With Airtel Money now serving more than 54 million active users across Africa, the company’s fintech business is no longer merely an add-on service to telecom operations. It is becoming a core pillar of revenue growth, customer retention, and digital inclusion.

The numbers reveal how rapidly mobile money is expanding beyond peer-to-peer transfers into a broader financial ecosystem. Airtel Africa is now scaling merchant payments, digital lending, savings products, remittance services, and app-based financial transactions at significant scale.

This evolution has major policy implications for African regulators.

For years, telecommunications regulators and central banks largely operated within separate institutional boundaries. Telecom companies handled connectivity, while banks controlled financial services. Mobile money is now blurring those distinctions.

In several African markets, telecom-led fintech platforms already reach more consumers than traditional banks, particularly in rural and underserved communities where banking infrastructure remains weak.

Airtel Africa’s own strategy openly acknowledges this reality, describing limited access to formal financial services and cash dependence as major opportunities for expansion.

The growth trajectory also raises important questions for Nigeria and other African countries about future regulatory models.

East African markets such as Kenya have demonstrated how telecom-led financial systems can dramatically expand financial inclusion. Nigeria, however, has historically maintained stricter regulatory separation between banks and telecom operators in mobile money operations.

But the scale Airtel Money is now reaching across Africa may increase pressure on policymakers to rethink existing frameworks around digital payments, fintech licensing, interoperability, consumer protection, and telecom-finance convergence.

Another major implication lies in data.

Telecom operators possess massive behavioural datasets tied to communication patterns, location intelligence, transaction histories, and smartphone usage. Combined with mobile money platforms, this creates powerful new capabilities around credit scoring, digital identity verification, micro-lending, and personalised financial products.

At the same time, it raises concerns around cybersecurity, digital monopolies, privacy, and systemic financial risks if telecom-led fintech ecosystems become too dominant without corresponding regulatory safeguards.

The rapid expansion of mobile money also reflects a broader structural reality across Africa: financial inclusion is increasingly being driven not by traditional banking infrastructure, but by mobile connectivity.

As smartphone adoption rises and internet penetration deepens, telecom operators are becoming central gateways into Africa’s digital economy, connecting consumers not only to communication services, but also to payments, commerce, credit, and digital financial systems.

For policymakers, the Airtel Africa results send a clear message: the future of financial inclusion in Africa may depend as much on telecom infrastructure as on banking infrastructure itself.

The telecom group disclosed in its FY2026 results that Airtel Money’s customer base grew by 21.3 per cent year-on-year, driven by rising smartphone adoption, expanding merchant payments, digital lending services, and broader financial inclusion efforts across underserved African markets.

The company described mobile money as one of its strongest growth engines, supported by growing customer migration from feature phones to smartphones and stronger digital engagement through its MyAirtel platform.

According to the report, Airtel Money smartphone penetration rose above 51 per cent in March 2026, up from 48 per cent a year earlier, while app transacting customers surged 74 per cent year-on-year.

The telecom operator said total processed value (TPV) on the MyAirtel app jumped 79 per cent to $8.3 billion during FY2026, reflecting rising demand for digital financial services across its 14 African markets.

Airtel Africa is increasingly positioning Airtel Money beyond basic transfers into a broader fintech ecosystem covering merchant payments, savings, international remittances, digital lending, and card-linked financial services.

“Merchant payments remain a key growth pillar, enabling businesses to accept digital payments and accelerating the transition from cash,” the company stated.

The company also expanded its retail and agent network significantly during the year. Airtel Africa disclosed that it now operates through approximately 49,000 exclusive outlets, while its non-exclusive agent base grew by 39 per cent year-on-year.

Industry analysts say the latest results reinforce the growing convergence between telecommunications and financial services across Africa, where mobile operators are increasingly becoming critical drivers of financial inclusion.

Across many African countries, limited banking infrastructure and heavy reliance on cash transactions continue to create strong demand for mobile-led financial services.

Airtel Africa noted that limited access to formal financial services remains a major opportunity for Airtel Money’s expansion strategy.

The company’s digital push also reflects a broader shift in Africa’s fintech market, where telecom-led wallets are evolving into full-service digital finance platforms competing with banks and standalone fintech startups.

Airtel Africa had earlier disclosed plans to pursue an Airtel Money IPO, although the company later agreed with minority investors, including Mastercard and TPG’s Rise Fund, to defer certain shareholder put-option timelines by 12 months.

The company’s results showed broad-based growth across its mobile and fintech operations, driven by strong customer acquisition, expanding data consumption, and a firm focus on innovation and efficiency.

Customer Growth and Digital Expansion

Airtel Africa’s total customer base climbed 11% year-on-year to 173.8 million, with data subscribers surging 18.4% to 78.1 million.

Smartphone penetration reached 46.8%, up by 3.8 percentage points, reflecting Africa’s growing appetite for mobile internet and digital services.

Data traffic across the network grew by an impressive 45%, pushing data average revenue per user (ARPU) up by 16.8% in constant currency. The company credited this momentum to ongoing network investments and the rising adoption of the MyAirtel app, which is central to its digital engagement strategy.

Airtel Money: Deepening Financial Inclusion

Airtel Money, the group’s mobile money arm, continues to play a pivotal role in advancing digital and financial inclusion across its markets. The platform’s customer base grew 20% to 49.8 million, while annualised total processed value (TPV) for Q2’26 surged 35.9% to $193 billion.

The fintech unit also delivered an 11% rise in ARPU (constant currency), driven by higher transaction volumes and enhanced customer engagement. Airtel confirmed that preparations for the Airtel Money IPO remain on track, with a listing planned for the first half of 2026.

Network Investment and Reach

To support this growth, Airtel Africa expanded its network capacity and coverage, rolling out 2,350 new sites during the period to bring its total to over 38,300 sites, while extending its fibre footprint by about 4,000 kilometres to 81,000 kilometres.

The company’s population coverage improved to 81.5%, with 98.5% of its sites now 4G-enabled — a key enabler for faster data services and digital innovation across its markets.

Financial Performance: Data Surpasses Voice

Group revenue rose 24.5% in constant currency (and 25.8% in reported terms) to $2.98 billion, boosted by strong growth across mobile services and mobile money. In Q2 alone, currency appreciation helped lift reported revenue growth to 29.1%, outpacing constant currency growth of 24.2%.

Mobile services revenue grew 23.1%, with data revenue jumping 37% to $1.16 billion, surpassing voice revenue for the first time in Airtel Africa’s history, a milestone reflecting the shift toward digital consumption across its markets.

