Airtel Africa has said mobile money revenue in constant currency pushed by East Africa’s strong performance tops its revenue for the year ending March.
The group mobile money revenue grew by 32.8 percent in constant currency compared to mobile services grew by 19.4 percent driven by voice revenue growth of 11.9 percent and data revenue growth of 29.2 percent.
Airtel Africa Chief Executive Officer Olusegun Ogunsanya said in a statement over the weekend that the strong revenue performance was a reflection not only of the opportunity but also the resilience of affordable offerings despite the inflationary pressure across the continent.
“The consistent deployment of our ‘win with’ strategy supported the acceleration in constant currency revenue growth over the recent quarters which has reduced the impact of currency headwinds faced across most of our markets,” Mr Ogunsanya said.
Loss after tax was 89 million US dollars, primarily impacted by significant foreign exchange headwinds, resulting in a 549 million US dollars exceptional loss net of tax following the Nigerian naira devaluation last June 2023 and the Malawian kwacha devaluation last November.
“The growth opportunity that exists across our markets remains compelling, and we are well positioned to deliver against this opportunity.
“We will continue to focus on margin improvement from the recent level as we progress through the year,” the CEO said.
The group’s total customer base grew by 9.0 percent to 152.7 million and also, they continue to bridge the digital divide with a 17.8 percent increase in data customers to 64.4 million and a 20.8 percent increase in data usage per customer.
Mobile money subscriber growth of 20.7 percent reflects their continued investment into distribution to drive increased financial inclusion across our markets.
Transaction value increase of 38.2 percent in constant currency with an annual transaction value of over 112 billion US dollars in reported currency.
Increased transactions across the ecosystem reflect the enhanced range of offerings and increased customer adoption, supporting constant currency ARPU growth of 8.6 percent.
The group said will continue network investment to support an enhanced customer experience and drive increased 4G coverage.
Airtel Africa said 95 percent of sites are now 4G operational, facilitating a 42.3 percent increase in 4G customers over the year.
Source: allafrica.com
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
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