 per cent growth in our customer base, now reaching nearly 100 million customers across our footprint. Data revenue, our largest contributor to growth, was up 36 per cent as an increasing number of customers relied on our high-quality and high-speed LTE network, resulting in a 79 per cent growth in data usage. Mobile Money revenue, our fastest growing business, increased by 42 per cent as we expanded our distribution reach”.
“We also continue to prepare for the launch of our Mobile Money business in Nigeria, securing approval of the brand name, an important step as we await approval for our payment service bank license” Mandava further said.