Mobile money revenue grew 30.2%, further strengthening Airtel’s position in Africa’s booming digital payments landscape.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 33.2% to $1.45 billion, with margins improving to 48.5%, compared to 45.8% in the prior year.

Profit after tax soared to $376 million, up from $79 million a year earlier, aided by naira and CFA franc appreciation as well as derivative gains.

Basic earnings per share climbed to 8.3 cents, up from 0.8 cents in the prior year, while EPS before exceptional items rose from 4.9 cents to 8.3 cents.

Strengthened Balance Sheet and Capital Allocation

Airtel Africa maintained disciplined capital allocation during the period, with capex of $318 million in line with the prior year. The company has, however, increased full-year capex guidance to between $875 million and $900 million to accelerate network expansion and digital capacity.

Its debt localisation programme also continued to yield results, with 95% of its operating company debt now denominated in local currencies, up from 89% a year earlier. Leverage improved to 2.1x (from 2.3x) and lease-adjusted leverage to 0.8x (from 1.0x).

In line with its progressive dividend policy, the Board declared an interim dividend of 2.84 cents per share, representing a 9.2% increase, while the ongoing $100 million share buyback programme remains on track for completion by March 2026.

CEO’s Outlook: Investing in Africa’s Digital Future

Commenting on the results, Sunil Taldar, chief executive officer of Airtel Africa, said the strong performance demonstrates the effectiveness of the company’s strategy and commitment to deepening digital and financial inclusion.

“Our strategy has been focused on providing a superior customer experience, and the strength of these results is testament to the initiatives we’ve implemented across the business,” he said.

“The increase in smartphone penetration to 46.8% reflects the substantial demand for data services across our markets but also highlights the scale of the opportunity to further develop the digital economy. Airtel Money continues to gain momentum, with annualised processed value approaching $200 billion.”

Taldar added that the robust performance and margin expansion give Airtel Africa confidence to “accelerate investments and capture the full potential” of its markets.

Summary:

Airtel Africa’s half-year 2026 performance underscores its position as a leading player in Africa’s telecoms and digital finance sectors, fuelled by rapid data growth, expanding digital ecosystems, and a deepening commitment to financial inclusion.

This strategic move addresses the unique financial landscape of the region, where a significant portion of the population still remains unbanked.

This integration will further Unlimit’s offering for Tanzanian businesses, with their solution enabling access to a comprehensive suite of national, regional and global payment methods. 

It will also provide merchants access to a vast new customer base of M-Pesa’s 60 million, Mixx by Yas’ 20 million and Airtel Money’s 41.5 million users, simplifying transactions and minimising customer churn, while helping to create a smoother and more inclusive payment experience.

Tanzania is quickly emerging as a regional digital payments hub, with the annual transaction value of its mobile money market now exceeding $80 billion.

This shift comes as cash payments become less common and total digital transaction volumes surge, with Unlimit recording a 76% increase between 2023 and 2024.

“Tanzania is one of the fastest-growing economies of the decade, and it’s now entering a new era of digital payments maturity,” said Irene Skrynova, Chief Customer Officer at Unlimit. 

“By continuously expanding our services and integrating dominant local payment methods, we ensure that both banked and unbanked users are fully supported. This positions us to seamlessly enable international brands to enter and scale in this thriving market, while empowering Tanzanian businesses to connect with their target audiences effortlessly.”

The expansion of Unlimit’s services in Tanzania follows their successful launch into the nation in Q2 2024, with the receipt of their Bank of Tanzania licence and the opening of a regional office. 

The integration of these mobile-money services expands Unlimit’s existing Tanzania offerings and underscores its commitment to supporting merchants with a wide range of payment options across Africa. 

These include local and international cards across Africa, such as Visa and Mastercard, and Verve in Nigeria; mobile money solutions such as M-Pesa and Airtel Money in East Africa; USSD payments in Nigeria; as well as bank transfers through all regional banks.

What used to be a near-total lock on the market is now slipping through M-PESA’s fingers. The Communications Authority of Kenya (CA) released fresh data confirming the downward trend, pointing to several key forces reshaping the sector: regulatory reforms, aggressive competition, and shifting customer priorities.

The biggest challenger is Airtel Money. Its market share has more than tripled in just two years, from 2.9% in 2023 to 9.1% in Q1 2025. Behind that growth is a focused, multi-pronged strategy. 

Airtel has cut transaction fees, refunded charges in airtime through Smarta Bundles, and struck key partnerships with retailers like Naivas to improve its agent network, especially in hard-to-reach areas.

Mobile money subscriptions jumped to 45.4 million during the quarter, accounting for 86.6% penetration in Kenya. SIM card subscriptions also rose to 76.2 million, up by 6.7%, aided by telcos’ renewed efforts to win back users. 

And Airtel is riding the wave. Its user base is now estimated at around 8 million, and its agent network is growing fast.

Even though M-PESA still has over 299,000 agents across the country, Airtel Money’s agent expansion is gaining pace. The total number of registered mobile money agents climbed 5.5% to 417,000 in Q1 2025, meaning challengers now have more reach than ever before.

Lower pricing is one of Airtel’s biggest weapons. To send KES 1,000 across networks, users pay KES 11 on Airtel, while M-PESA charges KES 13. Withdrawals cost less on Airtel too, KES 2 cheaper on average. These differences may seem small on paper, but for everyday users, they quickly add up.

The game-changer, though, was Kenya’s 2022 rollout of mobile money interoperability. That policy allowed people to send and receive money across different platforms, ending the long-standing advantage Safaricom had enjoyed by keeping its ecosystem closed. 

With those walls down, customers now move more freely, and Airtel has made it worth their while. Incentives like cashback on bank-to-wallet transfers are pulling users in.

Still, full freedom hasn’t arrived yet. Interoperability at the agent level, where users could walk into any mobile money outlet, regardless of network, is still pending. Once the Central Bank of Kenya (CBK) rolls that out, and they’ve promised to, Safaricom may see even greater churn.

M-PESA isn’t going quietly. It still processes more than 30 billion transactions annually, worth over KES 38.29 trillion ($296 billion), and serves 34 million users. But it’s no longer operating in a vacuum.

Another major change is coming from the CBK’s new payments infrastructure, the Fast Payment System (FPS), which is under development. Inspired by India’s Unified Payments Interface (UPI), the FPS aims to offer instant, cross-platform payments between banks, fintechs, and mobile money wallets. 

It’s being designed in partnership with India’s NPCI and, if successful, could radically reshape how digital money moves in Kenya.

By the time FPS is live, possibly by 2026, it may deliver what regulators and consumers alike have been waiting for: a truly level playing field.

