How Airtel Africa’s Regional Countries Contribute to The Group

Francophone Africa is Airtel Africa’ most efficient region

Of the three regions under parent company Airtel Africa Plc, Francophone Africa  is the efficient and highly profitable region as it generates more average revenue per single user or subscriber as at March (Q1) 2026.

Francophone generated average revenue per user (ARPU) of $3.40, compared to Nigeria ($2.40) and East Africa ($2.20). It is important to note that the metric indicates that Francophone Africa countries are the most efficient in getting value per customer.

The Francophone Africa business region consists of Chad, Democratic Republic of the Congo, Gabon, Madagascar, Niger, Republic of the Congo and the Seychelles.

The region benefited from sustained network investment and intensive focus on ‘go-to-market’ initiatives. Much of its current growth is attributed to the expansion of the 2Africa submarine cable landings, which have significantly lowered the cost of international bandwidth for landlocked markets like Chad and Niger.

For the remainder of 2026, Airtel’s focus in the Francophone region is the “Nxtra” Data Centre project. While the flagship 44 MW facility is being built in Nigeria, satellite data centres are planned for the DRC to support the rising demand for localized cloud services and digital banking.

East Africa is financial heavy weight for Airtel Group

The East Africa region remains the cream of the crop among the three regions in the Airtel Africa portfolio due to its massive mobile money ecosystem.  The region has emerged as the high-growth engine for the group, often outpacing its peers in subscriber growth and digital service adoption.

East Africa (including Kenya, Rwanda, Malawi, Rwanda, Tanzania, Uganda, and Zambia) posted revenue of $2.19 billion as at March 2026, compared with Nigeria ($1.59 billion), and Francophone Africa ($1.55 billion).

East Africa has a total customer base of 84.30 million, compared with Nigeria (58.30 million) and Francophone Africa (40.39 million).

East Africa is pivotal to Airtel’s digital finance strategy. For instance, 0ut of the $1.36 billion generated by Airtel Africa’s mobile money business this past year, $1.009 billion (roughly 74 percent) came specifically from the East African region.

This dominance is why the company is preparing for an Airtel Money IPO in the second half of 2026, as the East African segment has proven the model can be highly profitable and scalable.

The region continues to invest in its network and expand its 4G and 5G network services in the region. Over 2,200 sites are 5G enabled across five key markets, following the rollout in Malawi in the fourth quarter (Q4)’26.

The East Africa business region consists of Kenya, Malawi, Rwanda, Tanzania, Uganda and Zambia.

Airtel Nigeria is Volume King!

Nigeria is the powerhouse for subscriber volume and growth, supported by increase in data traffic and rising smartphone penetration.  The country’s rapidly growing young population (the largest population in Africa) that craves for data consumption will pave the way for future earnings growth.

Following the 50 percent tariff hike approved in 2025, Nigeria’s ARPU surged 41.80 percent, compared to East Africa (3.50 percent) and Francophone (5.70 percent). This successfully countered years of Naira depreciation and allowed Nigeria to overtake East Africa in per-user revenue for the first time in recent history.

After surmounting a currency devaluation that created foreign currency revaluation losses that tipped the company over the edge, Nigeria saw the largest jump in profitability (operating profit rose 78.6 percent).

That compares with East Africa (12.80 percent), and Francophone Africa (33.70 percent).

Despite higher diesel costs that powers base stations, towers, and offices across the country, Nigeria has recorded earnings before, interest, taxation, depreciation, and Amortization (EBITDA margin) of 57.80 percent, overtaking East Africa with a ratio of 48.50 percent and Francophone (39.90 percent).

Why East Africa is ahead of Nigeria

While Nigeria remains the single market by volume as its revenue surged on the back of a 50 percent tariff hike to compensate for rising input costs, it is still behind East Africa in terms of financial stability and diversification.

Here is why:

• East Africa Enjoys Currency Stability Due to Key Transformational reforms: While Nigeria is reeling from currency devaluation that undermined household consumption and firms, East Africa countries staged a rebound in 2025.  This means that revenue earned in Kenya translates much more effectively into the US dollars that Airtel reports to its international investment.
• Macro-Economic Stability: Kenya’s macroeconomic environment is stable and predictable, allowing for more consistent long-term capital investment compared to the high-volatility “boom or bust” cycle seen in Nigeria.
• Fintech Dominance: East Africa is the mobile headquarter or hub of mobile money.  Kenya and Uganda have the largest mobile market on the continent with stiff competition between Airtel Money and Kenya’s M-Pesa. Annualized transaction values across Airtel’s footprint surpassed $215 billion in early 2026, with East Africa contributing a disproportionate share of high-margin financial service revenue.
• Lower energy volatility: Kenya and its neighbors have an effective infrastructure strategy that allows them to lower costs compared to peer rivals in other regions. For instance, Nigeria has been relying on higher diesel costs to power base stations. East Africa’s more reliable power grids and higher adoption of solar-powered towers have protected profit margins.