Airtel Money, the financial services division of Airtel Africa, has surpassed an annualised transaction volume of $193 billion, marking a 35.9% increase compared to the previous year. This surge aligns with the company’s strategic roadmap to launch a public offering in the first half of 2026.
As detailed in Airtel Africa’s half-year financial report ending September 2025, the Airtel Money user base expanded by 20% year-over-year, reaching nearly 50 million customers across 14 African nations. This growth is attributed to a broader agent network, rising smartphone adoption, and enhanced digital service delivery.
The network of agents grew by over 308,000, with 56,000 new activation points added. Additionally, non-exclusive agents increased by 27%, boosting accessibility in both metropolitan and rural regions. This physical expansion is complemented by rising engagement with digital platforms such as the MyAirtel app, Airtel Lite, and integration with messaging services like WhatsApp.
Significantly, 48.5% of Airtel Money’s clientele now operate via smartphones. Data indicates that smartphone users engage in transactions more frequently and contribute to a higher average revenue per user (ARPU) than those using basic feature phones. Consequently, ARPU climbed 11% in constant currency terms, while total mobile money revenue surged by 30% year-on-year.
Positioning Among Africa’s Fintech Leaders
With transaction volumes nearing the $200 billion mark annually, Airtel Money has secured its place as one of Africa’s top three mobile money platforms, alongside industry giants M-Pesa and MTN Mobile Money.
Across the continent, Airtel Money has emerged as a formidable competitor to M-Pesa’s longstanding dominance, especially in Kenya. There, Airtel’s market share has risen sharply from 2.8% in 2023 to 9.1% in 2025, while M-Pesa’s share has declined to approximately 90%.
In terms of total transaction value processed, Airtel Money ranks just behind M-Pesa, which managed approximately $450.8 billion in 2025, and MTN Mobile Money, which surpassed $200 billion during 2024-25. This trajectory underscores Airtel’s emergence as a pan-African fintech powerhouse, leveraging its telecommunications infrastructure and commitment to financial inclusion to rival established regional leaders.
Robust Financial Performance Fuels Growth
The rapid expansion of Airtel Money is a key driver behind Airtel Africa’s overall financial results. The group’s revenue increased by 24.5% in constant currency during the half-year ending September 2025, with EBITDA margins improving to 49% in the second quarter of 2026.
“Our focus has been on delivering an exceptional customer experience, and these results reflect the success of our initiatives across the business,” stated Airtel CEO Sunil Taldar. “Airtel Money is gaining significant traction, with our user base approaching 50 million and annualised transaction value nearing $200 billion, a growth of over 35% year-on-year. Preparations for the IPO are progressing as planned for the first half of 2026.”
To support this momentum, the company has increased its capital expenditure forecast to between $875 million and $900 million for the current fiscal year, accelerating investments in network infrastructure to enhance digital and financial inclusion.
Advancing Toward a Landmark IPO
The proposed initial public offering (IPO) for Airtel Money, initially announced in 2021 following strategic investments from TPG’s Rise Fund ($200 million) and Mastercard ($100 million), is now taking definitive shape. Those early investments valued the business at approximately $2.65 billion, but recent growth suggests a substantially higher valuation today.
Market analysts and internal forecasts estimate the IPO could value Airtel Money at over $4 billion, potentially making it the largest fintech listing in Africa’s history. The company aims to raise between $2 billion and $3 billion to accelerate expansion into digital banking, credit services, and merchant payment solutions.
Airtel Africa has appointed Citigroup as the lead advisor for the IPO and is evaluating multiple stock exchanges, including London and the UAE, as potential listing venues. This move is designed to establish Airtel Money as an independent, publicly traded fintech leader, unlocking shareholder value and securing capital for further innovation. To streamline this process, Airtel Africa is consolidating its fintech operations across its 14 markets into a cohesive entity. The journey toward nearly $200 billion in annual transaction volume highlights significant user adoption and platform engagement across Africa.