Airtel Africa is expanding the team of investment banks working on the proposed listing of its mobile money business as the telecommunications group moves closer to a potential London initial public offering in the second half of 2026.
The proposed transaction could value Airtel Money at approximately $10 billion and raise between $1.5 billion and $2 billion, depending on market conditions and the final structure of the offering.
Citigroup is leading preparations for the transaction, while several additional banks have reportedly presented proposals to join the underwriting syndicate.
Airtel Africa had previously considered listing the mobile money subsidiary in the Middle East. However, London has emerged as the preferred venue because of the depth of its capital market and continuing geopolitical uncertainty in the Middle East.
If completed at the proposed valuation, the transaction would rank among Europe’s largest recent technology and financial-services listings and could become London’s biggest new flotation since Wise entered the market in 2021. The Financial Times reported that Airtel was hiring more banks as it prepared to proceed with the offering.
Airtel Money’s Growth Supports Valuation Ambition
Airtel Money operates across Airtel Africa’s 14 markets, providing mobile wallets, money transfers, merchant payments, utility payments, savings, loans and international remittance services.
The platform ended the financial year to March 31, 2026 with 54.1 million customers, representing a 21.3 percent increase from 44.6 million recorded in the previous year.
Its active agent network expanded by 39.1 percent to 2.4 million, strengthening the company’s ability to serve customers without access to conventional banking infrastructure.
According to Airtel Africa’s 2026 financial results, Airtel Money’s revenue increased by 36.3 percent to $1.355 billion, compared with $994 million in the preceding financial year.
Underlying earnings before interest, taxes, depreciation and amortisation rose by 31.3 percent to $689 million, giving the business an EBITDA margin of 50.8 percent.
The value of transactions processed during the year reached $196 billion, while annualised transaction value exceeded $215 billion in the fourth quarter.
These figures demonstrate that Airtel Money is no longer a secondary product attached to the group’s telecommunications network.
It has developed into a standalone financial-services platform with a large customer base, strong cash generation and relatively high operating margins.
Proposed Valuation Represents Significant Repricing
A $10 billion valuation would represent a substantial increase from the $2.65 billion value assigned to Airtel Money when TPG’s Rise Fund invested $200 million in the business in 2021.
That earlier transaction was part of Airtel Africa’s strategy to bring external investors into its mobile money operations before pursuing a separate listing. Mastercard subsequently invested $100 million at the same valuation.
The proposed IPO valuation would therefore represent an increase of approximately 277 percent from the 2021 benchmark, effectively valuing the business at almost 3.8 times its previous level.
The growth is supported by a customer base that has more than doubled from 21.5 million when the TPG transaction was announced to 54.1 million at the end of March 2026.
Revenue has also expanded from an annualised level of approximately $440 million in early 2021 to $1.355 billion.
However, the proposed $10 billion valuation would still require investors to accept a relatively strong earnings multiple.
Based on the latest financial results, the valuation represents approximately 7.4 times annual revenue and 14.5 times underlying EBITDA before adjustments for cash, debt and the final IPO structure.
Investors will therefore be assessing whether Airtel Money can sustain annual revenue growth above 20 percent while maintaining margins close to 50 percent.
IPO Could Unlock Value for Airtel Africa Shareholders
A separate listing could make it easier for investors to value Airtel Money independently from Airtel Africa’s traditional voice and data businesses.
Telecommunications companies generally require substantial expenditure on spectrum, towers, fibre networks and other physical infrastructure. Mobile money platforms can expand through digital transactions and agent networks without the same level of capital intensity.
Separating the business could allow Airtel Money to attract investors specifically interested in African financial technology, digital payments and financial inclusion.
The listing could also provide funding for product expansion, international remittances, merchant payments, savings, credit and insurance services.
If the offering raises between $1.5 billion and $2 billion at a $10 billion valuation, the amount would be equivalent to between 15 percent and 20 percent of the proposed value of the company.
The actual dilution faced by Airtel Africa will depend on whether the IPO consists of newly issued shares, sales by existing investors or a combination of both.
The transaction could also provide an exit route for minority investors that backed the mobile money business in 2021.
When TPG invested, Airtel Africa indicated that it planned to explore a listing within four years. The agreement gave TPG limited rights to sell its stake back to Airtel Africa if an IPO was not completed within the specified period.
Nigeria Presents Significant Long-Term Opportunity
Nigeria remains a relatively small contributor to Airtel Money’s overall performance, despite being Airtel Africa’s largest telecommunications market.
Airtel Money had 2.7 million Nigerian customers at the end of March 2026, representing a 60.7 percent increase from 1.7 million a year earlier.
Revenue from Nigeria’s mobile money operations more than doubled to $9 million. However, this was still considerably lower than the $1.009 billion generated in East Africa and $337 million recorded across Airtel’s Francophone African markets.
East Africa currently accounts for about three-quarters of Airtel Money’s revenue and 40.9 million of its customers.
The relatively small Nigerian contribution indicates that the proposed $10 billion valuation is primarily supported by Airtel Money’s established operations outside Nigeria.
It also highlights the scale of the opportunity available if Airtel can build a stronger position in Africa’s most populous country.
Nigeria’s large unbanked and underbanked population, growing smartphone adoption and increasing use of electronic payments provide a substantial addressable market.
However, Airtel faces strong competition from commercial banks, fintech companies, payment service banks and other telecommunications-backed financial platforms.
Market Conditions Remain the Principal Risk
Airtel Africa initially expected to complete the listing during the first half of 2026 but moved the timetable to the second half following increased geopolitical and financial-market volatility.
Higher energy prices and disruptions associated with the conflict in the Middle East have increased operating costs across Airtel Africa’s markets and created uncertainty in global equity markets.
Several major technology companies have postponed public offerings as investors become more selective about valuations and profitability.
Airtel Money enters the process with strong revenue growth, positive cash generation and a large customer base. Nevertheless, the final valuation will depend on investor demand, market stability and the company’s ability to demonstrate that recent growth can be sustained.
The proposed listing could unlock considerable value for Airtel Africa shareholders and establish Airtel Money as one of the world’s most valuable emerging-market mobile payment platforms.
However, the $10 billion target also sets a demanding benchmark. Investors will expect the company to maintain customer growth, deepen transaction activity and convert its early progress in Nigeria into a much larger commercial operation.
