Economy
Quick Money Access Across the Continent with Airtel Africa & MoneyGram
Airtel Africa’s partnership with MoneyGram, announced on August 21st, is supposed to provide millions of users across the continent with a quick way to receive money.
Airtel Africa is well known as a provider of telecommunications and mobile money, available in 14 African countries (primarily in East, Central, and West Africa).
In March last year, the company had over 99 million subscribers, 19 million of which use a mobile payment app called Airtel Money The great appeal of Airtel Money, in addition to its national and international money services, is their offer of very cheap data plans in Nigeria.
Speaking about the new partnership, the CEO of Airtel Africa, Raghunath Mandava said: “We are delighted to work with MoneyGram to provide millions of customers with fast, secure, and convenient options to receive and send money as well as access their funds from a vast distribution of exclusive kiosks, agents and branches at their convenience.”
He also added: “This is a significant step forward in our ambition to transform lives through greater financial inclusion and empowerment across the continent. Maximizing access to global remittances is a key part of this – even more so given the disruption and economic hardship faced by many because of the COVID-19 pandemic.”
This partnership is just one step in the company’s journey. Airtel Africa also closed a deal with Standard Chartered Bank in order to allow its clients to make online deposits and withdrawals from the bank in real-time as well as internationally receive money to their wallet and access their savings, in addition to other features. Last year, they also partnered up with a payment and foreign exchange services firm Ecobank and Finablr – a pan-African banking giant.
MoneyGram International Second Biggest Worldwide
On the other hand, MoneyGram International is a global remittance company based in the USA. They specialize in cross-border peer-to-peer payments and money transfers and are the second-biggest provider of these services in the world.
When it comes to the Airtel deal, John Gely, Head of MoneyGram Africa said: “This partnership with Airtel will enable millions of consumers instant access to our global platform to receive money from over 200 countries and territories without having to even step outside.”
Gely added: “We’re excited about how this customer-centric partnership with Airtel will expand our mobile wallet capabilities, build upon our strong momentum in Africa, and further accelerate our digital growth across the globe.”
MoneyGram already has similar arrangements with Safaricom, which allows Tanzanian and Kenyan users to access the platform, as well as with Zimbabwe’s Ecocash and various providers in Ghana, such as Vodafone Cash, Airtel Tigo Money, and MTN MoMo.
There was also talk of Western Union approaching MoneyGram and proposing a takeover deal but, so far, it looks like nothing came of it. Furthermore, the company is relying on blockchain and its decentralized technology to make its transfers faster and more efficient. Ripple, a blockchain payments company, made a significant investment in MoneyGram and now holds around 10% of its common stocks.
The Airtel Africa/MoneyGram deal means that Airtel Money’s customers will be able to receive transfers from their friends and family through MoneyGram and put it directly into their mobile wallets. The money will be available instantly and can be used for a variety of purposes, from paying the utility bills to transferring it to other individuals.
Seeing as how the coronavirus pandemic encouraged people to replace cash with various digital payment apps, it’s no wonder that there is more and more use of this method in e-commerce, mobile banking, and mobile gambling industries. Being somewhat of a data security freak, the stamp of approval from the online gambling industry means a lot.
As the pay by phone page on casinos.co.za says, ‘the latest data encryption technology should be implemented to keep your personal details and banking information completely secure’. Indeed, to make a purchase or money transfer, a verification code is sent to the specific phone number. It’s one of the safest methods because you can only complete the transaction if you are holding the phone.
What is more, paying by phone is one of the most convenient ways of paying as chances are that everyone has their phone on them at all times. Furthermore, this is one of the safest methods because only a phone number and a verification code sent to that number are required to make a purchase or payment.
However, it is important to note that the Communication Authority of Kenya (CAK) is yet to approve this deal. If and once the deal is approved by this regulatory body, the Airtel Money customers will be able to experience all the benefits of this partnership.
By Aduragbemi Omiyale
In the first quarter of its financial year ended June 30, 2026, Airtel Africa Plc showed resilience in the midst of challenging operating environments, churning out strong operating performance with accelerating customer base growth across all segments.
It was observed that the total customer base in Q1 2027 increased by 11.6 per cent to 189 million, with data customers rising by 15.5 per cent to 87.3 million.
In addition, data usage per customer continued its upward trajectory, rising from 7.8 GB to 10.6 GB per month over the past year, translating into a 56.3 per cent increase in data traffic across the network, underpinning a 10.3 per cent growth in constant currency data ARPU. Smartphone penetration was the key enabler of this increased traffic as penetration increased to 51.0 per cent as digital adoption of our services continues.
A look at the financial performance indicated that revenue in reported currency grew by 31.0 per cent to $1.85 billion, reflecting constant currency growth of 21.1 per cent and macroeconomic tailwinds supporting currency appreciation.
All segments continued to see double-digit constant currency revenue growth, with mobile services revenue growing by 19.1 per cent, and mobile money growing by 25.8 per cent.
