Airtel Africa Plans London Listing for $245 Billion Mobile Money Business

Airtel Africa Plc has selected London as its preferred listing venue for Airtel Money as the telecommunications group moves to unlock the value of its rapidly expanding digital financial-services business.

The proposed listing is expected to take place in 2026 and would provide Airtel Money with access to international investors while creating a separately traded platform through which shareholders can assess the fintech operation independently from Airtel Africa’s telecommunications business.

Airtel Money’s annualised total processed value increased by 51.5 percent to more than $245 billion during the quarter ended June 30, 2026.

The amount represents the annualised value of transactions processed through the platform, not Airtel Money’s corporate valuation.

The service’s customer base grew by 23.3 percent to 56.5 million from 45.8 million a year earlier as more customers adopted digital payments, transfers and other financial services.

Mobile-money revenue increased by 38.9 percent in reported currency to $404 million, while constant-currency revenue grew by 25.8 percent. Average revenue per user rose by 3.5 percent to $2.40.

The performance highlights Airtel Money’s growing importance to the wider group as demand for digital financial services expands across markets with limited access to conventional banking infrastructure.

A separate listing could allow Airtel Africa to highlight the fintech business’s customer growth, transaction volumes and long-term earnings potential without the valuation being tied entirely to the group’s capital-intensive mobile-network operations.

It could also provide Airtel Money with greater financial flexibility to expand its agent network, develop additional products and strengthen its payment infrastructure across Africa.

However, the eventual valuation will depend on more than transaction volume. Investors are likely to examine revenue growth, profitability, regulatory exposure, customer activity, competitive pressure and Airtel Money’s ability to convert processed payments into sustainable earnings.

During the quarter, Airtel Money’s EBITDA margin stood at 49.1 percent, although it declined by 363 basis points following changes to agreements between companies within the Airtel Africa group. Management said those adjustments did not affect the group’s consolidated margin.

The proposed flotation comes as mobile-money platforms assume a larger role in payments, remittances, merchant transactions and financial inclusion across Africa.

Airtel Africa Chief Executive Officer Sunil Taldar said a London listing would give the business access to a broad international investor base and support the company’s plan to unlock Airtel Money’s long-term value.

The listing would also represent a major test of international investor appetite for African fintech assets at a time when companies are balancing strong digital-payment growth against currency volatility, regulatory uncertainty and weaker global technology valuations.

Airtel Africa has not disclosed the expected valuation, offer size, precise listing date or the proportion of Airtel Money shares that could be sold.

These details will determine how much capital the transaction raises and the extent to which existing Airtel Africa shareholders benefit from the flotation.