Airtel Africa is set to double down on its fintech strategy with plans to publicly list its fast-growing mobile money arm, Airtel Money, in 2026.
The telecom giant has appointed Citigroup Inc. as advisor for the initial public offering (IPO), which could value the unit at more than USD 4 billion.
“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 CEO of Airtel Nigeria.
Airtel Money, which now serves over 45 million customers and processes annualized transactions worth USD 162 billion, has become one of the most profitable segments of the company. With a 48% net margin ratio and rising revenues—USD 731 million between April and December 2024, up from USD 631 million the year before—it continues to outpace traditional telecom services in profitability and growth.
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Backed by earlier investments from TPG, Mastercard, and Qatar’s sovereign wealth fund, Airtel Money has strengthened its market position while riding Africa’s surging demand for digital payments and financial inclusion. In 2024 alone, its customer base grew by nearly 21% to 38 million, climbing further to 44.3 million by year-end, driven by network expansion and exclusive Airtel Money outlets.
The IPO, expected to be a landmark for Airtel Africa’s fintech push, will enable the company to unlock new value, attract further investment, and cement Airtel Money’s role in advancing digital financial inclusion across the continent. However, its success will depend on effectively navigating regulatory hurdles, currency volatility, and intense competition in Africa’s rapidly evolving fintech landscape.
