Accelerating mobile money adoption – and transforming finance for customers
Revenue
$1,355m
reported currency +36.3%
constant currency +28.4%
Operating profit
$645m
reported currency +32.1%
constant currency +23.2%
Underlying EBITDA
$689m
reported currency +31.3%
constant currency +22.9%
ARPU
$2.3
reported currency +15.3%
constant currency +8.6%
Ian Ferrao
CEO, Airtel Money
1
Airtel Money now connects more than 54 million active customers to an inclusive digital financial ecosystem that supports everyday payments and access to essential services. By accelerating the shift from cash to digital, we’re advancing financial inclusion, improving economic resilience and enabling broader participation in the formal digital economy.
2
Revenue ($m)
Growth percentage in constant currency
Underlying EBITDA ($m)
* Underlying EBITDA margin (%)
Revenue split
Our Airtel Money strategy
Summarised statement of operations
1 Mobile money service revenue post inter-segment eliminations with mobile services were $1,087m in the year ended 31 March 2026 and $770m in the prior year. 2 Wallet services comprise cash-in (deposits)/cash-out (withdrawals). Payment and transfers comprise P2P money transfers, airtime and bundle recharges, utility bill payments, merchant payments, cash collection, corporate bulk payments and international money transfers. Financial services primarily include bank-to-wallet transfers, wallet-to-bank transfers, lending, insurance, wealth management and savings. Others comprises retention revenues. | |||||
|---|---|---|---|---|---|
Description | Unit of measure | Year ended | Reported currency change | Constant currency change | |
Mar-26 | Mar-25 | ||||
Revenue1 | $m | 1,355 | 994 | 36.3% | 28.4% |
Wallet services2 | $m | 648 | 475 | 36.5% | 28.9% |
Payment and transfers2 | $m | 573 | 421 | 36.3% | 28.3% |
Financial services2 | $m | 61 | 35 | 73.0% | 61.1% |
Others2 | $m | 73 | 63 | 15.5% | 7.3% |
Underlying EBITDA | $m | 689 | 525 | 31.3% | 22.9% |
Underlying EBITDA margin | % | 50.8% | 52.8% | (196) bps | (227) bps |
Depreciation and amortisation | $m | (29) | (23) | 27.7% | 25.1% |
Operating profit | $m | 645 | 489 | 32.1% | 23.2% |
Capex | $m | 45 | 32 | 41.4% | 41.4% |
Operating free cash flow | $m | 644 | 493 | 30.7% | 21.7% |
Operating KPIs | |||||
Mobile money customer base | million | 54.1 | 44.6 | 21.3% | |
Total processed value (TPV) | $bn | 195.9 | 136.5 | 43.5% | 35.2% |
Mobile money ARPU | $ | 2.3 | 2.0 | 15.3% | 8.6% |
Regional split
Description | Unit of measure | Year ended | Reported currency change | Constant currency change | |
|---|---|---|---|---|---|
Mar-26 | Mar-25 | ||||
Revenue | $m | 1,355 | 994 | 36.3% | 28.4% |
Nigeria | $m | 9 | 4 | 113.4% | 102.9% |
East Africa | $m | 1,009 | 747 | 35.1% | 26.1% |
Francophone Africa | $m | 337 | 243 | 38.6% | 34.3% |
Mobile money customers | million | 54.1 | 44.6 | 21.3% | |
Nigeria | million | 2.7 | 1.7 | 60.7% | |
East Africa | million | 40.9 | 35.3 | 15.8% | |
Francophone Africa | million | 10.5 | 7.6 | 38.0% | |
The mobile money opportunity continues to grow rapidly, with the GSMA's 2026 State of the Industry report recording mobile money total processed value growth of 26% for sub-Saharan Africa in 2025. Further, there are 2.3 billion registered mobile money accounts globally out of which 1.2 billion accounts are in sub-Saharan Africa 18% more than the previous year. Airtel Money is at the heart of this transformation – and we're focused on accelerating financial inclusion in our markets by deepening adoption, increasing everyday use cases and strengthening the digital payments ecosystem for customers.
MyAirtel app continues to be a key tool for driving higher penetration and transaction frequency by making access to financial services simpler and more digitised. We refreshed MyAirtel app in 2025/26, rolling out the improved version across all markets by year-end. The adoption of MyAirtel app reached 8.7% of our transacting customers by the end of 2025/26, an increase of 2.6% year-on-year.
