Layoffs and job security push Nigeria’s tech workers to traditional industries
Until August 2023, *Bayo Samuel worked as a product designer at a Lagos-based edtech startup. However, a failure to raise fresh funding forced the company to lay off several employees to reduce operational costs. Samuel was one of the affected workers. “It felt like my world crashed,” the 26-year-old, who had worked at the company for two years, told TechCabal. After five months of job hunting, while living on his savings, he was hired as an analyst at an investment bank, which paid less than his previous role, where he earned ₦500,000. “The money isn’t great, so I have had to adjust my lifestyle. But it is better than being jobless.” Idowu is one of the many Nigeria’s tech workers who are now pursuing careers in traditional industries, representing a reverse in the generational shift of young graduates who entered the tech industry due to promises of mouthwatering salaries and flexible working conditions. A major appeal of the tech industry is its low barrier to entry, unlike traditional industries that often require a level of educational qualification and skill set. “Traditional industries offer a level of stability and structure. People want a growth plan and structured opportunities. This trend is very benefit-driven,” Chibuzo Ihentuge-Eric, a tech recruiter and human resource specialist, told TechCabal. Nigeria’s tech industry has witnessed impressive growth in the past decade with the rise of homegrown successful startups like Paystack and Flutterwave and billions of dollars in venture capital funding. But a global tech downturn has forced investors to write fewer checks. Nigerian startups raised $398.2 million in 2023, a 66% decline compared to the previous year. With less funding due to tough macroeconomic conditions, startups had no option but to cut costs to stay afloat. This sometimes, unfortunately, includes laying off staff. In February, Spleet, a property tech startup that raised $2.6 million in 2022 from investors, laid off an undisclosed number of employees following inflationary pressure on its business. Nigeria’s headline inflation rose to 31.70% in the same month. Tech layoffs mean Nigeria’s tech workers are flooding an already constrained job market for a fresh start. The country’s unemployment rate is projected to cross 40% this year as the country battles an economic recession. “People have no option; they have to take what they see. I think people now prioritise job security over job satisfaction,” said Emmanuel Faith, a people leader and talent manager. Unlike Samuel, *Sulaimon Kehinde wasn’t laid off from his role as a senior product manager at an early-stage fintech. He resigned from the company in July 2023, citing its toxic work culture and the fear of losing his job. “I was really after job security. I wanted to switch to a more established company with processes in place,” he told TechCabal. He had a side gig, working as a contract product manager for a retail marketplace app but later resigned to focus on his job search. In November 2023, he secured a role as a product portfolio officer at a capital markets infrastructure firm, which tripled his pay. He earned around ₦300,000 a month at his former workplace. “The work culture is way better. The company prioritises employee well-being and offers perks such as gym subscriptions, health benefits, quarterly bonuses, and travel allowances. You’d typically get these at growth-stage startups,” Kehinde said. The switch in career transcends beyond startups but also tech-enabled companies. *Remi Adewunmi worked as an enterprise resource planning (ERP) administrator at a traditional bank for eight years. Though he had a “rich and eventful experience,” he left to become a partner at a real estate venture where he oversees IT services and implementation. According to him, the new role offered better remuneration and working hours. “My experience from tech prepared me for this. The pay in my new role is much better. I earn at least 40% more than my previous annual salary,” he said. Faith, the talent manager, believes any traditional industry that hires tech professionals is lucky: “One thing tech workers bring to the table is the fast pace of execution. This might also be a challenge, considering the nature of traditional industries. They [tech talent] may have challenges with dealing with bureaucracy and the ranks of decision-making.” Nigerian startups lack established growth plans, which traditional industries often have in place, according to Ihentuge-Eric. To retain talent, the tech industry should work on comprehensive career development plans for employees. “When it’s known that the industry is big on developing talent, then people might consider staying,” she said. *Names changed to protect the source’s identity.
