Indian billionaire Sunil Bharti Mittal’s Airtel Africa to boost its capital expenditure to $750 million in 2023

Airtel Africa Plc, a telecommunications provider and subsidiary of Bharti Airtel, founded by Indian billionaire businessman Sunil Bharti Mittal, has announced plans to boost its capital expenditure up to $750 million this year.

The move is aimed at expanding its mobile-money business across the continent, aligning with the company’s goals to grow its operations, support its earnings, and capitalize on the surge in the use of mobile money services.

Airtel Africa, the leading telecom service provider, is planning to enhance its technology platform and distribution infrastructure, according to CEO Segun Ogunsanya.

With the recent promotion of the cashless policy by the government, the company is in an excellent position to leverage this opportunity to drive the penetration of a digital model.

“We are in a very good position to really now take advantage of the cashless policy of the government in driving the penetration of a digital model,” Ogunsanya said. “We’ve got a lot more phones than debit cards, we’re really planning to automate this opportunity and use this policy to drive differentiation of money in our customer base.”

As Airtel Money, the financial services unit of Airtel Africa, emerges as the company’s fastest-growing division, the telecom giant has set its sights on expanding its mobile-phone-based financial services in Nigeria — its biggest market.

This move is timely, as the Nigerian government is promoting cashless payments to boost commerce in the largest economy on the African continent.

With a strong presence in Nigeria, Airtel Africa is well-positioned to capitalize on this opportunity and grow its mobile money services in the region.

Airtel Africa, a subsidiary of Bharti Airtel, is a leading provider of telecommunications and mobile money services across 14 African countries in East, Central, and West Africa.

Mittal, who is the chairman of Airtel Africa, owns an indirect 3.38-percent stake in the telecom giant.