Investor Presentaiton
Mobile money
Description
Summarised statement of operations
Quarter ended
Unit of
measure
Jun-22
Reported
Constant
Jun-21
currency
change
currency
change
Revenue (1)
Nigeria (2)
East Africa
$m
159
$m
$m
Francophone Africa
$m
EBITDA
$m
ཧྥ ༠ བྲྀ སྐ R
121
20236
124
28.6%
26.5%
32.8%
26.9%
16.9%
25.4%
30.5%
28.3%
EBITDA Margin
%
49.5%
48.8%
70 bps
67 bps
Depreciation & Amortization
$m
Operating Profit
$m
Capex
$m
Operating Free Cash Flow
$m
35
(4) 75 9 70
(3)
27.7%
28.5%
57
30.9%
28.3%
3
173.3%
173.3%
57
22.0%
20.1%
Operating KPIs
Transaction value
Active customers
Mobile money ARPU
$m
18,886
14,651
28.9%
26.1%
Mn
$
27.6
23.1
19.7%
2.0
1.8
7.7%
5.9%
(1) Mobile money service revenue post inter-segment eliminations with mobile services was $123m in the quarter ended 30 June 2022 and $96m in the prior period.
(2) On 19 May 2022, we announced that Smartcash had commenced operations in Nigeria. Services were initially made available at selected retail touchpoints, and
operations are now being expanded gradually across the country.
Mobile money revenue grew by 28.6% in reported currency, with constant currency growth of 26.5%. The reported currency growth
was higher than constant currency due to appreciation in the Zambian kwacha. The slowdown in mobile money revenue growth since
July 2021 has been largely due to the implementation of levies by the Government of Tanzania on mobile money withdrawal and P2P
transactions (subsequently revised on several occasions). Excluding Tanzania, mobile money revenue grew by 34.2%. The constant
currency mobile money revenue growth was driven by revenue growth in both East Africa and Francophone Africa, of 26.9% and 25.4%
respectively. In Nigeria, mobile money services (Smartcash) launched in June 2022.
The constant currency revenue growth of 26.5% was driven by both customer base growth of 19.7% and mobile money ARPU growth
of 5.9%, with the growth largely coming from Zambia, Uganda, Malawi and DRC. The expansion of our distribution network, particularly
our exclusive channels of Airtel Money branches and kiosks, supported customer base growth of 19.7% in both East Africa and
Francophone Africa. The mobile money ARPU growth of 5.9% was driven by an increase in the transaction value per customer of 5.6%
to $234 per customer per month.
Q1'23 annualised transaction value reached $75.7bn in constant currency, with mobile money revenue contributing 12.7% of total
Group revenue in the quarter.
The mobile money customer base increased to 27.6 million, up by 19.7%. Mobile money customer base penetration reached 21.0%,
an increase of 1.9 percentage points. Mobile money ARPU growth of 5.9% was largely driven by an increase in transaction values and
higher contributions from cash transactions, merchant payments and mobile service recharges through Airtel Money.
EBITDA was $79m, up by 28.3% in constant currency. The EBITDA margin reached 49.5%, an improvement of 67 basis points in constant
currency.
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