Airtel Africa is doubling its fintech ambitions with plans to list its fast-growing mobile money business publicly in 2026.
According to a Bloomberg report, the company has tapped Citigroup Inc. as advisor for the initial public offering (IPO), a move that could value the unit at over $4 billion. The telecom giant is currently meeting investors in Dubai, underscoring its commitment to list the unit in the first half of next year, according to the company’s spokesperson.
“We will list next year. We will continue to bring additional countries into the envelope. We are still a year from that IPO,” said Olusegun Ogunsanya, managing director and chief executive officer of Airtel Nigeria, according to Businessday.
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With more than 45 million customers and an annualized transaction value of $162 billion, Airtel Money has emerged as a major force in Africa’s booming digital payments sector, positioning the telecom giant to unlock new value in the continent’s rapidly evolving financial services landscape.
Mobile money revenue for Airtel Africa increased to $731 million between April and December of 2024 from $631 million in the corresponding period of 2023. In the 2024 financial year (ended March 31), Airtel Money recorded $112.3 billion in transaction value, a 38.2% increase in constant currency compared to 2023.
Revenue from mobile money services reached $837 million, up 21.4%, with a net profit contribution of $405 million, reflecting a 27.6% increase. For the nine months ending December 2024, mobile money revenue grew by 29.6% year-on-year to $731 million.
The mobile money customer base grew by 20.7% in 2024, reaching 38 million users, which represents 24.9% of Airtel Africa’s total customer base. By December 2024, this number increased to 44.3 million, an 18% rise, driven by expanded distribution networks, including exclusive Airtel Money branches and kiosks.
Airtel Money is the most profitable segment of Airtel Africa, with a 48% net margin ratio and significant free cash flow, outpacing traditional telecom services in profitability. This has spurred investors’ interest in the mobile Money in recent years.
In 2021, TPG Inc. injected $200 million at a valuation of $2.65 billion, followed by $100 million from Mastercard Inc. Qatar’s sovereign wealth fund also acquired a stake that year.
Airtel Africa’s broader growth strategy has been underpinned by significant infrastructure investments. In its July 2025 annual report, the company noted the rollout of 2,300 new sites, bringing the total to 37,579, alongside 2,700 km of additional fibre network, expanding coverage to 79,600 km. Its 4G population coverage rose to 74.7%, up 3.4% from the prior year.
CEO Sunil Taldar emphasized the group’s financial services ambitions.
He said, “We see significant potential to advance financial inclusion across Africa. The continued growth of our mobile money portfolio and expansion into enterprise and digital payments have helped boost annualized transaction value by 35% to $162 billion.”
The Airtel Money IPO in 2026 is poised to be a transformative event, enabling Airtel Africa to strengthen its financial position, enhance Airtel Money’s competitive stance, and drive financial inclusion across Africa.
While it offers significant opportunities for growth and investor returns, success will hinge on navigating regulatory challenges, managing currency risks, and outpacing established competitors.
The IPO, if completed, will mark a major milestone in Airtel Africa’s efforts to monetize its mobile money business and strengthen its presence in Africa’s booming fintech landscape.
Notably, Africa’s young, tech-savvy population is fueling rapid adoption of digital financial services, positioning Airtel Money as a key player in the race to serve Africa’s growing demand for financial inclusion.