Bharti Airtel’s mobile money operation in Africa reported growth in both customer numbers and transactions in the last quarter of its fiscal year.
Airtel Money, which operates across 15 markets in the continent, had a customer base of 9 million by the end of March 2017, up 4.3 per cent year-on-year. Those customers made a total of 376 million transactions during the recent quarter, an increase of 43 per cent year-on-year.
Transaction value also grew during Bharti Airtel’s fiscal Q4, as the company processed $4 billion compared to $2.9 billion in the corresponding period of 2016.
Bharti Airtel offers its mobile money service across its entire African footprint. The company reported total revenue of $784 million for the quarter across its broader wireless business in the continent, down 21.7 per cent year on year, which the company largely attributed to currency issues.
Recent reports suggest the company is investigating measures to reduce its exposure in unprofitable markets in the region, though it does not plan to exit any of these markets completely.
It currently operates across the continent with key markets including Nigeria, Ghana, Uganda, Zambia and Kenya.