The case for Kenya’s mobile money resilience is now about who adapts faster, and right now, Airtel is doing just that.

From the report available to Techeconomy, Airtel Africa increased its total customer base by 8.7% to 166.1 million, with is focus on digital inclusion supporting a 4.3% increase in smartphone penetration to 44.8%.

Data customers increased by 14.1% to 73.4 million, with data usage per customer increasing by 30.4% to 7.0 GB, supporting data ARPU (Average Revenue Per Unit growth of 15.4% in constant currency.

The group’s continued investment in Airtel Money agent network, enhanced digital offerings and expanded use cases contributed to a 17.3% increase in mobile money subscribers to 44.6 million and a 11.4% growth in constant currency ARPU.

In Q4’25, transaction value increased by 34% in constant currency with annualised transaction value of $145bn.

The TechCo’s strategic focus on great customer experience was underpinned by sustained network investment with the rollout of 2,583 new sites and approximately 3,300 kms of fibre, supporting increased data capacity across the region.

Financial performance

• Revenues of $4,955m grew by 21.1% in constant currency but declined by 0.5% in reported currency as currency devaluation impacted reported revenues. Strong execution and the tariff adjustments in Nigeria contributed to a further quarter of accelerating growth, with Q4’25 revenue growth of 23.2% in constant currency, and 17.8% in reported currency as currency headwinds eased. 
• Across the Group, mobile services revenue grew by 19.6% in constant currency, driven by voice revenue growth of 10.6% and data revenue growth of 30.5%. Mobile money revenue grew by 29.9% in constant currency.
• For the year ended 31 March 2025, underlying EBITDA declined by 5.1% in reported currency to $2,304m with underlying EBITDA margins of 46.5% compared to 48.8% in the prior year, impacted by increased fuel prices and the lower contribution of Nigeria to the Group. However, following a more stable operating environment and benefits from its cost efficiency programme, underlying EBITDA margins have expanded from 45.3% in Q1’25 to 47.3% in Q4’25.
• Profit after tax of $328m improved from a $89m loss in the prior period. The prior period was significantly impacted by derivative and foreign exchange losses, primarily in Nigeria.
• Basic EPS of 6.0 cents compares to negative (4.4 cents) in the prior period, predominantly reflecting lower derivative and foreign exchange losses in the current period. EPS before exceptional items declined from 10.1 cents in the prior period to 8.2 cents largely due to higher finance cost arising on account of tower contract renewals, which had a neutral to positive impact on cashflows, and a deferred impact of prior period currency devaluation.

Capital allocation

• Capex of $670m was below the firm’s guidance, primarily reflecting a deferral of data centre investment. Capex guidance for the next year is between $725m and $750m as Airtel Africa continues to invest for future growth.
• Airtel Africa has been consistently reducing its FX debt exposure, having paid down $702m of foreign currency debt over the year. Furthermore, 93% of its OpCo debt (excl. lease liabilities) is now in local currency, up from 83% a year ago.
• Leverage has increased from 1.4x to 2.3x, primarily reflecting the $1.3bn increase in lease liabilities arising from tower contract renewals. Lease-adjusted leverage increased from 0.7x in the prior period to 1.0x as of 31 March 2025, reflecting the impact of lower lease-adjusted underlying EBITDA given the translation impact arising from currency devaluation, and an increase in lease-adjusted net debt.

• The Board has recommended a final dividend of 3.9 cents per share, making the total dividend for the full year 6.5 cents per share, a 9.2% growth from the previous year, in line with the dividend policy. In addition, during the year Airtel Africa returned $120m to shareholders through share buyback programmes.

Commenting on the trading update, Sunil Taldar, chief executive officer, said:

“We have reported another strong operating performance as our strategy continues to deliver against the significant opportunity that exists across our markets. The focus on our refreshed strategy has seen continued investment in the network while also driving improvements in our digital platforms and offerings to further enhance the customer experience.

“This has enabled increased digital inclusion with a further 20% growth in our smartphone customers to 74.4m, contributing to a 47.5% increase in data traffic over the year. Furthermore, Airtel Money continues to support financial inclusion with customers increasing 17.3% to 44.6 million and an expanding ecosystem underpinning the $136bn transaction value, which increased 32% in constant currency.

“An improving operating environment and focussed execution contributed to strong momentum in our financial results with constant currency revenue growth peaking at 23.2% in Q4’25. Part of this acceleration in the last quarter has also been driven by the Nigerian tariff adjustments.

“This accelerating revenue growth and cost optimisation programme has supported quarterly EBITDA margin expansion during the year.

“Underlying EBITDA margins increased by 200bps from 45.3% in Q1’25 to 47.3% in Q4’25, and we remain focussed on further EBITDA margin improvements subject to macroeconomic stability.

“This, combined with our robust capital structure and disciplined capital allocation, puts us in a strong position to continue investing in network capacity to deliver continued growth.

“We are making significant progress in our preparations for the Airtel Money IPO and remain committed to this objective. However, we are also mindful of evolving market conditions. Therefore, subject to these conditions, we anticipate a listing event in the first half of calendar year 2026.

“The recent stability in the operating environment is encouraging, however we remain conscious of global developments that may impact our business. We will remain focussed on delivering our strategy to transform the lives of our customers and support economic prosperity across our markets. I want to say a particular thank-you to our customers, partners, governments and regulators for their support and our employees for their unrelenting contribution to the business.”

With mobile money platforms, real-time payment systems, and fintech innovations at the forefront, cryptocurrency is now taking center stage in reshaping the future of transactions.

Instant payments, also known as real-time payments, refer to money transfers that are processed and settled within seconds, 24/7, including weekends and holidays.

Unlike traditional banking transfers, which can take hours or even days, instant payments offer speed, transparency, and convenience.

Across Africa, this innovation is powered by both public and private sector players, creating infrastructure that enables individuals and businesses to send and receive funds instantly using mobile phones, apps, or USSD codes.

In Nigeria, the Central Bank-backed NIBSS Instant Payment (NIP) system allows for seamless transfers across banks and fintech platforms.

According to NIBSS, electronic payment transactions soared to an all-time high of N1.08 quadrillion in 2024, up from N600 trillion in 2023.

Similarly, South Africa operates a real-time payment framework under Real-Time Clearing (RTC) via BankservAfrica.

In East Africa, platforms such as M-Pesa, Airtel Money, and Tigo Pesa have long led the mobile money revolution.

Regionally, Pan-African platforms like PAPSS (Pan-African Payment and Settlement System), spearheaded by Afreximbank, are enabling cross-border instant transactions in local currencies.

