Airtel Nigeria’s $1 billion comeback comes with a growing mobile money business

Airtel Nigeria achieved a milestone in April-September 2026, attaining $1.01 billion in revenue, marking its first such accomplishment since the same period in 2022, when it generated $1.04 billion, as per the company's financial records. Its mobile money venture, SmartCash PSB, recorded its highest-ever half-year earnings of $10 million, as the company's strategy of implementing a zero-fee model and 15% annual interest rate on savings deposits starts to yield results.

The improvement is attributed to a recovery from currency volatility due to the devaluation of the naira in 2023, and favorable macroeconomic conditions such as a more stable naira and approval of market-reflective telecom tariffs. MTN Nigeria, for instance, reported a 23.6% increase in nine-month revenue to ₦4.61 trillion ($3.42 billion) in 2025.

Airtel Africa attributes the higher than expected currency growth to the appreciation of the Nigerian naira, from a weighted average NGN/USD rate of 1,553 in the prior period to 1,360 in the current period. Airtel Nigeria's revenue growth of 44.62% led to a 27.27% increase in average revenue per user. Data consumption also contributed to the growth, with smartphone penetration reaching 56.8% and monthly smartphone data usage per customer increasing to 16.7GB from 12.7GB.

Despite this progress, rising operating costs, including the impact of doubled fuel prices in Nigeria due to geopolitical developments, are beginning to affect margins. Airtel Africa noted that the sequential margin decline has been limited to approximately 130 basis points, from 58.8% in Q1'27 to 57.5% in Q2'27. However, Airtel Nigeria's SmartCash PSB, contributing just 1.19% to Airtel Africa's revenue, saw a 150% increase in its revenue to $10 million and a 110% increase in customer base to 4.2 million.

The company's efforts to build a more competitive mobile money business through a zero-fee banking model and a 15% annual interest rate on savings deposits appear to be yielding positive results.