Airtel Nigeria reported revenue of $1.01 billion for the April‑September 2026 period, surpassing the $1 billion threshold for the first time since the same period in 2022, when it recorded $1.04 billion, according to the company’s financial statements.
The telecom operator, which serves 61.7 million subscribers, attributed the growth to a 44.62% increase in revenue and a 27.27% rise in average revenue per user. Data consumption also rose, with smartphone penetration reaching 56.8% and monthly data usage per customer climbing to 16.7 GB from 12.7 GB in the comparable period.
“Higher reported currency growth compared to constant currency growth was due to the appreciation in the Nigerian naira from a weighted average NGN/USD rate of 1,553 in prior period to NGN/USD 1,360 in current period,” Airtel Africa said about its Nigerian unit.
Improved macroeconomic conditions, including a more stable naira and regulatory approval for market‑reflective telecom tariffs, have supported sector‑wide revenue growth. MTN Nigeria, for example, posted a 23.6% increase in nine‑month revenue to ₦4.61 trillion ($3.42 billion) in 2025.
SmartCash subsidiary sees revenue surge
SmartCash PSB, Airtel Nigeria’s mobile‑money arm, recorded its highest half‑year revenue at $10 million, a 150% increase over the previous period and a 66.67% rise from the $6 million reported in December 2025. The customer base expanded by 110% to 4.2 million users.
Despite the growth, SmartCash remains the smallest of Airtel Africa’s mobile‑money operations, contributing just 1.19% of the group’s total revenue.
“Reported currency revenue growth was higher than constant currency growth reflecting currency appreciation in Nigeria and Zambia,” Airtel Africa said.
“Our cost efficiency programme mitigated these pressures, limiting the sequential margin decline to approximately 130 bps, from 58.8% in Q1’27 to 57.5% in Q2’27. Operating free cash flow increased by 28.2% to $409 m driven by strong underlying EBITDA growth, despite significantly higher capex during the period,” the company said.
Airtel Africa’s overall revenue rose 28.20% to $3.82 billion, with profit increasing 20.21% to $452 million. However, rising operating costs, notably a doubling of fuel prices in Nigeria, are beginning to pressure margins.
SmartCash’s performance comes as Nigerian operators intensify competition in the digital financial services market, where OPay posted $467.06 million in revenue in the first half of 2026.
Authorities have not indicated any regulatory changes affecting the telecom or mobile‑money sectors at this time.
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