While traditional systems lay the groundwork, blockchain technology is fast-tracking Africa’s digital payment revolution.

Digital assets like Bitcoin and Ethereum are also becoming popular, many young Africans are choosing cryptocurrencies for sending money, saving, and shopping.

Regulatory uncertainty has long hampered crypto growth. However, a major breakthrough came on March 29, 2025, when President Bola Ahmed Tinubu signed the Investments and Securities Act 2024 into law.

The Act officially recognises digital assets and cryptocurrencies as securities, bringing them under the purview of the Securities and Exchange Commission (SEC).

At the forefront of this crypto-driven shift is Zabira Digital Services Ltd, a Nigerian fintech powerhouse redefining how Africans engage with digital finance.

Founded in 2019 by CEO Isaac John, the platform offers a comprehensive suite of financial services from crypto trading and gift card exchanges to bill payments and fiat transactions—all within a user-friendly mobile app.

Zabira’s encrypted wallet gives users full control over their assets, empowering them with private keys and multi-layered security.

Users can buy, sell, and hold digital assets like USDT and Ethereum, pay for services directly from their crypto balances, or convert gift cards to cash without switching platforms.

What sets Zabira apart is its focus on simplicity and transparency. The platform avoids unnecessary complexities, offering competitive rates and low fees while providing detailed logs for every transaction.

To get started using Zabira, users can download the app via Android, and iOS. Signing up is fast and easy—just create an account, verify your identity, and you’re ready to explore a world of instant, secure, and borderless financial services all in one app.

*Chinwe Taiwo, is a senior fintech reporter in Lagos

As of 2023, over 350 million adults in Sub-Saharan Africa remain unbanked, even as more than 600 million people use mobile money. Yet, sending money across borders still comes with high friction and even higher costs; remittance fees average 8.2%, the highest globally.

Globally, momentum is building around Open Payments, with more than 40 financial institutions and digital wallets actively exploring or integrating the standard. Open Payments-enabled transactions are already taking place across over 60 countries, demonstrating its growing global reach. 

This article dives deep into the Open Payments standard, what it means for Africa’s digital future, and how the continent’s mobile-first innovation and youth-driven tech culture make it the ideal launchpad for a more inclusive financial system.

Introduction to Open Payments

Digital payments have come a long way, but they’re still more complicated than needed, especially if you’re sending money across borders, between platforms, or without a bank account.

Today, most people rely on third-party processors like PayPal or Stripe to handle payments. These work well, but they come with strings attached: high fees, long wait times, and limited control over how money moves.

Now imagine if making a payment online was as simple and open as sending an email. No matter which provider you use or where you are in the world, you’d just need the other person’s “address” and the payment would go through instantly.

That’s the vision behind Open Payments

Open Payments is an open standard powered by the Interledger Protocol (ILP) that allows money to move between different financial systems, just like the internet allows information to move between websites and devices.

At the heart of Open Payments is a simple idea: You should be able to send and receive money easily, regardless of what platform you’re using.

Here’s how it works, in plain terms:

1. Payment Pointers

Open Payments replaces long, complex banking details with something simple and human-readable called a Payment Pointer. Think of it like a username or web address for receiving payments—something like: $alice.wallet.com or $yourname.africa

A Payment Pointer is not a wallet address in the crypto sense. Instead, it points to a web-accessible endpoint (usually a URL) hosted by your financial service provider or wallet. When someone wants to send you money, their system queries this endpoint to discover how to complete the payment securely using the Interledger Protocol (ILP).

2. One Connection, Many Possibilities

Without Open Payments, every app or service you want to send money from has to build a separate connection to every possible bank, wallet, or mobile money provider. That’s a nightmare.

With Open Payments, a single integration gives you access to any provider that supports the standard. No need to write hundreds of custom APIs. Just one.

3. Secure, Consent-Driven Transactions

You’re always in control. When someone wants to send or pull funds from your wallet, they have to make a request, and you decide what’s allowed. You can approve a single transaction, set limits, or even authorize recurring payments with specific rules.

Think of it like granting Netflix access to charge your card monthly, but safer, more flexible, and not tied to credit cards at all.

4. No More Middlemen (Unless Necessary)

Open Payments reduces reliance on traditional intermediaries, which usually add fees and delays. If currency conversion or settlement routing is needed, the system finds the best path automatically using Interledger. But you’re not stuck paying unnecessary layers of fees just to send $10 across borders.

5. Works for Everyone, Not Just Banks

You don’t need a traditional bank to use Open Payments. Whether you’re using a mobile wallet, a crypto app, or a community savings platform, as long as your provider supports the standard, you’re in the network.

That’s a game-changer for billions of people around the world who are underbanked or unbanked.

The Current State of Open Payments in the World and Africa

As digital payments evolve, the global financial ecosystem is slowly but surely pivoting toward open, interoperable systems, and Open Payments is at the center of that transformation.

While adoption is still in its early stages, there is growing momentum around the world as both traditional financial institutions and fintech innovators begin to embrace the Open Payments standard and the Interledger Protocol (ILP).

A Growing Global Ecosystem

Open Payments is not a product—it’s an open standard. This means any institution, app, or wallet can adopt it without licensing fees or proprietary gatekeeping. And while we’re still early in the adoption curve, some notable players and platforms have already taken the lead.

• GateHub: One of the first digital wallets to support Open Payments globally. It facilitates cross-currency transactions using ILP and offers payment pointer functionality.
• Fynbos: A wallet provider in South Africa, Europe, and North America that enables Open Payments transfers between Fynbos accounts, with future plans to connect with other networks like GateHub.
• Interledger Pay: A live implementation that lets users send and request money using wallet addresses, showcasing Open Payments’s ability to work across platforms.
• Chimoney: A Canadian Fintech company has integrated Open Payments to enable seamless wallet-to-wallet transfers via Interledger payment pointers. More than just a wallet, Chimoney allows payouts to over 120 countries, supporting a wide range of disbursement options, including bank accounts, mobile money, and gift cards. This global reach demonstrates how Open Payments can be embedded within large-scale financial systems to deliver inclusive, programmable, and borderless payouts.

These early implementations are proof of concept for what’s possible, but widespread adoption still requires deeper integration by banks, mobile money providers, and governments.

Current Metrics and Trends

• As of early 2025, over 40 financial services companies have expressed interest or are in the process of integrating Open Payments.
• Open Payments-enabled transactions have occurred in over 60 countries, primarily through test wallets and early-adopter platforms.
• Payment pointers—human-readable wallet addresses—have been issued to tens of thousands of developers through tools like the Interledger Test Wallet and GitHub starter kits.
• The Interledger Foundation has announced over $21 million in investments and strategic partnerships to expand interoperable payment solutions globally, signaling a growing institutional commitment to Open Payments and its ecosystem.
• Developer interest is surging: repositories like interledgerjs and open-payments have seen significant spikes in stars, forks, and community contributions since mid-2024.