Read MoreIncentro Africa denies laying off staff at the beginning of 2024
Incentro Africa, a Kenyan reseller of Google Workspace and cloud services with operations in Rwanda and South Africa, did not lay off employees at the beginning of 2024, TechCabal has learned. Chatter from industry insiders claimed that the company fired some staff members. According to Incentro, the situation involved two cloud salespeople on year-long contracts with the company. However, after failing to meet their quarterly sales targets, Incentro decided against renewing their contracts. In an email to TechCabal, Dennis De Weerd, Incentro Africa CEO, said that the company communicated this decision to the affected ex-employees six weeks before their contracts were terminated. Per the company, their employment was discontinued according to standard practices for commission-based roles. Efforts to get comments from the dismissed staff were unsuccessful after they declined to speak on the matter. Incentro Africa also confirmed that no other employees have been let go since then. However, two other employees left the company around the same time for positions at different companies. “These departures are part of the normal employment cycle, with individuals pursuing other career opportunities,” De Weerd said. De Weerd further told TechCabal that the former salespeople initiated legal action for unfair dismissal. The case is ongoing, but Incentro says it prefers to settle the matter internally. In September 2023, Incentro Africa made the headlines after it initiated a liquidation suit against Twiga Foods, a Kenyan B2B agritech company, over a $261,000 Google cloud bill. The issue was resolved, with Twiga agreeing to settle the debt after securing a $35 million convertible bond deal in November 2023. In 2017, the company launched a software development business focusing on talent sourcing and client partnership but pivoted to reselling Google Workspace and cloud services in 2020. The change came after its software business was affected by the COVID-19 pandemic. Incentro clarified that even then, it did not terminate employees.
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Southern Africa is now the top investment region in Africa, according to private capital report
2023 was a tough year for the private capital space in Africa, as factors like inflation and currency depreciation , among others, made business incredibly difficult across the continent. Local currencies like the Kenyan shilling and naira sunk to historic lows, while a depletion in foreign exchange reserves increased the cost of doing business in Egypt. This had a significant impact on private capital activity on the continent in 2023, as the economic uncertainty pushed fund managers into being more wary and prudent with their investment strategies. In April 2024, The African Private Capital Association (AVCA) released its 2023 African Private Capital Activity Report which provides insight into dealmaking, fundraising, exits and the key trends shaping Africa’s private capital landscape. For over two decades, AVCA has been focused on enabling and championing private investment in Africa. Here are five interesting things we learned from the report: 1. The African market was more resilient than expected According to the report, there was a notable decrease in Africa’s total private capital deal volume, marking the first decline since 2016, with a 28% year-on-year decline to 450 deals. Despite this downturn, Africa displayed surprising resilience, performing better than other developing regions and still managing to achieve $5.9 billion deal value —the second-strongest year on record for deal volume in Africa, surpassing both the decade-long average and recent years’ averages. This number was primarily driven by two large infrastructure investments in the South African renewable energy sector of above $250 million each. 2. Tech and clean energy received the most attention Venture capital (VC) remained the star of the show, attracting 68% of all private capital investment in Africa. This trend reflects the continued interest of investors in backing tech-driven businesses across the continent’s rapidly growing markets since 2015. After VC, infrastructure also saw a significant surge in investment values which tripled to $1.8 billion, and was largely driven by renewable energy projects. According to the report, investors and experts are convinced of the continent’s potential to become a leader in clean energy transition in the coming years due to its abundant resources. 3. Southern Africa is now investors’ favourite investment destination Southern Africa made a comeback in 2023, reclaiming its position as a top investment hub. The region attracted the highest volume (26%) and value of deals ($2.6 billion) with South Africa in front amidst growth in sectors like IT, software, logistics, and transportation. West Africa attracted only 11% of the total value of private capital deals on the continent, after Southern Africa and North Africa; a sizeable decline from 2022 where it got 23% of the total private capital value while Southern Africa drew 19%. 4. Investors are still interested in Africa While final closed funds —funds ready for investment— declined slightly, the average value of capital raised for private debt and VC funds increased. Despite the global recession which was speculated to dampen investors’ spirits, there was some growth in interim fundraising activity (capital raised throughout the year) which suggests that investors are still interested in the continent. Africa experienced a 9% decrease in the total value of fundraising, while Asia experienced an alarming 39% decline. Europe’s decline was moderate at just 2%. 5. Exits are lower than in 2022, but still in line with the average There were 43 exits in 2023, which is only about half of the 82 we saw in 2022; but this is still more than the 32 and 36 exits recorded in 2020 and 2021 respectively. South Africa remains the most active exit market, affirming to is status as the prime destination on the continent for mature investments. While there was only one IPO exit, there were seven through management sales buyouts (MBOs)/private sales; 18 through trade buyers; and 14 through private equity and financial buyers. For the first time since 2015, there were no exits via the private equity routes within the financial services sector, which was one of the most popular routes in 2022. To read the full report, click here.
