Airtel Africa’s stellar performance on the FTSE 100 this year, second only to gold miner Fresnillo, is shining a new spotlight on the sector often been overlooked by global investors. The company, a top-two operator in each of the 14 countries it serves, including Nigeria, Kenya, and Ghana, has long been a patient bet for emerging-market specialists, and recent developments suggest that Africa’s telecom growth story is finally being recognised globally.
A major factor behind Airtel Africa’s 164% share price increase has been the stabilisation of the Nigerian naira, which has appreciated from 1,690 to 1,447.79 to the dollar this year. This currency stability allowed growth in data and mobile money services to contribute more directly to the company’s financial results, reversing the impact of prior devaluations. Regulatory changes also contributed, with Nigeria lifting a 12-year freeze on telecom tariffs, permitting a 50% price increase in early 2025, which supported revenue growth.
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Operational performance in 2024–2025 shows that data and mobile money are now leading revenue sources. For the half-year ended September 30, 2025, Airtel Africa reported a profit after tax of $376 million, up 375% year-on-year, with total revenue of $2.98 billion, a 25.8% increase. Data revenue grew 37%, surpassing voice for the first time, while mobile money revenue increased 30.2%, processing nearly $200 billion annually. The total customer base reached 173.8 million, including 78.1 million data users (+18.4%) and nearly 50 million mobile money customers (+20%). EBITDA margin expanded to 48.5%, and capex guidance for FY2026 is $875–900 million, supporting digital growth and network expansion.
Airtel Money, the company’s mobile financial services unit, remains a key component of overall growth. The business, processing transaction volumes equivalent to Nigeria’s GDP, is planned for an initial public offering (IPO) in the first half of 2026. Analyst estimates suggest Airtel Money alone could be valued at approximately twice the telecom operations, indicating the importance of digital financial services in Africa. Across the continent, mobile money adoption continues to address underbanked populations, facilitating payments, savings, and loans in both urban and rural areas.
Compared with peers such as Safaricom (+70%), MTN Group (+100%), and Vodacom (+52%), Airtel Africa has outperformed in recent months, with a 4.6x forward earnings multiple reflecting market expectations for continued growth. Historically, African telecoms have lagged global peers due to currency fluctuations, regulatory complexity, and infrastructure limitations. Airtel’s performance demonstrates how operational execution, regulatory reforms, and mobile financial services contribute to market returns in emerging markets.
Strategic investments include network expansion with 2,350 new sites, over 81,000 km of fibre, 5G rollout in five countries, and partnerships with SpaceX as well as regional operators like MTN and Vodacom. The company has also reduced foreign currency exposure, denominating 95% of operating debt in local currencies, and is executing a $100 million share buy-back program.
Structural challenges remain, including potential currency volatility, regulatory changes, and competition from other telecom and fintech providers. Mobile money regulation is still evolving, which could affect transaction volumes and margins. However, demographic growth, low banking penetration, and increasing data demand are expected to support continued development.
Long-term trends indicate expansion opportunities. Africa’s mobile market is projected to add 800 million users by 2050, smartphone penetration is rising, and mobile money adoption is increasing, creating prospects for cross-border payments and fintech integration. Further potential lies in 5G, fibre, IoT, and cloud services, enabling new enterprise solutions and diversified revenue streams across the continent.
Airtel Africa’s performance illustrates that African telecoms can provide measurable investment potential when currency stability, operational execution, and regulatory conditions align. Growth in data and mobile money, combined with infrastructure investment and strategic partnerships, highlights how telecoms in Africa can support digital inclusion and economic development.