This traction is being driven in part by the protocol’s promise of cost savings, security, and inclusivity, especially in low-income and underbanked regions.

The Situation in Africa

Africa has long been a leader in mobile-first financial innovation. Yet, despite the success of mobile money platforms, the continent still grapples with fragmented financial infrastructure, high remittance fees, and lack of interoperability across borders.

This makes Africa a prime use case for Open Payments.

• 600 million mobile money users across Sub-Saharan Africa.
• 8.2% average remittance fee to Sub-Saharan Africa.
• 350 million unbanked adults in the Sub-Saharan African Region, with most relying on informal savings groups or community wallets.
  

Today, even leading mobile money systems like M-Pesa, MTN Mobile Money, and Airtel Money still require closed-loop integrations. This means a user on one platform can’t always send funds to someone using another unless they pass through banks or costly intermediaries.

Open Payments offers a compelling alternative. By introducing a standardized way to send money across providers, it reduces friction, lowers costs, and boosts access.

While there are no fully live, cross-provider Open Payments deployments in Africa yet, wallets like Fynbos in South Africa and Open Payments-based projects led by African developers are laying the foundation.

The Unique Opportunity for Africa

Africa has always done things a little differently when it comes to money. While the West focused on banks and cards, Africa leapfrogged into mobile money. That’s how platforms like M-Pesa became household names and helped millions send, spend, and save without ever stepping into a bank.

But here’s the problem: most of these systems don’t talk to each other.

You can’t easily send money from your mobile wallet in Nigeria to someone’s bank account in Ghana. Even within the same country, users on different platforms often have to jump through hoops to transfer funds. It’s like trying to send an email from Gmail to Yahoo and needing five apps to do it.

That’s where Open Payments changes the game.

Why Africa is the perfect place for Open Payments

1. Cross-border is our daily life
   Africa is made up of 54 countries, and millions of people live, work, and trade across borders. Whether it’s traders in Cotonou sending money to Lagos or a freelancer in Nairobi getting paid from the UK, cross-border payments aren’t a “nice to have”—they’re essential. Open Payments is built exactly for that: simple, low-cost, borderless payments.
2. Mobile-first means we can move fast
   Most Africans already use mobile wallets. With Open Payments, these wallets can be upgraded to speak the same financial language without replacing them. It’s not about building something new from scratch. It’s about connecting what we already have.
3. A young, tech-savvy generation
   With the continent’s median age at just 19, Africa has the youngest population on Earth, and that means a lot of builders, developers, and early adopters ready to shape the next wave of fintech.

This is a generation that already uses crypto, virtual cards, social commerce, and gig platforms. Open Payments is the natural next step—a tool that matches their global mindset.

What makes Open Payments so powerful for Africa?

• No more vendor lock-in: A wallet or app that supports Open Payments can connect to any other one that does, too. Users aren’t stuck with one provider.
• Fewer fees, more control: By cutting out unnecessary middlemen, Open Payments reduces costs and gives users more transparency on who gets what.
• One wallet address, many use cases: Just like an email address, users can share a wallet address and get paid from anywhere (apps, websites, employers, family abroad).
• It works across banks, wallets, and mobile money: Open Payments isn’t tied to a single network. Whether it’s a bank in Lagos or a mobile wallet in Kigali, it all just works if it’s built on the standard.
  

Early Market Impact and Case Studies

Open Payments isn’t just a promising idea, it’s already being used to solve real financial problems for real people. Across Latin America, the Caribbean, Africa, and Asia, developers, startups, and even government-backed platforms are building practical tools powered by Open Payments.

Here are some of the examples of how Open Payments is changing lives, facilitating financial inclusion, and empowering and growing businesses today:

BessPay – Helping Creators Get Paid Instantly

In the Caribbean, BessPay is reshaping how digital creators earn income. Instead of waiting 30 days for payouts or losing up to 30% in platform fees, creators using BessPay are receiving earnings instantly through Open Payments and payment pointers. 

The platform supports real-time micropayments, tipping, and content monetization tools that allow creators to cash out in local bank accounts, mobile money, or digital wallets. Early adopters have seen a 40% increase in revenue retention, as BessPay puts power and profit directly in the hands of its users.

Snake Nation – Decentralizing the Creator Economy

Snake Nation, a platform built for multicultural creators across Africa and Latin America, has integrated Open Payments into its VNM wallet to decentralize the creator economy. By removing intermediaries and empowering artists to receive direct payments from their fans, 

Snake Nation has enabled real-time tips, paywalled content, and creator tokens—all powered by Interledger. Thousands of creators have already benefited from instant settlements across borders, and the platform continues to grow its user base with a mission to help artists thrive financially regardless of their geography.

ThitsaWorks – Bringing Digital Payments to Rural Myanmar

In Southeast Asia, ThitsaWorks has tackled financial exclusion in Myanmar by digitizing rural microfinance institutions through Open Payments and Mojaloop.

With over 2 million rural users connected, ThitsaWorks’ solution automates loan disbursements and repayments via mobile wallets and bank integrations.

The system has reduced loan processing times by over 50% and made financial services more accessible for users who had previously relied on cash transactions.

Their integration with Mojaloop also opens the door to cross-border transactions, improving financial resilience in economically vulnerable regions.

Cámara de la Gente – Cross-Border Remittances for Rural Mexico

Cámara de la Gente in rural Mexico is leveraging Open Payments to power a cross-border remittance hub for small credit unions and community banks.

By reducing dependency on traditional remittance services, which often charge fees upwards of 8%, the platform has successfully cut costs by over 20% while enabling instant account-to-account transfers.

This innovation is particularly impactful in rural towns where access to digital banking remains limited, giving families faster and more affordable ways to receive support from loved ones abroad.

CryptoSavannah – Loyalty Programs, Reimagined

In East Africa, CryptoSavannah is rethinking how loyalty rewards work. Instead of letting loyalty points sit unused, their Universal Wallet enables customers to earn, transfer, and redeem rewards across a network of partner merchants.

Built on ILP and Open Payments, the platform supports multi-format value, including fiat, crypto, and store credit.

Since the launch, participating retailers have reported a 2x increase in loyalty point redemption rates and improved customer retention, thanks to the flexibility and interoperability of their rewards system.