Read MoreGTBank begins process to raise $750 million
Guaranty Trust Holding Company, the parent company of GTBank, Nigeria’s 5th biggest bank by assets, will seek shareholder approval to raise $750 million in additional capital weeks after the Central Bank raised minimum capital requirements tenfold for the country’s biggest banks. GTbank will raise new capital by issuing new ordinary shares, preference shares, convertible notes, bonds and other instruments. [ad] Raising additional capital will give major banks a buffer against external and domestic shocks, and enhance the stability of the financial system. It will also help President Tinubu achieve his goal of a trillion-dollar economy by 2030. When concluded, the injection of new capital will significantly dilute the shares of existing shareholders. At the time of this report, GTCO was trading at N41.40, down 4% since the company gave notice of an annual general meeting on Friday. For some bank chief executives, it will be their second run at raising capital following rule changes. In 2005, the CBN raised the minimum capital requirement from ₦2 billion to ₦25 billion. It triggered a wave of mergers and acquisitions and reduced the number of banks from 89 to 25. It is likely there will also be mergers and acquisitions before the 24-month timeline for the new capital requirements to take effect. At least three of Nigeria’s five biggest banks have announced plans to raise capital in the last two weeks.
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TechCabal Insights is getting a new website. Here’s why
Our home for research and data on Africa’s digital economy is getting a new look. For about half a decade, TechCabal Insights has been at the heart of redefining African tech with a mission to support investors, entrepreneurs, tech giants, regulators, and visionaries across the globe with actionable insights into Africa’s dynamic startup and tech ecosystem. We are a data consultancy that believes Africa’s digital economy offers the continent’s most viable paths to prosperity. TechCabal Insights provides data research and insights to guide all stakeholders invested in realising that prosperity. In October 2023, we announced our relaunch, primed to sync with the maiden edition of our brainchild, Moonshot, a conference that brings together Africa’s tech ecosystem in person to network, collaborate, share insights, and celebrate innovation on the continent. To set off the launch of the website today, we had a chat with Olanrewaju Odunowo, Head of the TC Insights team, to give us the tea on why TC Insights is migrating to a new platform and all of the exciting things you can expect from us. What inspired the creation of the TechCabal Insights website, and how does it align with TechCabal Insights’ mission and vision? The inspiration is that we’re at a new phase at TechCabal Insights. We are, in a sense, rebranding to better serve our clients in the tech ecosystem and the digital economy as a whole. The new website, the new logo, and everything in between the rebranding exercise reflect where we are now in our journey. But not only that, it reflects our clients whose needs are changing, and we have to adapt to meet those needs. The website redesign is just one touchpoint in this effort. We want the website to reflect our core values and mission but also to specifically address the needs of our clients. We share valuable reports and insights vital to our audience’s work. Ultimately, it’s all about serving our clients – the people who depend on us for data and insights. Can you share some key features of the TechCabal Insights website that you’re excited about? There are two key features I’m excited about First, case studies. A potential client may check us out and ask, “Can they deliver on this job?” These case studies will then showcase our capabilities and our work for clients. It’s also a way to celebrate the team’s achievements and the successful projects we’ve delivered. Secondly, I’m excited that we’ll be providing value by publishing really useful content like insightful articles, data stories, and research to help people navigate the African economic landscape. What specific types of content can visitors expect to find on the TechCabal Insights website, and how will it cater to various audiences within the tech ecosystem? Our content will cater to our clearly defined audience segments. We’ll create content that aligns with both their interests and the services we offer. This will include valuable research reports on economic trends, insightful articles, and thought leadership events. We’ll also provide practical guidance on how to position startups and businesses. Additionally, we’ll curate and share content relevant to our audience. So expect a lot of those specifically around clean technology, the green economy, and, crucially, payments. We’ll also explore topics based on audience curiosity and current economic trends. What measures have been implemented to ensure an intuitive and user-friendly experience for visitors navigating the website? I’m super grateful that we have an experienced and great UI/UX team at Big Cabal Media, as well as a dope engineering team. That has helped us in terms of designing this website, and we’ve been able to leverage their expertise. We’ve done user research and are testing to ensure it’s useful. We also looked at global brands that have been doing this for a while to get a sense of what works. So don’t worry; it’s something we put some thought and effort into, and we are continuing to do so now. Want to learn more? Explore the rest of our new website by visiting this link.
