The excitement of a revenue spurt in Millicom’s mobile money business in Africa was somewhat dampened by a disappointing contribution from its operations in Latin America.

African markets led by Tanzania, Ghana and Rwanda reported a 27 per cent increase in revenue from mobile financial services to $23 million. However, Millicom’s Latin American markets let the side down, with a 14 per cent fall in revenue to $9 million.

Overall, the company’s Q4 revenue from mobile money rose by a more-than-respectable 13 per cent to $32 million.

Mobile financial services is one of three legs to Millicom’s business, along with mobile and cable television, albeit the least important. Total Q4 revenue was $1.68 billion, indicating mobile money contributed just two per cent of the total.

Many operators see a value in mobile money services less for revenue contribution than as a stickiness that makes subscribers less likely to churn to rivals.

Millicom’s mobile money business suffered in Latin America partly because of flooding in Paraguay, its second largest market for such services, which saw revenue declining by 22 per cent in local currency.

Total mobile money transaction value handled by the company in Q4 was $2.89 billion, up four per cent on a yearly basis, excluding self top-up by subscribers.