Connect with us

Tech

Airtel Africa declares $523 million nine-month net profit

Published

on

One of Africa’s biggest mobile network operators, Airtel Africa, had declared a profit of $523 million over a nine months period ending December 31, 2022.

The profit margin, according to a financial report released by the company, showed a 12.1% increase from $514 million during the same period the previous year.

The report further stated that the company’s mobile services revenue in Nigeria grew by 20.9 percent, while East African revenue increased by 11.9 percent, just as 11.8 percent was recorded in Francophone Africa.

Revenue from voice services from its African operations increased by 12.7% while data recorded a revenue rise of 22.3%.

The company’s mobile money service recorded a 29.8% growth, largely attributed to a 32.5% growth in East Africa and 21.7% in the Francophone Africa market.

The financial report released by the Chief Executive Officer of Airtel Africa, Segun Ogunsanya, also said company’s total customer base increased to $138.5 million, up by 10.1 per cent, with the company saying it spent $490 million over the last nine months on its 4G and 5G spectrum across key markets to improve quality.

“The company’s total customer base increased by 10.1% to hit 138.5 million as the penetration of mobile data and mobile money services continued to rise, driving the data customer base up 13.6 percent and mobile money customer base up 22.2 percent,” the report said.

“Providing affordable, innovative, and essential services to customers in our 14 markets with unparalleled network quality and customer service is integral to our ambition of transforming lives across Africa.”

“Over the last nine months we have spent almost $490 million on 4G and 5G spectrum across key markets to improve network capacity and quality, future-proof the company for continued growth opportunities, and facilitate economic progress in all our markets,” Ogunsanya said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

ADB signs $15m transaction guarantee facility with Zimbabwe’s NMB Bank

Published

on

The African Development Bank (ADB) has signed a $15 million Trade Finance Transaction Guarantee Facility with Zimbabwe’s NMB Bank aimed at unlocking trade finance opportunities for small and medium-sized enterprises, as well as agri-business and trade distribution value chains in the country.

At the signing ceremony held at the NMB Bank Headquarters in Harare, ADB Country Manager for Zimbabwe, Moono Mupotola, signed on behalf of the Bank while NMB Bank Chief Executive Officer, Gerald Gore, signed on behalf of the bank.

Speaking shortly after the brief ceremony, Mupotola said the African Development Bank’s board had earlier approved the project in November 2023, with the facility offering up to 100% coverage to confirming banks, effectively mitigating non-payment risks linked to NMB Bank’s trade transactions on a per-transaction basis.

“It is tailored to support trade between Zimbabwe and other African countries and with overseas markets by significantly diminishing the risk for international financial institutions actively engaging in trade finance activities with Zimbabwean businesses,” Mupotola said.

“The African Development Bank is committed to supporting the development of the private sector in Zimbabwe. This is a significant step forward in supporting the growth and competitiveness of Zimbabwean businesses.

“By mitigating risk and facilitating access to trade finance, we are empowering SMEs and local corporates to participate more actively in regional and international trade,” she said.

Also speaking, Gore emphasized the agreement’s importance for Zimbabwe’s economic development.

“This facility will be instrumental in enabling NMB to provide crucial trade finance support to a wider range of Zimbabwean businesses. This will not only unlock new trade opportunities but also contribute to job creation and economic growth.

“SMEs often face challenges in accessing trade finance compared to their larger counterparts. This initiative directly addresses this gap, fostering a more vibrant and inclusive business environment in Zimbabwe,” Gore said.

Continue Reading

Tech

Ghana’s communications regulator predicts subsea cable repairs could take five weeks

Published

on

According to Ghana’s communications regulator, it will likely take at least five weeks to fully restore service relying on the damaged subsea cables causing internet outages throughout West and Central Africa.

Many businesses that are connected to the internet and telecommunications, such as banks, phone companies, money transfer services, and stock exchange markets, have been severely disrupted as a result of the cable break.

Equinix, a data centre operator, reported on Friday that a “external incident” caused a cut to its cable system in the Atlantic Ocean, off the coast of West Africa, near Cote D’Ivoire. It excluded human activity as the reason.

 

The four subsea cable landing service providers—Africa Coast to Europe (ACE), MainOne, which is owned by data centre operator Equinix (EQIX.O), opens new tab, South Atlantic 3 (SAT-3) and the West Africa Cable System (WACS)—as well as mobile network operators were present at the meeting, according to Ghana’s National Communications Authority.

“The cable landing service providers have indicated an estimated time frame of a minimum of five weeks for full service restoration from the time the vessels are dispatched to the various locations,” the regulator said.

It stated that the service providers had determined the general location of the damage and were getting ready to send out repair ships.

Continue Reading

EDITOR’S PICK

Metro10 hours ago

Zimbabwe in food shortage as El Nino drought strikes harder

Residents of the Zimbabwean community of Buhera are waiting in groups outside a primary school, hoping to be called by...

VenturesNow10 hours ago

World Bank consortium to give Egypt $6 billion over a 3-year period

The World Bank Group on Monday announced that it planned to give Egypt, which has been suffering from a foreign...

Musings From Abroad11 hours ago

Explain dire consequences of Rafah operation to Israel, Egypt urges UN, US

Following Washington’s objection to a military incursion into the southern Gaza city of Rafah on its border with Egypt, Egypt’s...

Sports12 hours ago

Controversy as US-based former Kenyan football star Joseph Asuza commits suicide

A US-based former Kenyan football star, Joseph Asuza, has reportedly committed suicide in what has been described as tragic circumstances,...

Tech13 hours ago

ADB signs $15m transaction guarantee facility with Zimbabwe’s NMB Bank

The African Development Bank (ADB) has signed a $15 million Trade Finance Transaction Guarantee Facility with Zimbabwe’s NMB Bank aimed...

Culture13 hours ago

Kenyans mourn passing of prominent TV star, Rita Tinina

Kenyans, especially those within the country’s media space, have been thrown into mourning following the sudden death of veteran television...

Metro15 hours ago

Zambia receives $100m World Bank grant to support energy sector

The Zambian government has announced receiving a $100 million grant from the World Bank Group to support its energy sector....

VenturesNow18 hours ago

Nigeria targets fresh $1 billion loan from World Bank 

In order to address the issues facing internally displaced persons and their host communities, as well as to support rural...

Tech19 hours ago

Ghana’s communications regulator predicts subsea cable repairs could take five weeks

According to Ghana’s communications regulator, it will likely take at least five weeks to fully restore service relying on the...

Metro20 hours ago

‘You won’t go unpunished’, angry Tinubu vows justice for slain Nigerian soldiers

Nigeria’s President Bola Tinubu has vowed to get justice for 16 soldiers who were killed by youths of two warring...

Trending