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👨🏿🚀TechCabal Daily – Airtel Africa is buying back its shares
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية The first quarter of 2024 is just over and there was a lot of activity within Africa’s Tech Ecosystem in that period. Due to varying reasons, some startups had to trim their workforce while there were others who even expanded into new territories. A couple of interesting M&A deals have also occurred. Today by 11 AM (WAT) on TechCabal Live, we’re launching the State of Tech In Africa (Q1 2024) report. The report spotlights important trends in Q1 2024 while also delving deeper into the nitty gritty of various happenings in Africa’s Tech Space. Register here now to join Uwem Uwemakpan, Dayvee Ngugi and Chilufya Mutale-Mwila as they dig into these insights! In today’s edition Airtel Africa is buying back its shares Traders get ahead of Zimbabwe’s new currency Ex CA director general cleared of all charges Funding tracker The World Wide Web3 Events Telecoms Airtel implements share buy-back programme to improve financial health Airtel Africa had a tough 2023. The telecom reported a significant loss after tax of $151 million in Q1 of 2023, and ultimately a 99% decline in profits, dropping from $523 million to $2 million by year-end. Currency devaluations in key markets like Nigeria, Malawi, Zambia, and Kenya, were the main cause for the loss. To improve its financial health, the telecom announced plans for a share buy-back programme in February 2024. Sidebar: A share buyback simply means that Airtel is repurchasing its own shares from the market. In its ongoing share buyback programme, Airtel Africa has acquired a total of 8.6 million shares from Citigroup Global Markets Limited. The most recent purchase involved 487,985 shares at an average price of $131.70 per share. The buyback programme, which began on March 1, 2024, involves the repurchase of $100 million worth of Airtel Africa’s shares in 12 months, and is divided into two tranches, with the first tranche of $50 million running from March to August 2024. The buy-back programme will help reduce share capital and lower debt and operating costs. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Economy Local traders push back against Zimbabwea’s new currency Last week, Zimbabwe replaced its inflation-hit official currency, the Zimbabwe dollar with a new gold-backed currency, “Zimbabwe Gold” or ZiG. The currency change was the country’s sixth attempt at restoring parity to the world’s worst-performing currency which had shed 75% of its value since the year began. Zimbabwe’s apex bank will begin circulation of the new currency by the end of April and has given Zimbabweans 21 days to exchange the old currency with the newly minted ZiG. However, local traders are steps ahead of the curve and have begun dumping the old currency. The news: According to local media, informal traders no longer accept the Zimbabwe dollar for trade and have opted to transact in the US dollar for fear that the old currency will become worthless. The development has seen a surge in the demand for the greenback on the black market, with black market forex traders upping their fees to take advantage of the demand. Larger supermarkets are also catching the wave, with some starting to display prices in ZiG. However, some retail stores— Zimbabwe’s OK and South Africa’s Pick n Pay—still accept the Zim dollar. A way out of trouble: Before the ZiG was introduced, the Zim dollar traded at 28,720 to the US dollar. The ZiG which has an initial value of 13.56 to the dollar is the country’s latest attempt to tackle decades of monetary chaos. Zimbabwe’s central bank governor, John Mushayavanhu, is hopeful the new currency change will reduce the inflation rate between 2% and 5% by year-end. No hidden fees or charges with Fincra Collect payments via Bank Transfer, Cards, Virtual Account & Mobile Money with Fincra’s secure payment gateway. What’s more? You get to save money for your business when you use Fincra. Start now. Telecom Ezra Chiloba cleared of corruption charges, nominated as Kenyan Consul General In September 2023, Ezra Chiloba, the former Director General of the Communications