Mojaloop – Government-Grade Open Payments Infrastructure

Finally, Mojaloop is serving as the national-grade infrastructure layer for Open Payments in countries like Tanzania, Rwanda, and Myanmar.

Through partnerships with governments, central banks, and financial service providers, Mojaloop has facilitated billions of dollars in financial flows while enabling seamless transactions across banks, wallets, and MFIs.

Its integration of Interledger allows for cross-ledger interoperability, and its deployment has driven significant improvements in financial inclusion, particularly among unbanked and underbanked populations.

Challenges and Barriers to Fully Implementing Open Payments in Africa

As promising as Open Payments is for financial transformation, the road to its widespread adoption in Africa is filled with friction. Below are the major barriers slowing progress, each rooted in a unique blend of infrastructure gaps, regulatory complexity, and user behaviour:

1. Weak Digital Infrastructure

Many African regions, especially rural areas, lack consistent Internet access and mobile coverage. Open Payments thrives on low-latency, always-on connectivity, but with only 43% internet penetration continent-wide, real-time financial services remain out of reach for millions. Slow networks and frequent power outages make reliable access to wallets and APIs a significant challenge.

2. Regulatory Uncertainty

Open Payments operates across borders, platforms, and financial layers, but most African countries still don’t have policies that reflect this reality.

While Nigeria has introduced Open Banking regulations, the majority of other nations are either stuck in sandbox mode or still adapting legacy laws. This creates hesitation among banks, FinTechs, and wallet providers, who fear running afoul of compliance rules.

3. Trust and Data Privacy Concerns

Even when infrastructure is in place, user trust is another story. People are rightfully cautious about linking apps to their money, especially in environments where data breaches and financial scams are common.

Despite Open Payments offering explicit consent and granular control, the fear of “giving an app access to your account” remains a major psychological barrier.

4. Limited Incentives for Legacy Institutions

Large banks and incumbent financial service providers don’t always see the upside of embracing Open Payments. Many prefer to operate closed systems and charge high fees for access.

Since Open Payments prioritizes openness and interoperability, some institutions feel it threatens their business model. Without competitive pressure or regulatory nudges, adoption by these players may lag.

5. Low Awareness and Technical Literacy

The concept of Open Payments—wallet addresses, Interledger, GNAP (Grant Negotiation and Authorization Protocol) is still new to many businesses, developers, founders, and users.

Financial literacy remains low in many communities, and technical understanding among SME owners and local agents is still developing. Without grassroots education and easy-to-use tools, even the best technology won’t gain traction.

6. Persistent Financial Exclusion

As of 2023, over 350 million adults in Sub-Saharan Africa are still unbanked. While mobile money has made impressive strides, it doesn’t fully bridge the gap. Open payments require at least a digital wallet or interoperable account. For people without access to identity verification, smartphones, or formal onboarding channels, this is a non-starter. The foundation for access must be laid before innovation can scale.

My Perspective on Open Payments

Over the past year, my journey with Open Payments has led me to several realizations that shape not only how I view financial infrastructure but how I believe we should build it. Here’s my perspective distilled into key insights:

1. Open Payments is not just a technology—it’s a mindset shift

This is a departure from proprietary rails and fragmented systems. It’s about reimagining financial infrastructure as open, interoperable, programmable, and inclusive—the way email revolutionized communication.

2. It empowers both users and developers

With Open Payments, users control who can access their accounts, what they can do, and for how long, without exposing sensitive information. At the same time, developers no longer need to build complex, one-off integrations. One protocol, one standard, many use cases.

3. It lowers the barrier for innovation

Startups, NGOs, and indie developers can now build payment-enabled apps without becoming licensed financial service providers. This radically changes who can build in the financial space and what they can build.

4. It’s already real, and it’s already working

Throughout my 30 Days of Open Payments series, I showcased real-world case studies, wallets using payment pointers, apps using Interledger, and communities benefitting from reduced transaction friction. This isn’t hype; it’s already happening.

5. Education is key to adoption

In my session titled “Open Payments Made Simple—No-Code Solutions and Open-Source Innovations,” presented physically at Microsoft Reactor DevConnect  2025, I introduced over 100 participants, including open source enthusiasts, non-technical professionals, and developers, to the power and simplicity of Open Payments. The session demonstrated how anyone, regardless of technical background, could begin building financial tools using open standards and no-code platforms. Once people realized how accessible the technology is, a wave of interest and experimentation followed, proving that demystifying the protocol is the first step to widespread adoption.

6. Africa is poised to lead this revolution

We’ve already leapfrogged outdated infrastructure with mobile money and digital wallets. Open Payments gives us the chance to leapfrog again into borderless, low-cost, accessible financial ecosystems.

7. My mission is to bridge knowledge and action

Through my workshops, articles, and daily content, I aim to translate complex standards into usable ideas for businesses, developers, founders, and policymakers. My goal is to make Open Payments not just understandable but actionable.

The Future of Open Payments

The world of payments is shifting, and Open Payments is at the heart of this transformation. In the next five years, we won’t just talk about interoperability and financial inclusion; we’ll live it.

Imagine a future where sending money from Lagos to Lima is as easy as sending a tweet. Where a teenager in Nairobi can get paid instantly for designing a logo for a startup in Berlin. Where a nonprofit in Accra receives donations from supporters in Tokyo without paying 12% in fees to legacy platforms. This is not just possible—it’s inevitable.

Open Payments is laying the foundation for a wallet-to-wallet world. A world where financial applications speak a universal language, where developers build once and scale globally, and where people—not institutions—control the flow of their money.

We’re moving toward a future where:

• Wallet addresses become your global financial identity, recognized across apps, platforms, and borders.
• Microtransactions flourish, powering new economies from creators getting paid per view to learners tipping educators.
• Developers build plug-and-play financial apps without needing banking licenses or backend acrobatics.
• Startups from underserved regions compete on equal footing with Silicon Valley, thanks to infrastructure that no longer discriminates based on geography.
• Consent, transparency, and security aren’t features—they’re defaults. Users decide who can access their money, when, and how much.

But here’s the most exciting part: Africa isn’t catching up; we’re positioned to lead. Our mobile-first ecosystems, youth-driven innovation, and demand for financial alternatives make the continent a natural breeding ground for Open Paymentss breakthroughs. What M-Pesa was to mobile money, Open Payments could be to the next generation of financial technology across the continent.

This isn’t a distant dream. We’re building it now. From Interledger-enabled wallets in South Africa to developer workshops in Nigeria to early-stage adoption in Ghana, the ecosystem is growing. Standards are maturing. Communities are forming. Builders are shipping.

