Airtel Africa to upgrade Mobile Money With $750m

Airtel Africa, the telecommunications giant with mobile divisions in 14 countries across the continent, has announced its plan to invest $750 million in capital expenditure this year. The funds will be used to scale up its mobile-money business and sustain investment in infrastructure. This announcement was made during a media chat, where the company revealed its intention to further develop its technology platform and distribution infrastructure.

In a recent interview, Segun Ogunsanya, the group chief executive officer of Airtel, highlighted the opportunity in Nigeria’s promotion of cashless payments to expand commerce. Ogunsanya noted that Airtel Africa is in a unique position to leverage this opportunity, as it has a more extensive mobile phone network than debit cards. He further stated that the company plans to automate this opportunity and use the government’s cashless policy to differentiate money in its customer base.

According to Airtel Africa’s annual report, the firm is increasing its capital spending from $656 million in the year through March. Airtel Africa’s financial service, known as Airtel Money, is its fastest-growing division, and the company aims to ramp up its mobile-phone based financial offering in its biggest market, Nigeria. Nigeria is Africa’s largest economy, and the government’s promotion of cashless payments has created an opportunity for Airtel to expand its financial services in the country.

Airtel Africa’s board is headed by Bharti Airtel chairman and billionaire, Sunil Mittal. Mittal’s leadership and the company’s investment in infrastructure will enable Airtel Africa to expand its mobile-money business across the continent. As the company continues to invest in its technology platform and distribution infrastructure, Airtel Africa is well-positioned to take advantage of the opportunities in the growing African market.