At the same time, we scaled up the rollout of services for merchant customers, enabling more small businesses to accept digital payments while deepening our portfolio of products which now include bill payments and remittances, savings, credit and insurance. This growth in use cases helps build the financial ecosystem further.
This strategy is underpinned by a physical and virtual distribution platform which continues to expand and evolve to meet customer needs. Expansion of our Airtel Money branches (AMBs) and kiosks along with enhancements to MyAirtel app delivered a simpler, faster and more intuitive customer experience. We're using AI to improve our sales and customer service processes and digital self-recharge and top-ups continued to grow.
We continue to develop strategic partnerships in key product areas, including international money transfers (IMT), credit and value-added financial services. In 2025/26, this included our partnership with fintech service providers to offer digital loan overdraft solutions to Airtel Money customers.
Mobile money revenue grew by 36.3% in reported currency, with constant currency revenues growing by 28.4%. During the period, East Africa revenue grew 26.1% and Francophone Africa revenue grew by 34.3% in constant currency. In Q4’26, Francophone Africa revenues grew by 38.9% in constant currency as we focused on key opportunities across the region. The expansion of our distribution network underpinned our 21.3% customer base growth, while ARPU growth of 8.6% in constant currency reflects the increased range of services on offer as we continue to expand the ecosystem.
A 14.4% increase in total processed value (TPV) per customer to $332 per customer per month reflects both the enhanced ecosystem and increased user engagement. Q4’26 annualised TPV exceeded $215bn in reported currency, with mobile money revenue contributing 21.1% of total Group revenue during the year ended 31 March 2026. This contribution includes cross-charge revenue from mobile services which is eliminated upon consolidation.
Mobile money underlying EBITDA was $689m, up by 31.3% and 22.9% in reported and constant currency, respectively. The underlying EBITDA margin of 50.8%, a decline of 227 basis points in constant currency and 196 basis points in reported currency, primarily reflects the renegotiation of intra-group agreements as previously disclosed in our H1’26 results. The impact arising from intra-group agreement revisions will occur in phases. Adjusting for the impact of the revised intra‑group agreements, mobile money constant currency revenue growth would have been 31.6%, with underlying EBITDA margins of 53.1% in the year ended 31 March 2026. As these are intra-group arrangements, they will have no impact on the consolidated revenue, underlying EBITDA or growth outlook for the Group.
Operating free cash flow was $644m, up by 21.7% in constant currency, due to the increased underlying EBITDA, partially offset by higher capex.
We operate in an evolving legal and regulatory landscape. Relevant changes in mobile money this year include:
Mobile money levy
DRC
In March 2026, the Ministry of Finance issued an enforcement notice introducing a 10% levy on commissions earned by electronic money issuers from specified mobile money services.
Malawi
On 2 December 2025, the Malawian Parliament passed the revised 2025/26 half-year national budget introducing a new levy on mobile money transfers of 0.05% above MWK100,000 and VAT increased by 1% to 17.5%, effective from 30 December 2025.
Zambia
The Mobile Money Transaction Levy (Amendment) Act 2025 brings into its ambit digital betting services, whose flows will now be subject to tax unless expressly exempted. In addition, the Government of Zambia has implemented the increase in the mobile money levy for person-to-person transactions by 100% for lower-value transactions and by more than 200% for high-value transactions.
Transforming lives in action
MyAirtel app: bridging the gap to financial inclusion
We’re accelerating the shift from cash to digital through MyAirtel app, our one-stop digital self-service and financial management platform that is expanding financial inclusion across sub-Saharan Africa.
By making financial services simpler and more digital, MyAirtel app brings more people into the digital ecosystem and expands the ways they can control their money – critical in markets where access to traditional banking services is limited. In 2025/26, we redesigned and refreshed MyAirtel app to deliver a more intuitive and seamless customer journey, making digital financial services easier to discover, access and use. The enhanced app and new user interface integrate key mobile money services, enabling customers to manage self-recharge, make everyday payments and access digital financial services securely through a single platform.
Customer engagement continues to rise. In 2025/26, total processed value on MyAirtel app for mobile money customers reached $8.2bn, an 80% increase year-on-year. We had 4 million more monthly users by year-end and penetration among smartphone customers had reached 30.4%.
