Airtel Africa to Launch Mobile Money IPO in First Half 2026

Airtel Africa has postponed the public listing of its mobile money subsidiary to the first half of 2026.

Airtel Africa Plc announced the delay of its highly anticipated Airtel Money initial public offering (IPO), pushing back the timeline from the originally planned 2025 launch. The decision comes despite record-breaking performance from the mobile money unit, which serves 44.6 million customers across 14 African markets.

Strong Financial Performance Despite Delay

The mobile money division demonstrated remarkable growth throughout 2024, with transaction values surging 33.3% Y-O-Y to reach an annualized total of $146 billion. The customer base expanded by 17.3% to 44.6 million users, highlighting the growing demand for digital financial services across sub-Saharan Africa.

“We are making significant progress in our preparations for the Airtel Money IPO and remain committed to this objective,” said Airtel Africa CEO Sunil Taldar in the company’s latest financial statement. “However, we are also mindful of evolving market conditions. Therefore, subject to these conditions, we anticipate a listing event in the first half of calendar year 2026.”

The postponement reflects broader market volatility affecting fintech IPOs globally, as investors become more cautious about valuations in the digital payments sector. Despite the delay, Airtel Africa emphasized its continued commitment to taking the mobile money unit public.

Impressive Growth Metrics Across Operations

Airtel Money’s strong performance contributed to Airtel Africa’s overall growth momentum. The telecommunications group reported total mobile services revenue growth of 19.6% in constant currency terms, driven by substantial increases across all service categories. Voice revenue grew 10.6%, while data revenue surged 30.5%, with mobile money revenue climbing 29.9%.

The company’s total customer base reached 166.1 million, representing 8.7% year-over-year growth. Data customers increased by 14.1% to 73.4 million users, with individual data usage per customer rising 30.4% to 7.0 GB monthly. This growth supported data average revenue per user (ARPU) increases of 15.4% in constant currency.

Smartphone penetration across Airtel’s markets improved by 4.3 percentage points to 44.8%, reflecting the company’s focus on digital inclusion initiatives. The increased smartphone adoption directly supports mobile money usage, as customers gain access to more sophisticated financial services through their devices.

Strategic Infrastructure Investments

Airtel Africa continued expanding its network infrastructure to support growing demand for digital services. The company rolled out 2,583 new sites and approximately 3,300 kilometers of fiber optic cable during the financial year, enhancing data capacity across the region.

These infrastructure investments position Airtel Money to handle increasing transaction volumes as more customers adopt mobile financial services. The enhanced network capacity also supports the company’s broader digital transformation strategy across its 14-market footprint.

Regulatory Challenges and Market Scrutiny

The IPO delay occurs amid heightened regulatory scrutiny of Airtel Money’s operations. Authorities in Kenya, Uganda, and Malawi have launched investigations following consumer complaints about pricing transparency and currency conversion disclosures.

In January 2025, the Common Market for Eastern and Southern Africa (COMESA) Competition Commission initiated a probe into Airtel Money’s pricing practices. “The alleged conduct is considered misleading and unconscionable as it denies consumers the right to material information required to make informed decisions,” the Commission stated in its investigation notice.

These regulatory challenges highlight the increasing compliance expectations facing digital financial services providers as the sector matures across Africa.

Market Context and Financial Inclusion Impact

Airtel Money operates in markets where traditional banking infrastructure remains limited, making mobile money services crucial for financial inclusion. The platform enables customers to send money, pay bills, and access basic financial services through their mobile phones, addressing the needs of underbanked populations across sub-Saharan Africa.

The mobile money sector has become increasingly competitive, with telecommunications companies positioning themselves as serious fintech players. In Nigeria, recent regulatory reforms have allowed competitors like MTN to secure full mobile money licenses and scale their wallet services.

Strategic Implications for African Fintech

The Airtel Money IPO, when it occurs, could serve as a benchmark for how African telecommunications companies transition into comprehensive financial services providers. The listing is expected to unlock shareholder value while attracting new investments to help scale digital financial infrastructure across the continent.

“The race for financial inclusion intensifies,” industry analysts note, as telecom operators leverage their extensive customer bases and network infrastructure to compete with traditional banks and standalone fintech companies.

Airtel Africa’s cautious approach to timing the IPO reflects lessons learned from global market conditions and the importance of choosing optimal market windows for major financial transactions. The company’s strong operational performance provides a solid foundation for the eventual public offering, positioning Airtel Money as a significant player in Africa’s expanding digital payments landscape.

Feyisupo Akeem

Fintech SEO Strategist

Feyisupo Akeem is an experienced SEO professional and content strategist expertise in fintech and digital asset reporting. His deep understanding of search optimization and content marketing enables him to deliver accessible insights on several topics on finance.