The rails of global finance are being rewritten, and Open Payments is the ink. So whether you’re a policymaker, product manager, backend engineer, or founder, the invitation is open. Open to build. Open to innovation. Open to include.

The question is no longer if Open Payments will shape the future—it’s who will shape Open Payments.

And if you ask me, it should be us.

About the Author

Babatunde Hammed is a seasoned professional with a rich blend of expertise in operations, project management, business development, and compliance. With a proven track record of optimizing business processes and delivering strategic growth, he has made significant contributions to global organizations, particularly in the fintech and Open Payments space.

As the Head of Operations at Chimoney, Babatunde plays a pivotal role in transforming the way people send, receive, and manage money across borders. He leads cross-functional initiatives focused on enabling financial inclusion, ensuring compliance with global regulatory frameworks, and scaling secure payment infrastructure. His work sits at the powerful intersection of finance, technology, and policy.

Beyond his operational leadership, Babatunde is a passionate advocate for Open Payments. He is deeply committed to educating developers, non-technical professionals, founders, and policymakers on the transformative potential of open financial systems.

The Nigerian Communications Commission (NCC) recently reported that Nigeria’s internet consumption reached 973,455 terabytes in December 2024, a 36.5% increase from the previous year. 

That’s 998.79 million gigabytes of data used in just one month. Despite this surge in demand, the country’s broadband penetration stood at 44.43%, far below the 70% target set in the National Broadband Plan (2020–2025). 

Even more concerning, Nigeria ended 2024 with 164.9 million active telecom subscribers—down from 224.7 million the year before.

Imagine streaming a movie now costing as much as a meal, and staying online feels like a privilege reserved for the wealthy. 

This sharp decline in active subscribers, even with the growing need for internet services, is leading to talks of Nigerians being unable to afford staying connected.

Inflation and currency devaluation have shot the industry’s costs of operations really high, leading to the Nigerian Communications Commission’s (NCC) recent approval of a 50% increase in telecommunications tariffs—the first such hike in over a decade—to help operators manage the high expenses. 

The Need for Inclusive Resilience in the Telecom Sector

This tariff increase has struck conversations across various bodies. The Nigeria Labour Congress (NLC) has labelled the hike as “insensitive” and “unjustifiable,” especially given the current cost-of-living issue. 

While telecom operators argue that the challenges leave them with no choice, consumers are wondering if affordable connectivity is becoming a thing of the past.

Inflation is wearing out disposable income, forcing consumers to prioritise essentials over data and call plans. Businesses, especially SMEs, rely heavily on telecom services, but higher costs threaten their ability to stay competitive.

The rural-urban gap in connectivity may expand, as rural consumers—who already struggle with access—may be priced out of the market.

In the midst of these challenges, the telecom sector must find ways to remain profitable without sidelining lower-income consumers. The key lies in resilient and inclusive strategies that balance affordability, sustainability, and growth.

Strategy 1: Tiered and Flexible Pricing Models

1. The Power of Segmentation in Telecom

To effectively serve a diverse customer base, telecom operators should segment their users into low-income, middle-income, and high-income categories. This segmentation allows for targeted services that meet the specific needs and financial capabilities of each group.

2. Implementing Flexible Pricing Structures

• Pay-as-you-go options: Ideal for price-sensitive users who prefer to control their spending without committing to fixed plans.
• Subscription models: Offer middle-income consumers affordable packages with predictable billing cycles.
• Premium services: Provide high-income users with enhanced features such as high-speed internet and exclusive customer support.

3. Strategy 2: Infrastructure Cost Optimisation Through Public-Private Partnerships (PPP)

1. The High Cost of Expanding Telecom Network Infrastructure

Building and maintaining telecom infrastructure, such as towers and broadband cables, require huge capital investment. Inflation further increases these costs, making it challenging for operators to expand and upgrade their networks.

2. Leveraging PPP to Reduce Financial Stress

Collaborating with government entities and development banks can help telecom operators share the financial risks associated with infrastructure projects. For example, partnerships can be formed to extend network coverage to underserved rural areas, with shared investment and benefits.

In Kenya, the government and private telecom operators have partnered to expand rural connectivity, resulting in increased access to communication services in previously underserved regions.

Initiatives like the National Optic Fibre Backbone Project and partnerships with telecom providers such as Safaricom, Telkom Kenya, and Airtel have helped boost this.

Strategy 3: Digital Transformation and AI-Driven Efficiency

1. How Digital Transformation Can Lower Costs

Leveraging digital tools and automation can simplify operations, reducing the need for manual intervention and lowering operational expenses. For instance, AI-powered network management systems can optimise bandwidth usage and predict maintenance needs, thereby reducing downtime and associated costs.

2. The Impact on End-Users

Customers benefit from faster and more efficient services, such as AI-driven customer support that can handle inquiries promptly. These efficiencies can lead to cost savings for operators, which can be passed on to consumers in the form of more affordable services.

Strategy 4: Expanding Alternative Revenue Streams

1. Moving Beyond Traditional Revenue Models

Relying solely on voice and data services is becoming more and more unsustainable. Diversifying into areas like financial technology (fintech), cloud services, and the Internet of Things (IoT) can open new revenue streams. This is seen in MTN’s transition to a Techco.

2. Monetising Digital Services

• Mobile money and payment solutions: Offer financial services to unbanked populations, generating transaction fees.
• Entertainment bundles: Partner with streaming services to provide bundled offerings, enhancing value for consumers.

MTN’s MoMo, Airtel Money and Safaricom’s M-Pesa are prime examples of telecom operators successfully launching into mobile financial services, greatly contributing to revenue growth.

Strategy 5: Strengthening Local Supply Chains to Mitigate FX Risks

1. The Problem of Foreign Exchange Dependency

Heavy reliance on imported equipment makes telecom operators vulnerable to currency fluctuations, increasing costs unpredictably.

2. Investing in Local Manufacturing and Partnerships

Developing local production capabilities for items like SIM cards and network components can reduce foreign exchange exposure. Partnering with local tech firms can also promote innovation and cost-effective solutions tailored to the local market.

Strategy 6: Data-Driven Decision Making for Telecom Customer Retention

1. The Cost of Customer Churn in an Economic Downturn

Losing customers can be more expensive than retaining existing ones, especially when inflation reduces consumers’ disposable income. High churn rates force telecom companies to spend more on marketing and customer acquisition, which can negatively impact already tight budgets.

2. Leveraging Big Data and Analytics for Personalised Offers

Telecom operators can use customer data analytics to identify usage patterns, predict churn risk, and design personalised retention strategies.

