Innovating financial solutions that drive growth and transform lives
Revenue
$994m
constant currency 29.9%
reported currency 18.7%
Operating profit
$489m
constant currency 31.9%
reported currency 20.5%
Underlying EBITDA
$525m
constant currency 31.6%
reported currency 20.2%
ARPU
$2.0
constant currency 11.4%
reported currency 1.8%
Ian Ferrao
CEO, Airtel Money
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Our Airtel Money platform now connects 44.6 million customers to an inclusive ecosystem that enables seamless payments, transfers, collections, disbursements and essential financial services. As mobile money becomes the currency of choice across our markets, we’re not only accelerating digital adoption but also unlocking economic opportunities, fostering financial inclusion and empowering stronger communities.
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Revenue ($m)
Growth percentage in constant currency
Underlying EBITDA ($m)
* Underlying EBITDA margin (%)
Summarised statement of operations
1 Mobile money service revenue post inter-segment eliminations with mobile services was $770m in the year ended 31 March 2025 and $649m in the prior year. | |||||
|---|---|---|---|---|---|
Description | Unit of measure | Year ended | Reported currency change | Constant currency change | |
Mar-25 | Mar-24 | ||||
Revenue1 | $m | 994 | 837 | 18.7% | 29.9% |
Nigeria | $m | 4 | 2 | – | – |
East Africa | $m | 747 | 635 | 17.5% | 31.9% |
Francophone Africa | $m | 243 | 200 | 21.6% | 22.2% |
Underlying EBITDA | $m | 525 | 436 | 20.2% | 31.6% |
Underlying EBITDA margin | % | 52.8% | 52.1% | 66 bps | 70 bps |
Depreciation and amortisation | $m | (23) | (18) | 22.5% | 36.3% |
Operating profit | $m | 489 | 405 | 20.5% | 31.9% |
Capex | $m | 32 | 27 | 20.7% | 20.7% |
Operating free cash flow | $m | 493 | 409 | 20.3% | 32.4% |
Operating KPIs | |||||
Mobile money customer base | million | 44.6 | 38.0 | 17.3% | |
Transaction value | $bn | 136.5 | 112.3 | 21.5% | 32.0% |
Mobile money ARPU | $ | 2.0 | 2.0 | 1.8% | 11.4% |
Transforming lives in action
MyAirtel app: accelerating digital services at scale
MyAirtel app is our one-stop digital self-service and financial management platform – and one of the best examples of how we are digitising and simplifying our services to enhance the customer experience.
Since its launch in 2021/22 as a tool for customers to access mobile services, payments and account management, we’ve continuously innovated and improved the MyAirtel app to drive its adoption. In 2024/25 we took another big step forward, improving one-time-pin (OTP) authentication and ‘zero rating’, which enables customers with no data balance to continue using the app for top-ups and wallet transactions, enhancing the app’s wallet self-service features to create a digital-first customer experience across the full customer lifecycle, and continuing to invest in improvements to customer journeys. Our new ‘Airtel lite’ expansion, launched in October 2024, creates a web-based channel for customers with limited storage or entry-level smartphones.
The result is accelerating adoption and greater penetration. In 2024/25, transactions on the MyAirtel app reached 4.7 billion, a 91% growth year-on-year. Monthly users have grown by 2.1 million, while penetration among smartphone customers has increased to 21% from 14% since 2023/24.
Transforming lives in action
Kamilisha: enhanced customer journeys driving microloan growth
Speed, convenience and enhanced customer experience are essential elements for success in the fast-growing ecosystem of mobile money financial products.
Overdraft and microloan products are a good example – while access to credit creates huge opportunities for individuals and businesses to manage their day-to-day finances, the process needs to be intuitive and customer-focused.
This year, we upgraded the service customers received for a number of products, including Kamilisha, a mobile overdraft service we operate in Tanzania in partnership with I&M Bank Tanzania. Kamilisha now supports peer-to-peer transfers, bill payments and airtime/data purchases directly through the Airtel Money menu. These enhancements across our operations have led to 13.6% of our customer across footprint utilizing microloans in 2024/25.
Airtel Money is playing a pivotal role in transforming financial landscapes across our markets. As mobile money increasingly becomes the preferred mode of transaction, Airtel Money is well-positioned in a dynamic and rapidly expanding ecosystem that is digitising cash-based economies and advancing financial inclusion.
