Airtel Africa Plc, one of the continent’s leading telecom and mobile money operators, has announced a significant increase in capital expenditure (capex) after reporting a buoyant first half of the 2025 financial year. The decision reflects the company’s confidence in its growth trajectory and commitment to deepening digital and financial inclusion across its 14 African markets, with Nigeria at the heart of its expansion drive.
For the six months ending September 30, 2025, Airtel Africa recorded revenue of US$2.98 billion, representing a 25.8% increase in reported currency and 24.5% growth in constant currency. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 33% to US$1.45 billion, pushing its margin to 48.5%, up from 45.8% a year earlier. The company’s profit after tax surged to US$376 million, a remarkable jump from US$79 million in the same period last year, driven by improved operating performance and favourable currency movements.
Airtel’s total customer base rose to 173.8 million, up by 11%, while data subscribers climbed to 78.1 million, an increase of 18.4%. The group’s mobile money platform, Airtel Money, continued to be a strong growth engine, adding nearly 50 million users and processing an annualised transaction value of US$193 billion, up 35.9%.
Given this stellar performance, the telecom giant raised its full-year capex forecast from an earlier range of US$725–750 million to between US$875–900 million. This move highlights its intention to strengthen network capacity, roll out new 4G and 5G sites, and support the booming demand for data and digital services.
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Why Airtel Africa Is Spending More
Airtel Africa’s decision to ramp up investment is not just about short-term optimism. It’s a strategic move aimed at consolidating its long-term leadership position in Africa’s rapidly evolving telecom and fintech sectors.
1. The data revolution:
Data has officially overtaken voice as Airtel’s biggest revenue driver, generating over US$1.16 billion in the half-year period. The surge in smartphone use and the appetite for digital content, streaming, and cloud services across Africa are fuelling exponential growth in data consumption. Airtel’s smartphone penetration rate rose to 46.8%, and average data usage per customer climbed sharply.
To sustain this growth, Airtel must expand its fibre backbone and increase network capacity. More investment is being channelled into 4G and 5G upgrades, ensuring smoother connectivity and faster speeds for users across Nigeria, Kenya, Uganda, and other key markets.
2. Mobile money momentum:
The group’s fintech arm, Airtel Money, has transformed from a side offering into a powerhouse of its own. With 50 million active users and nearly US$200 billion in annualised transaction value, the service is reshaping financial inclusion in Africa. The company is preparing for a public listing of its mobile money business in the first half of 2026, further underlining its long-term vision for fintech leadership.
3. Africa’s untapped potential:
According to CEO Sunil Taldar, Africa’s “young and fast-growing population, coupled with low banking penetration and increasing smartphone adoption,” presents a massive opportunity for sustainable growth. By expanding infrastructure now, Airtel is positioning itself to dominate the next wave of Africa’s digital transformation.
4. Taking advantage of favourable conditions:
The company benefited from currency gains during the period, especially from the naira and other regional currencies. While these conditions may not last indefinitely, Airtel is leveraging the current tailwinds to reinvest in its future.
Nigeria at the Heart of Airtel’s Strategy
Nigeria remains Airtel Africa’s largest and most lucrative market, contributing a significant share of group revenue. In the first half of 2025, Airtel Nigeria’s revenue reached US$697 million, with data income up by 62% in constant currency. The country’s young, tech-savvy population, rising smartphone penetration, and growing appetite for digital payments have made it central to Airtel’s long-term vision.
The expanded capex will enable Airtel to improve network coverage across Nigeria — from urban centres like Lagos and Abuja to rural communities that remain underserved. This will translate into faster internet speeds, reduced call drops, and wider broadband availability, while also supporting fintech expansion through Airtel Money.
For Nigerian consumers, this could mean greater access to affordable data plans, more seamless digital transactions, and improved connectivity. For small and medium enterprises (SMEs), enhanced network reliability can boost e-commerce, logistics, and remote work — helping drive the broader digital economy.
However, the path is not without challenges. Nigeria’s volatile exchange rate, high operational costs, and regulatory pressures — such as taxes and licence renewals — could weigh on profitability. Airtel must also navigate competition from strong players like MTN and Glo, all vying for dominance in the same markets.
Still, the company’s management appears undeterred. By doubling down on investment in Nigeria, Airtel is signalling long-term commitment, betting on the country’s economic recovery and digital growth.
The Road Ahead
As Airtel Africa looks to the future, its strategy appears clear: build stronger networks, deepen fintech services, and maintain disciplined financial management. Despite its increased capex, the company’s balance sheet remains healthy, with net debt to EBITDA improving to 2.1x, down from 2.3x a year earlier.
The next few years will be crucial. Airtel’s success will depend on how efficiently it rolls out infrastructure, manages foreign exchange exposure, and scales its mobile money operations. The planned IPO of Airtel Money could unlock new capital for further expansion while boosting investor confidence.
More broadly, the telecom’s aggressive investment is a sign of confidence in Africa’s digital future. With mobile and internet penetration still below global averages, the continent remains a frontier for growth — and Airtel wants to lead that charge.
For Nigeria and other markets, Airtel’s capex increase means more than corporate ambition. It represents a tangible commitment to building the digital backbone for millions of Africans — one tower, one data hub, and one mobile wallet at a time.
Conclusion
Airtel Africa’s decision to boost capex after a strong half-year performance underscores its belief in Africa’s long-term digital and financial inclusion potential. With rising data consumption, a booming fintech ecosystem, and a young population eager to connect, Airtel’s renewed investment drive could shape the future of connectivity across the continent.
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