A young and growing population

Sub-Saharan Africa will see the world’s fastest growth in working age population over the next three decades. The GSMA forecasts that there will be more than 750 million unique mobile subscribers in sub-Saharan Africa by 2030, and that mobile data traffic will quadruple by 2028.

• See our mobile services business review

Underpenetrated voice and data markets

Our telecoms and data markets remain underpenetrated at around 44%, compared to a global average of 69%.

Rapid adoption of smartphones – but still a long way to go

Smartphone penetration – a key enabler of data and mobile money growth – is at 51% in sub-Saharan Africa and is expected to reach 81% by 2030.

Unbanked population is accelerating the demand for mobile money

Africa leads the world in mobile money services: 60% of adults are unbanked, with 90% of payments in cash. Mobile money is the driver of financial inclusion for consumers and enterprise alike. Sub-Saharan Africa had the highest levels of global mobile money adoption – mobile money has increased GDP by more than $150bn, equivalent to increasing GDP by 3.7% between 2013 and 2022.

Strong stakeholder support for sustainable development and financial and digital inclusion

Governments and other stakeholder groups are committed to sustainable development groups, recognising the role played by telecoms and mobile money services in overcoming barriers to financial inclusion and access to education, and to driving economic growth.

Source: GSMA report 2024

Geopolitical risks, macroeconomic and currency volatility impacting our business and our customers

Our business is subject to numerous variables, including fluctuations in global commodity prices, and we’re constantly exposed to the risk of adverse currency fluctuations and the macroeconomic conditions in the markets where we operate. Consumers also face cost-of-living pressures.

• See our Financial review

Evolving legal, regulatory and tax frameworks

Legal and regulatory frameworks for telecoms services and mobile financial services are unique to each country, and they constantly evolve, as do requirements regarding taxes, tariffs, consumer protection and fair competition.

• See Risk section

A dynamic competitive environment

We operate in a competitive environment, which varies for each of our markets, products and services. 

Climate and weather-related disruption

Africa is disproportionately affected by climate change, and extreme weather events continue to occur in several markets. 

A clear strategy, with the customer at its heart

The focused execution of our strategy is the backbone of our ability to deliver sustainable, profitable and market-leading growth. Enhancing the customer experience is at the heart of our strategy – we offer affordable, reliable services and simplified, digital customer journeys.

A strong and expanding distribution network

We continually build scale across our customer touchpoints by expanding our distribution network and enhancing the customer propositions on offer in new segments. This is supported by digitalisation, including through our MyAirtel app.

Consistent investment in coverage and capacity

In 2024/25, we invested $670m in capital expenditure, predominantly in our networks, and added around 2,600 infrastructure sites. Our 4G network now reaches 74.4% of the people in our markets, up 3.7% since 2023/24.

Cost optimisation

Cost efficiencies are key to combating inflationary pressures in some markets. Through a relentless focus on cost efficiencies, our ability to sustain industry-leading EBITDA margins reflects our ability to actively manage our cost base. 

Robust risk management, compliance and partnerships with stakeholders

Our risk management framework, wide geographical spread, deep knowledge of the African continent and strong corporate governance policies ensure we’re able to effectively mitigate risks. We comply strictly with local and international laws. At the same time, we continue to be a partner in development with our various stakeholders on the continent through the implementation of our sustainability strategy, while our resilience programmes help us adapt to unforeseen weather or political disruption.

Consistent strong growth in constant currency revenue and EBITDA

Over the past five years, we have delivered 19.3% CAGR constant currency revenue growth and industry-leading EBITDA margins, enabling continued investment in our network to support our ambition for future growth.

Sustainable capital structure

Through strong financial performance and continued cash upstreaming, we fully repaid our remaining HoldCo debt in May 2024. We continue to move debt into local currency. Currently, over 93% of our debt is in local currency.

Attractive shareholder returns

As a result of our cash flow generation and robust capital structure, the Board of directors continues to support our existing dividend policy of a mid- to-high single-digit annual growth in the dividend. In 2024/25 the Board returned a further $120m through a share buy-back programme.