Tere,
Victoria from Techpoint here,
Here's what I've got for you today:
- Airtel Africa reports a $248M gain after tax in 9 months
- Bento Africa pauses transactions after CEO’s resignation
- Nigeria unveils "Service-Wise GPT" to boost public service with AI
Airtel Africa reports a $248M gain after tax in 9 months
Airtel Africa just reported a massive $248 million profit after tax for the nine months ending December 31, 2024. To put that in perspective, they made just $2 million during the same period in 2023 — so yeah, that’s a major glow-up.
So what’s behind the big jump? Aside from strong business growth, Airtel Africa got a $94 million boost thanks to the Nigerian naira and Tanzanian shilling appreciating.
Their revenue is also looking good. The company pulled in $3.64 billion (in constant currency), a solid 20.4% increase from last year, thanks to more people using their services — especially mobile money and data.
But because of currency devaluation in some markets, revenue in reported currency actually dropped by 5.8%. Still, their customer base grew by 7.9% to 163.1 million, with data users increasing by 13.8% to 71.4 million. People are also using more data, with average usage per customer up by 32.3% to 6.9GB per month, while smartphone penetration has hit 44.2%.
Mobile money and data are clearly Airtel’s MVPs. Mobile money subscribers grew by 18.3% to 44.3 million, and transaction value shot up by 33.3% to hit $146 billion annually. Voice revenue also grew by 9.8%, data revenue by 29.5%, and mobile money revenue by 29.6%. All this growth means that ARPU (Average Revenue Per User) is on the rise too, with data ARPU up by 15% and mobile money ARPU up by 11.8%.
Airtel Africa’s CEO, Sunil Taldar, is pretty happy with the numbers, saying their success is due to better network coverage, digital transformation, and an improved customer experience. Even with economic challenges, demand for their services is still strong, and their cost-cutting strategies are helping to boost profit margins.
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There’s also some positive news on currency stability in some markets, plus regulatory support from Nigeria’s Communications Commission (NCC), which could make things smoother for Airtel moving forward. While macroeconomic challenges aren’t disappearing anytime soon, Airtel is staying focused on expanding its network and improving digital access to keep the momentum going.
Bento Africa pauses transactions after CEO’s resignation
Bento Africa is hitting the pause button on transactions following the resignation of its co-founder and CEO, Ebun Okunbanjo. In an email to investors, Okunbanjo announced he’s stepping down to start a new venture, Ada AI, an AI-powered sales assistant.
His exit comes at a rough time for Bento, as the Nigerian HR and payroll startup faces serious allegations of failing to remit PAYE (pay-as-you-earn) tax for some clients.
AltSchool co-founder Akintunde Sultan had previously accused the startup of withholding tax and pension contributions while issuing fake receipts. To make things worse, the Lagos State Inland Revenue Service (LIRS) has launched an investigation into these claims.
In his email, Okunbanjo admitted that Bento's business model wasn’t working. He mentioned that he had started expressing doubts about its viability last year and believes the company would have thrived in an environment with stricter tax enforcement.
This isn’t the first time he’s stepped down. Back in 2022, he briefly left the company following reports of a toxic work culture. He also took a short break from leadership in 2024.
While his resignation might have been sped up by the ongoing tax scandal, it raises bigger concerns about how the company has been managed. Bento claims to have processed over $40 million in payroll since its launch, but with its CEO stepping away, the future is uncertain.
Now, the board will need to find a new leader — or, given the shaky market for HR tech in Nigeria (where the informal sector dominates employment), an acquisition could be on the horizon. Either way, Bento’s next steps will be interesting to watch.
Nigeria unveils "Service-Wise GPT" to boost public service with AI
Nigeria is stepping up its AI game with the launch of Service-Wise GPT, an AI-powered tool designed to make public service faster, smarter, and more efficient.
The announcement came at the Global Government Summit, where officials highlighted how the AI assistant will help streamline government operations, from drafting policies to providing real-time research support.
Early trials are already showing impressive results — users report a 73% improvement in time efficiency and a 90% satisfaction rate. According to Folasade Yemi-Esan, Nigeria’s Head of Civil Service, this tool will completely transform how government employees access regulations, handle administrative tasks, and make decisions.
This AI rollout aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises tech adoption in governance. In 2024, Nigeria partnered with Google to launch a ₦100 million fund for AI startups, showing a strong push towards AI innovation in the country.
Nigeria isn’t alone in this shift. The African Union has also been advocating for responsible AI development across the continent. But let’s be real — Nigeria’s public sector has long struggled with bureaucracy and inefficiency. Service-Wise GPT is expected to change that by automating time-consuming tasks like memo writing and policy analysis, helping civil servants focus on more important work.
Of course, AI adoption comes with concerns around privacy, security, and transparency. The Brookings Institution has stressed that governments need solid AI policies to protect users and ensure ethical use. Nigeria has been working on this, bringing in top AI experts — including Nigerian-born scientists — to help shape the country’s National Artificial Intelligence Strategy.
Beyond governance, AI is gradually becoming a big deal in Nigeria’s tech ecosystem, with investments in startups and research pushing the country into a leadership position in Africa’s AI evolution.If successfully implemented, Service-Wise GPT could serve as a blueprint for other African nations looking to use AI to improve government services. Now, let’s see how well it delivers!
In case you missed them
- Ghana’s electronic transfers soar to $196.7bn in 2024
- Microsoft’s Q4 2024 earnings climb 12% to $69.6bn on the strength of Azure and AI suites
- Meta records $164.50bn in 2024 earnings as daily active users hit 3.5 billion
What I'm watching
- Why obvious lies make great propaganda
- OB-GYNs Debunk 13 Childbirth Myths | Debunked
Opportunities
- Paga is hiring for several roles, including CRO, Treasury Manager, and Doroki Growth Manger. Apply here.
- Meta is looking for a Public Policy Manager in Anglophone West Africa. Apply here.
- MasterCard is hiring a Manager for Product Management in Emerging Markets Acceptance Solutions. Apply here.
- AltSchool Africa is hiring several instructors. Apply here.
- Fast Forward Livestock Innovation Lab, in partnership with GIZ-SAIS, offers innovators the chance to turn their prototypes into commercially viable solutions for the livestock value chain, with up to ₦10 million in funding, expert mentorship, and guidance from an Entrepreneur-in-Residence. Apply here.
- The World Health Organization (WHO) is recruiting suitably qualified candidates to fill several roles. Apply here.
- Glovo is looking to fill certain roles in Nigeria, Kenya, Uganda and Morocco. Apply here.
- Kuda is looking to fill different roles. Apply here.
- Paystack is hiring for several roles. Apply here.
- Techpoint Africa is hiring a Market Research and Innovation Analyst. Apply here.
- Moniepoint is hiring for several roles. Apply here.
- Celebrate the New Year with delightful stories like Smart Couples. Call 421 on your Airtel line now — you won't be charged! Alternatively, call 07080601391 at your network's regular rate. Learn more here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a fun weekend!
Victoria Fakiya for Techpoint Africa.