Across mobile services, voice continued to see strong constant currency growth of 11.2 per cent and data revenue grew by 27.2 per cent.
In East Africa and Francophone Africa, constant currency revenues grew by 17.8 per cent and 18.0 per cent, respectively, while Nigerian revenues grew by 29.8 per cent, fully reflecting the lapping effect of the tariff adjustments which were implemented in the fourth quarter of 2025.
Constant currency EBITDA went up by 24.4 per cent, with reported currency EBITDA of $928 million growing by 36.6 per cent. The Q1’27 EBITDA margin of 50.1 per cent, an increase of 206bps year-on-year, continues to reflect the success of the company’s ongoing cost optimisation programme, despite the recent energy cost inflation arising from geopolitical developments.
The post-tax profit improved to $198 million from $156 million in the prior period, with higher profit after tax in the current period driven by elevated operating profit partially offset by derivative and foreign exchange losses of $6 million in the current period compared to $22 million derivative and foreign exchange gains in the prior period.
Furthermore, Profit after tax was impacted by the recognition of an exceptional finance cost of $37 million following an in-principle settlement reached during the quarter in respect of a commercial dispute in one of the group’s subsidiaries.
Commenting on the results, the chief executive of Airtel Africa, Mr Sunil Taldar, said, “We have started this year with another pleasing performance. Our continued focus on the customer experience translated into accelerating customer base growth across all business segments.
“As we continue to digitise our business, we are streamlining customer journeys, increasing digital adoption and harnessing data and AI to improve service delivery and support a strong, sustainable growth profile.”
By Aduragbemi Omiyale
One of the nation’s top brewers, Guinness Nigeria Plc, is paying an interim dividend of N7 per share to its shareholders for the period ended June 30, 2026.
The funds should, on August 10, 2026, hit the bank accounts of investors whose names appear in the Register of Members as of the close of business on Wednesday, July 29, 2026, a regulatory note from the organisation disclosed.
The firm has informed shareholders who have yet to complete the e-dividend registration to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on its website, so as not to be left out of the cash reward for the first half of this year.
In the first six months of 2026, Guinness Nigeria grew its net profit by 53.33 per cent to N25.3 billion from N16.5 billion in the same period of 2025, amid improved top line and better management of administrative, marketing and distribution costs.
The revenue for the period under consideration rose to N265.0 billion from N237.0 billion, boosted by domestic sales of its products, which accounted for N260.9 billion compared with N237.0 billion a year earlier. The balance was from its export sales. This showed that over 98 per cent of the company’s earnings are from sales in Nigeria.
In the first half of the year, Guinness Nigeria improved its gross profit to N97.5 billion from N89.4 billion in the same period of 2025, as its finance income, arising from financial assets and others, stood at N1.2 billion compared with N110.7 million in H1 of 2026.
By Adedapo Adesanya
The federal government has reaffirmed its commitment to mobilising domestic capital to finance Nigeria’s long-term development, saying stronger local investment will be critical to accelerating economic transformation and attracting private sector participation.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated this while speaking at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) in Abuja on Thursday.
The Minister’s remarks were contained in a statement on Friday, July 24, by his Senior Special Assistant on Communications and Press Secretary, Mrs Maryann Duke.
Addressing the conference with the theme, Unlocking Domestic Capital for Development Financing, Mr Oyedele said Nigeria must harness its domestic financial resources and strengthen institutions that can channel capital into productive sectors of the economy.
He noted that despite increasingly difficult global financing conditions, the country possesses substantial domestic savings, institutional assets and private capital that can be leveraged to fund infrastructure, industrialisation, agriculture, housing, innovation and other critical sectors.
According to the minister, domestic capital should not be viewed as an alternative to foreign investment but as the foundation for attracting sustainable international investment.
“Our focus is to build an economy where confidence leads capital. By strengthening macroeconomic stability, deepening our financial markets and empowering development finance institutions to catalyse private investment, we are unlocking Nigeria’s enormous domestic potential to finance inclusive and sustainable growth,” Mr Oyedele said.
He said the federal government’s ongoing economic reforms under the Renewed Hope Agenda are beginning to deliver positive outcomes, including improved investor confidence, stronger external reserves, enhanced revenue generation and renewed international confidence in Nigeria’s economy.
The Minister identified five priority areas for unlocking domestic capital, including expanding investment opportunities for households, deepening institutional capital through pension and insurance assets, strengthening credit enhancement mechanisms, broadening local currency financing through the capital market, and building stronger development finance institutions capable of attracting larger volumes of private investment.
Mr Oyedele also called on development finance institutions to move beyond conventional lending by helping to structure bankable projects, reduce investment risks, support policy reforms and create financing ecosystems that encourage greater private sector participation.
He reaffirmed the Federal Government’s commitment to working with development finance institutions, financial regulators, investors and development partners to develop a financing framework that will support businesses, create jobs, accelerate industrialisation and promote inclusive economic growth across the country.
