This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs, financial institutions, companies, and governments. A new edition drops every Monday.
Airtel Africa is on course to become a $7 billion business by the end of its next financial year ending March 2027. Its latest earnings reveal the three growth engines that could get it there.
The telecom operator reported $1.85 billion in revenue for the three months ended June 30, up 30.95% from a year earlier. If Airtel maintains that pace for the rest of its financial year, it is on course to generate about $7.4 billion in annualised revenue, above the $6.42 billion it reported for the year ended March 2026.
But subscriber growth is not how Airtel will cross the $7 billion mark. Getting there will depend less on adding millions of new subscribers than on convincing the customers it already has to spend more. The company makes more money when its customers consume more data, use more financial services, and spend more time within Airtel’s ecosystem.
Airtel Africa’s recovery has also been years in the making. In March 2024, Airtel’s revenue fell 5.3% after Nigeria’s currency devaluation wiped out much of its reported earnings. By March 2025, that decline had almost disappeared. By March 2026, revenue had rebounded 29.46% as tariff increases, stronger customer spending, and a more stable naira restored growth.
