Airtel undecided on mobile money IPO venue as transactions hit $210 bn

Airtel Africa Plc is yet to decide where it will list its mobile money business, the company said, with preparations advancing for a planned initial public offering of the unit in the first half of 2026.

Airtel Money processed an annualised transaction value of $210.1 billion in the nine months ended December 31, 2025, up 33% from a year earlier, according to the company’s latest financial results. The platform’s customer base expanded to 52 million, from 45.8 million at the end of June.

Revenue from mobile money rose to $986 million in the nine-month period, compared with $731 million a year earlier, reinforcing the unit’s position as one of Airtel Africa’s fastest-growing businesses.

Airtel Africa has said it is targeting a listing of Airtel Money in the first half of 2026, as it seeks to unlock value from the payments business alongside its core telecoms operations. Management said the platform continues to benefit from rising financial inclusion, deeper smartphone penetration and growing adoption of digital wallets across its markets.

Chief Executive Officer Sunil Taldar said in the earnings statement that the company remains on track for the planned listing. He reiterated that position during an earnings call on Friday, adding that Airtel is still assessing potential venues.

Asked about the location of the IPO, the company said it is evaluating major listing destinations and is close to finalising a preferred option, with further details to be communicated in due course, according to financial media outlet MarketBeat.

Airtel Africa, which is listed in London and Lagos, operates across 14 African countries. The group is part of billionaire Sunil Mittal’s business empire, which includes Bharti Airtel in India, satellite firm OneWeb and a minority stake in the UK’s BT Group.

Bloomberg reported last year that Airtel had explored multiple listing options for the mobile money unit, including London, the United Arab Emirates and other European exchanges, and had appointed Citigroup as an adviser for the transaction.

Nigeria as a Core Growth Market

Nigeria played a central role in Airtel Africa’s 2025 performance, driving growth in both mobile money usage and overall earnings recovery. The country remains one of Airtel Money’s fastest-growing markets, supported by a large unbanked population and rising use of digital wallets for payments and transfers.

Nigeria also contributed significantly to the group’s broader rebound, as currency stabilization and tariff adjustments lifted reported revenue and margins. Airtel Africa said the country recorded some of its strongest growth rates, with sharp increases in data consumption and mobile money activity.

While Airtel Money’s penetration in Nigeria remains lower than in several other African markets, growth has accelerated sharply. Mobile money revenue in Nigeria rose 118% to $6 million last year, while the number of customers increased to 2.2 million, from 1.5 million a year earlier.

Across Africa, mobile money revenue rose 29% year-on-year to $986 million.

Airtel Africa’s total revenue across all segments climbed to $4.7 billion, up 24.6%, while profit after tax rose to $586 million, from $248 million in the prior period. Nigeria contributed $1.1 billion to the group’s mobile services revenue.