Authority (CA) in Kenya faced suspension amidst accusations of corrupt practices involving a staff mortgage scheme. The CA alleged he attempted to defraud the agency and approved his mortgage improperly. In October 2023, Chiloba resigned from his position as CA Director General. But despite the fraud allegations against him, President William Ruto nominated him for the Consul General of the Kenyan mission in Los Angeles, USA. EACC clears Chiloba of wrongdoing: In September, the Ethics and Anti-Corruption Commission (EACC) launched an investigation into allegations against Ezra Chiloba. To gather evidence, they requested Treasury audit reports, the authority’s mortgage loan policy and loan book, and the authorised panel of valuers from the CA. However, an EACC letter released yesterday found “insufficient evidence” to support the claims against Chiloba, effectively clearing him of any wrongdoing. With the EACC clearing his name, Chiloba’s nomination for Consul General seems to be moving forward. Accept fast in-person payments, at scale Spin up a sales force with dozens – even hundreds – of Virtual Terminal accounts in seconds, without the headache of managing physical hardware. Learn more → TC Insights Funding tracker Hewatele, a healthtech company based in Kenya, secured a $20m funding package from Finnfund, the U.S. International Development Finance Corporation (DFC), Soros Economic Development Fund (SEDF), and UBS Optimus Foundation and Grand Challenges Canada. Here are other deals for the week: SunCulture, a Kenyan climate tech startup, raised $12 million in a Series B round that was a mix of equity, debt and carbon financing. Funding was led by InfraCo Africa and Savant Ltd, with support from Acumen Funds, Reed Hastings, co-founder of Netflix, and Eric Schmidt, former CEO and Chairman of Google. Affinity Ghana, a full-scale digital
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Print or download your GHRIS Payslip 2023 or 2024
The Government Human Resource Information System (GHRIS) provides a convenient way for Kenyan government employees to access their payslips online. If you’re looking to download your GHRIS payslip for 2024, follow these simple steps: 1. Access the GHRIS Login Page Open your preferred web browser and navigate to the official GHRIS login page at https://www.ghris.go.ke/loginonly.aspx. 2. Enter Your Credentials On the login page, you’ll be prompted to enter your User ID and Password. These credentials are unique to you and should have been provided during your registration process. 3. Logging In and Navigating Once you’ve entered your credentials correctly, click the “Login” button. This will take you to your GHRIS dashboard. 4. Locating Your Payslip Within your GHRIS dashboard, navigate to the section labelled “My Records” or something similar. Here, you should find a dropdown menu with options like “Payslip” or “Pay Slips.” Select the appropriate option. 5. Choosing your GHRIS Payslip 2024 Upon selecting the “Payslip” option, you’ll likely see a list of your payslips for the year. These will be categorised by month or pay period. Identify the specific GHRIS payslip 2024 you want to download and click on it. 6. Downloading or Viewing your GHRIS Payslip 2024 Once you’ve selected, for example, your 2024 or even 2023 Government Human Resource Information System payslip, you’ll typically be given two options: “View” or “Download.” Clicking “View” allows you to see the payslip details on your screen. If you prefer to save a copy for your records, select “Download.” This will usually prompt you to choose a location on your device to save the payslip document (often a PDF format). Final thoughts on accessing your GHRIS Payslip 2024 If you encounter difficulties logging in or accessing your payslips, you can find helpful resources on the GHRIS website. There may be a Frequently Asked Questions (FAQ) section or contact information for technical support. Remember to keep your GHRIS login credentials secure and avoid sharing them with anyone. Ultimately, you should be able to easily access and download your GHRIS payslip 2024 through this online system that offers a convenient way to manage your payslip information throughout the year.
