Airtel Nigeria Surpasses $1bn Revenue with SmartCash Growth

Airtel Nigeria reported a revenue of $1.014bn for the period between April and September 2026, surpassing the $1bn threshold for the first time since the same period in 2022, when it recorded $1.04bn. This performance reflects a 45 percent increase from the $699m recorded in the corresponding period of 2025, according to Airtel Africa (NGX: AIRTELAFRI)'s half-year financial results.

The company's mobile money subsidiary, SmartCash Payment Service Bank (PSB), also saw growth, generating $10m in revenue as its customer base more than doubled. The results indicate a recovery for Airtel Nigeria following the currency volatility that impacted earnings after the naira's devaluation in 2023.

Contributing factors to this rebound include improved exchange-rate conditions, higher telecom tariffs, and increased data consumption. Airtel Africa noted that the naira's appreciation partly accounted for the difference between reported and underlying revenue growth in Nigeria.

The weighted average exchange rate improved from N1,553 per dollar to N1,360. In constant currency, Nigerian revenue grew by 27 percent, indicating that the improvement was not solely due to exchange-rate movements.