• Usage-based incentives: Offering discounts or data bonuses to customers who frequently recharge can encourage continued engagement.
• Loyalty rewards: Retaining long-term customers through perks such as discounted family plans or exclusive streaming deals.

MTN and Airtel have successfully used data analytics to provide dynamic pricing models, such as location-based discounts and time-sensitive data plans, reducing churn and boosting customer satisfaction.

Strategy 7: Strengthening Regulatory and Industry Collaboration in Telecom

1. The Impact of Government Policies on Telecom Viability

Government policies on taxation, spectrum licensing, and price regulations are important in determining telecom sector stability. The recent 50% tariff hike approved by the Nigerian Communications Commission (NCC) is an example of how policy decisions directly affect consumers and telecom operators.

2. Advocacy for Fair and Sustainable Policies in the Telecom Sector

Telecom companies must engage policymakers and industry regulators in constructive dialogue to ensure that tariff adjustments, tax structures, and regulatory frameworks balance profitability with affordability for consumers.

3. Encouraging Investment-Friendly Policies in the Telecom Sector

• Reducing multiple taxation: Telecom firms should advocate for streamlined tax policies to prevent excessive levies that inflate operational costs.
• Incentives for rural expansion: Government support, such as tax breaks for rural infrastructure projects, can make connectivity more accessible in underserved areas.

Regulatory frameworks can encourage competitive pricing while ensuring telecom operators remain profitable.

Summary of Key Points

Though there are economic pressures like inflation, telecom operators can thrive and ensure inclusive connectivity by implementing seven key strategies:

1. Tiered and flexible pricing models to serve all income groups.
2. Public-private partnerships (PPP) to reduce infrastructure costs.
3. Digital transformation and AI for cost efficiency.
4. Diversifying revenue streams beyond data and voice services.
5. Strengthening local supply chains to reduce foreign exchange risks.
6. Using data-driven strategies to retain customers.
7. Collaborating with regulators to ensure fair pricing policies.

The Lot of Resilient Connectivity

With smart, adaptive strategies, telecom operators can continue to deliver quality services across all economic segments while mitigating the impact of inflation.

The telecom sector must act assertively by adopting innovative pricing, infrastructure investment, and customer-centric solutions. 

Regulators, industry leaders, and consumers must collaborate to ensure that connectivity remains affordable, sustainable, and inclusive—regardless of economic conditions.

Key Highlights

• Total customer base grew by 0% to 152.7 million. Airtel continues to bridge the digital divide with a 17.8% increase in data customers to 64.4 million and a 20.8% increase in data usage per customer.
• Mobile money subscriber growth of 7% reflects our continued investment into distribution to drive increased financial inclusion across our markets.
• Transaction value increase of 38.2% in constant currency with annual transaction value of over $112bn in reported currency. Increased transactions across the ecosystem reflects the enhanced range of offerings and increased customer adoption, supporting constant currency ARPU growth of 6%.
• Continued network investment to support an enhanced customer experience and drive increased 4G 95% of sites now 4G operational, facilitating a 42.3% increase in 4G customers over the year.

Financial performance

• Revenue in constant currency grew by 9% with growth accelerating to 23.1% in Q4’24. Nigerian constant currency revenue growth accelerated to 34.2% in Q4’24 despite the challenging backdrop. Reported currency revenues declined by 5.3% to $4,979m reflecting the impact of currency devaluation, particularly in Nigeria.
• Across the group mobile services revenue grew by 4% in constant currency, driven by voice revenue growth of 11.9% and data revenue growth of 29.2%. Mobile Money revenue grew by 32.8% in constant currency, with a continued strong performance in East Africa.
• EBITDA margins remained resilient at 8% despite the currency headwinds and inflationary pressure on our cost base. Constant currency EBITDA increased 21.3% with reported currency EBITDA declining 5.7% to $2,428m. Q4’24 EBITDA margins of 46.5% were impacted by the lower contribution of Nigeria following the Q4’24 naira devaluation and rising energy costs across a number of markets.
• Loss after tax was $89m, primarily impacted by significant foreign exchange headwinds, resulting in a $549m exceptional loss net of tax following the Nigerian naira devaluation in June 2023 and Q4’24, and the Malawian kwacha devaluation in November
• Basic EPS of negative (4.4 cents) compares to 7 cents last year. EPS before exceptional items was 10.1 cents, a decline of 25.9%. Both EPS before exceptional items and basic EPS were primarily impacted by significant derivative and foreign exchange losses during the year. EPS before exceptional items and derivative and foreign exchange losses was 18.3 cents compared to 20.5 cents in the prior period.

Capital allocation

• Capex was broadly flat at $737m and was below Airtel’s guidance largely due to a deferral in data centre In addition, the Group invested $152m in licence renewal and spectrum acquisitions, including $127m for the Nigerian 3G licence renewal.
• Leverage of 1.4x on 31 March 2024 was flat from the previous year. Airtel has around $680m of cash available at HoldCo, to be utilized to fully repay the remaining $550m debt, falling due in May
• The Board has approved a share buyback programme of up to $100m, over a period of up to 12 On 1 March 2024, we announced the commencement of the first tranche of this buyback up to a maximum of $50m. During March 2024, the company purchased 7.4 million shares for a total consideration of $9m.
• The Board has recommended a final dividend of 57 cents per share, making the total dividend for FY24 5.95 cents per share.

Commenting on the results, Mr, Olusegun Ogunsanya, the chief executive officer, said:

“The consistent deployment of our ‘Win with’ strategy supported the acceleration in constant currency revenue growth over the recent quarters which has reduced the impact of currency headwinds faced across most of our markets. This strong revenue performance is a reflection not only of the opportunity that is inherent across our markets, but also the resilience of our affordable offerings despite the inflationary pressure many of our customers have experienced.

“Facilitating this growth has been, and will remain, fundamental to our performance. The investment in our distribution to catalyse growth, and the technology required to support this growth has been key. Furthermore, our rigorous approach to de-risking our balance sheet and our capital allocation priorities has materially reduced the risks that the currency de- valuation has had on our business.

“Key initiatives include the reduction of US dollar debt across the business and the ac- cumulation of cash at the HoldCo level to fully cover the outstanding debt due. We will continue to focus on reducing our exposure to currency volatility. At the beginning of March, we launched our first buyback programme reflecting the strength of our financial position.

“The growth opportunity that exists across our markets remains compelling, and we are well positioned to deliver against this opportunity. We will continue to focus on margin improvement from the recent level as we progress through the year.

“I want to say a particular thank-you to our customers, partners, governments and regulators for their support and our employees for their unrelenting contribution to the business. Our purpose of transforming lives across Africa will continue to be our highest priority”.