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Tahmeed online booking process 2024
Tahmeed bus company is one of the transport companies in Kenya that provides a convenient and secure online booking system for travellers. Whether you’re planning a weekend getaway or a business trip, booking your ticket online saves you time and ensures you get a seat on your preferred route. Follow the next steps to book. 1. Visit the Tahmeed Online Booking Portal The first step to Tahmeed online booking is to visit the company’s official website at www.tahmeedexpress.com/#/ . You will land on the home page with a dedicated spot to start booking your ticket. You will first choose the date you’re looking to book for, then enter your departure and destination locations respectively and how many seats you are booking. Once you’ve entered all the details, click the “Search” button Then it’ll open another page for you to view available buses and schedules. This is a more comprehensive booking page. 2. Specify Your Travel Details On the booking page, you’ll find designated fields for entering your travel details. This includes: Departure and Arrival Cities: You can still change your origin and destination from the dropdown menus ad you will find on this page Travel Date: Change or maintain your desired travel date. It’s helpful to check the bus schedule beforehand to ensure availability on your preferred date. Number of Passengers: Indicate the total number of people travelling with you. 3. Choose Your Bus and Seats Tahmeed online booking offers a user-friendly interface to select your preferred bus. You’ll see a list of available departures with details like departure time, estimated travel duration, and available seat options. Choose the departure time that suits your schedule and click on the “Select Seats” button. This will display a seat map where you can pick your preferred seats. Tip: If you’re travelling with a group, you should make sure to select seats together because the way you select the seats is the way you’ll sit ion the bus. 4. Register and Make Payment After selecting your seats, you’ll be prompted to either sign in to your existing account or proceed as a guest. If you’re a new user, registering for an account allows you to manage future bookings and track your travel history easily. For both registered users and guests, Tahmeed online booking offers a secure payment gateway. The most common payment method is M-Pesa, a popular mobile money transfer service in Kenya. Follow the on-screen instructions to complete your M-Pesa payment. Once the payment is successful, you’ll receive a confirmation message. 5. Download and Print Your Ticket The final step in Tahmeed online booking is to download and print your ticket. Your ticket will contain all the important details of your journey, including your departure and arrival cities, travel date and time, seat numbers, and a unique booking reference. For convenience, you can also save your ticket as a PDF on your mobile device for easy access during your trip. Final thoughts on Tahmeed online booking process 2024 That’s it about successfully completing your Tahmeed online booking. Should you have any issues, do not hesitate to reach out to their helpline.
Read MoreBlow for Kenya as US biotech Moderna suspends plans to build vaccine plant
Moderna, the US biotech has suspended plans to set up a $200 million mRNA vaccine plant in Kenya despite promises by the government to give it incentives, including tax breaks. The firm said on April 11 that it is assessing the future demand for Covid-19 vaccines. Moderna’s decision comes after questions over delays in acquiring land for the project in a special economic zone on the outskirts of Nairobi, the country’s capital. The US drugmaker has not received vaccine orders from Africa since 2022 and has seen orders worth over $1 billion cancelled as risks associated with the virus wane, the company said. “Given this, and in alignment with our strategic planning, Moderna believes it is prudent to pause its efforts to build an mRNA manufacturing facility in Kenya. This approach will allow Moderna to better align its infrastructure investments with the evolving healthcare needs and vaccine demand in Africa,” the company said on Thursday in a statement. Moderna has been working on several other vaccines based on mRNA technology, including cancer, shingles, and HIV. It recently announced a breakthrough in the development of a vaccine for cancer. The company’s move is a blow to President William Ruto, who, since coming to power, has been courting foreign firms to drive his manufacturing agenda. In 2023, the Moderna deal accounted for the largest portion of Kenya’s $861 million in foreign direct investments (FDI). The facility, which was to be Moderna’s first manufacturing plant in Africa, was expected to position Kenya as a pharmaceutical and vaccines hub in the region with a capacity to produce 500 million doses annually.
Read MoreAirtel Africa cuts debt, lowers costs through share buyback from Citigroup
Airtel Africa has bought back 8.6 million ordinary shares from Citigroup Global Markets Limited as part of a share buyback plan that began in February 2024. The second largest mobile network operator in Nigeria said the programme’s primary objective was to reduce share capital which in turn cuts down Airtel’s debt obligations and cost of operations which has grown in recent times. Segun Ogunsanya, CEO of Airtel Africa, claims Airtel’s businesses have generated significant cash hence the decision of the board to launch a share buy-back programme. “The board believes that repurchasing its shares is an attractive use of its capital in light of the Group’s strong long-term growth outlook,” said Segun Ogunsanya, CEO of Airtel Africa. The buy-back programme kicked off on March 1, 2024, and involves the repurchase of $100 million worth of the company’s shares in 12 months. The programme is divided into two tranches with the first tranche worth $50 million running for a period of 7 months – from March to August 2024. The latest transaction between Airtel and Citigroup involves the repurchase of 487,985 ordinary shares at a weighted average price of £103.94 ($131.70) per share. Airtel Africa has struggled to stay profitable due to macroeconomic challenges in Nigeria, its largest market on the continent. The company’s financial statement showed revenue dropped by 21.96% to $1.24 billion in December 2023, from $1.59 billion due to the fall of the naira affecting Airtel’s conversion rates. Airtel recently took steps to reduce its high operating costs like outsourcing most of its tower operations to IHS Towers. The buy-back programme also helps the company reduce its debt obligations as it seeks other ways to maintain profitability.
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