Airtel Africa’s mobile money business overshadows voice and data revenue

The financial statements of Airtel Africa has shown that the network provider’s mobile money business grew faster than voice and data revenue in the first three months of this year (Q1 2021).

While voice and data revenue grew by 7.2 percent and 24.2 percent respectively between January and March 2021, it was gathered that revenue from mobile money business grew highest with 32.7 percent.

Airtel Africa’s total revenue rose by 15.4 percent in the first quarter of this year, as it generated $1.03 billion, against the $899 million the Bharti subsidiary company grossed during the same period in Q1 2020.

The breakdown of the report showed that voice revenue increased to $547 million in Q1 this year, after rising by 7.2 percent, to surpass the $510 million it generated in Q1 2020.

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Data revenue for the company climbed to $315 million in the first three months of 2021, rising past the $253 million it generated in the corresponding period of last year first quarter.

According to Airtel Africa’s financial statement, its mobile money business recorded $110 million between January to March this year, rising pass the $83 million it grossed during the same period of 2021.

Other revenue generated by Airtel Africa rose by 18.1 percent during Q1 this year, after hitting $91 million at the end of first quarter, to surpass the $77 million generated in 2020 Q1.

While Operating profit climbed 30.7 percent in the three months of Q1 to settle at $319 million. This is above the $244 million Airtel Africa recorded during the same period last year Q1.

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