It's a sector that continues to have huge potential, with the GSMA’s 2024 State of the Industry report recording mobile money transaction volume growth of 28%, and new account growth of 19%, across sub-Saharan Africa. The GSMA has also highlighted mobile money’s contribution to the region’s GDP which, at the end of 2022, was more than $150bn, equivalent to increasing GDP by 3.7%.
This momentum is reflected in our results in 2024/25, including 17.3% growth in our active customer base, 32% growth in transaction value and 29.9% growth in revenues in constant currency, respectively.
We remain focused on building our customer base while expanding use cases to meet the diverse needs of individuals and businesses – from deposits and withdrawals to merchant payments, enterprise disbursements, cross-border transfers and access to credit and savings.
Innovation continues to be a core pillar of our growth strategy. In 2024/25, we launched a suite of customer-centric financial solutions, including microloans, savings tools and insurance services, designed to address real-world challenges and unlock new opportunities. Microloans have seen remarkable adoption, growing at 80%. Examples include Fikiliza (Zambia), a flexible overdraft facility, Kamilisha (Tanzania), a mobile overdraft in partnership with I&M Bank, Kutchova (Malawi), a consumer-focused short-term loan, and Kwasakwasa (Uganda), a mobile loan tailored to everyday needs. These products now extend access to third party credit to over six million customers monthly.
We are also expanding strategic partnerships that enhance service accessibility. For example, in November 2024, Airtel Money partnered with Naivas Supermarket, enabling customers to deposit and withdraw cash at all 109 Naivas branches across Kenya. In December 2024, we enabled cashless toll payments through a partnership with Moja Expressway in Nairobi. Globally, partnerships with Ria Money and Remitly continue to enable international remittances and cross-border payments.
Distribution remains central to our strategy – our Airtel Money branches (AMBs) and kiosks increased by approximately 1,000 – helping us scale up our customer base. This expansion helps us maintain our track record of strong growth in constant currency despite the continuing headwinds of currency devaluations.
Mobile money revenue grew by 18.7% in reported currency, with constant currency growth of 29.9%. The constant currency mobile money revenue growth was driven by revenue growth in both East Africa and Francophone Africa of 31.9% and 22.2%, respectively. In Nigeria, we continue to focus on customer acquisitions with 1.7 million active customers registered for mobile money services at the end of March 2025.
The constant currency revenue growth of 29.9% was driven by both our customer base growth of 17.3% and mobile money ARPU growth of 11.4%. The expansion of our distribution network, particularly, our multi-brand agent network, supported the customer base growth of 17.3%. The mobile money ARPU growth of 11.4% was primarily driven by transaction value per customer growth of 13.3% in constant currency, to $273 per customer per month.
Q4’25 annualised transaction value amounted to $145bn in reported currency. Mobile money revenue contributed 20.1%1 of total Group revenue during the year ended 31 March 2025.
Underlying EBITDA was $525m, up by 20.2%, and 31.6% in reported and constant currency, respectively. The underlying EBITDA margin reached 52.8%, an improvement of 70 basis points in constant currency and 66 basis points in reported currency, driven by continued operating leverage.
The differential in growth rates (between constant currency and reported currency) is primarily as the result of devaluation in the Zambian kwacha and the Malawi kwacha.
1 Mobile money contribution is based upon mobile money revenue including cross-charge revenue from mobile services which gets eliminated upon consolidation.
We operate in an evolving legal and regulatory landscape. Recent changes include:
Tax developments
Madagascar
The Finance Act 2025 introduced a 5% tax on mobile money revenue.
Malawi
The amendments to the Tax Acts were gazetted in April 2024 (effective Jan 2024) where the Corporate Income tax rate of 30% is applicable upto 10 Bn Malawian Kwacha and 40% over and above 10 Bn Malawian Kwacha.
Mobile money levy
Zambia
With effect from 1st January 2025, the Mobile Money Transaction Levy Act 2024 has moved the administration of the levy from Bank of Zambia to the Zambia Revenue Authority (ZRA) and has increased the chargeable rates on P2P transactions across 8 brackets . A ZRA practice note of 29 January 2025 has extended the scope of the levy from P2P transactions to payments or transfers from a person to Government, from Government to a person, payment of utilities bills and to merchants, and bank to wallet transfers. The Mobile Money Industry is engaging ZRA and with relevant authorities on the scope of the levy as extended by the ZRA practice note.