Airtel Nigeria has returned to the $1 billion half-year revenue mark for the first time in four years, recording $1.01 billion between April and September 2026, while its mobile money subsidiary, SmartCash PSB, posted a 150 per cent increase in revenue to $10 million.
The performance marks a recovery for the telecommunications operator, whose earnings were affected by currency instability following the naira’s devaluation in 2023. Airtel Nigeria last generated more than $1 billion during the corresponding six-month period in 2022, when revenue stood at $1.04 billion.
The Brandspur Banking News Desk reports that the latest results also highlight the growing contribution of digital financial services to Airtel’s Nigerian operations, as the company seeks to establish SmartCash as a stronger competitor in the country’s mobile money market.
Airtel Nigeria’s revenue increased by 44.62 per cent during the period, helping push its average revenue per user up by 27.27 per cent. The company attributed part of its improved performance to the appreciation of the naira, which strengthened its reported dollar earnings.
According to Airtel Africa, the weighted average exchange rate moved from N1,553 per dollar in the previous reporting period to N1,360 in the latest period.
Increased data consumption also supported the growth. Airtel Nigeria, which had 61.7 million subscribers, recorded smartphone penetration of 56.8 per cent, while monthly data usage per smartphone customer climbed to 16.7GB from 12.7GB a year earlier.
The Nigerian operation’s performance contributed to stronger results across Airtel Africa. The telecommunications group reported revenue of $3.82 billion, representing a 28.20 per cent increase, while profit for the period rose by 20.21 per cent to $452 million.
However, higher operating expenses remain a concern for the group. Airtel Africa said rising fuel prices in Nigeria, driven by geopolitical developments, had increased pressure on its operating margins.
The company reported that its cost-efficiency measures helped limit the sequential decline in operating margins to approximately 130 basis points, from 58.8 per cent in the first quarter to 57.5 per cent in the second quarter.
Meanwhile, SmartCash PSB recorded one of its strongest performances since entering Nigeria’s mobile money market. Its customer base expanded by 110 per cent to 4.2 million, while revenue climbed from $4 million to $10 million within the six-month reporting period, representing 150 per cent growth.
The subsidiary has been pursuing customer acquisition through a zero-fee banking model and an annual interest rate of 15 per cent on savings deposits.
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In March 2026, SmartCash announced that it had approached three million active users as it intensified efforts to attract customers with its savings and payment offerings.
Despite its recent growth, SmartCash remains a relatively small contributor to Airtel Africa’s wider business, accounting for 1.19 per cent of the group’s revenue.
Competition in the sector is also intensifying. MTN Nigeria’s mobile money subsidiary, MoMo PSB, migrated to a new platform powered by Alipay+ in August 2026 to strengthen its financial technology infrastructure.
Following the migration, revenue from MoMo’s core mobile money business increased by 102.2 per cent, while customer wallet balances rose more than fourfold to N43.8 billion, equivalent to $32.54 million.
OPay, another major player in Nigeria’s digital payments market, reported $467.06 million in revenue during the first half of 2026, underlining the scale of competition facing SmartCash.
For Airtel Nigeria, the latest figures demonstrate progress on two fronts: recovering its telecommunications revenue and expanding its presence in financial services. Whether SmartCash can convert its growing customer base into a stronger share of the mobile money market will remain an important test of the company’s wider strategy.
