Airtel Africa Adds 3 Million Subscribers As A Result Of Nigeria’s Recovery

Airtel Africa Adds 3 Million Subscribers As A Result Of Nigeria's Recovery
Airtel Africa Adds 3 Million Subscribers As A Result Of Nigeria's Recovery

Airtel Africa increased its customer base on the continent by 5.8 percent to 125.8 million in the third quarter of its fiscal year, which ends December 31, 2021, thanks to a strong recovery in Nigeria.

The growth of the customer base had been hampered by the Nigerian government’s National Identity Number (NIN) enrolment program, but it resumed in the third quarter.

Airtel Africa CEO Segun Ogunsanya stated that Nigeria has returned to strong customer growth following a period hampered by the implementation of new ‘know your customer’ requirements, reporting 1.9 million net additions in the third quarter, bringing total group customer additions to 3.1 million.

Nigeria’s SIM registration process began in December 2020. The Nigerian government wants NINs to be linked to customer SIM cards in order to prevent fraud.

“I am especially pleased with recent developments in Nigeria, where we received preliminary approval in November for both a payment service bank (mobile money) license and a super-agent license. We are now collaborating closely with the Central Bank to meet all of its requirements in order to receive the final operating licenses and begin operations “According to Ogunsanya.

This will contribute to Airtel’s strategy of expanding its digital financial products and reaching the millions of Nigerians who do not currently have access to traditional financial services.

Airtel reported that African customer growth was boosted by an 11.1 percent increase in data customers, who now number 45.1 million, and a 19.6 percent increase in mobile money customers, who now number 25.7 million.
Revival of revenue

The telco, which operates in 14 African markets, also reported strong financial results for the first nine months of the year, with reported revenue increasing by 21.7 percent to $3.5 billion and constant currency underlying revenue increasing by 24.8 percent.

Profit after tax nearly doubled year on year to $514 million, as higher profit before tax more than offset tax charges.

Revenue increased in all regions, with constant currency revenue increasing by 29 percent in Nigeria, 24.4 percent in East Africa, and 19. percent in Francophone Africa.

The same could be said for all key services, with revenue in voice up 16.1% and data and mobile money both up 37.2% for the nine months.

The group also announced last week that Airtel Africa would be joining the FTSE 100, just two and a half years after it debuted on the London Stock Exchange.