Airtel Money, a scaled digital financial services platform operating across 13 African markets, today announces its intention to undertake an initial public offering and the admission of its ordinary shares to the equity shares category of the Official List of the FCA and to trading on the Main Market of the London Stock Exchange, as well as the signing of a cornerstone agreement with International Finance Corporation.
The landmark announcement positions Airtel Money as one of the most significant African fintech companies to pursue a London listing, representing a major milestone for digital financial inclusion across Sub-Saharan Africa.
“Today marks the start of a new chapter for Airtel Money as we announce our plans to list on the London Stock Exchange,” said Ian Ferrao, CEO of Airtel Money.
“In just over a decade we have grown into one of Africa’s largest fintech platforms, built upon a scalable technology stack and an agent network that delivers essential financial services to approximately 53 million users every month, translating into strong revenue growth and industry-leading margins, delivered by a highly experienced management team.”
A Platform Built for Scale and Growth
Airtel Money serves approximately 53 million monthly active users as of 30 June 2026.
Drawing on the scale and brand equity of Airtel Africa plc, its founding shareholder and telco partner, the company delivers a suite of mobile financial services designed to meet the needs of a young and fast-growing population, which has limited access to traditional banking.
The company’s business model is built around the daily financial needs and activities of its customers.
Airtel Money connects consumers, merchants, enterprises and agents in a single, mutually beneficial ecosystem that powers everyday transactions, including cash deposits and withdrawals, peer-to-peer transfers, international money transfers, bill and online payments, merchant payments and salary disbursements.
Impressive Financial Performance
The company’s scalable business model has translated into strong financial performance.
Between the year ended 31 March 2018 and the twelve months ended 30 June 2026, Airtel Money recorded a revenue CAGR of 32% and an EBITDA CAGR of 40% in U.S. dollar terms. Revenue reached US$1,346 million for the year ended 31 March 2026, with an EBITDA margin of approximately 50% and a pre-tax cash conversion ratio above 90% in each of the last three financial years. The Group has no external borrowings and capital expenditure represented 3% of revenue in the year ended 31 March 2026.
“A London listing will underpin our next wave of growth. The opportunity ahead of us is substantial and, importantly, there are many demographic and digital tailwinds within the markets that we serve,” Ferrao added.
“Digital transaction volumes across our footprint are forecast to grow around fivefold by 2031, and we can capture this opportunity by accelerating conversion of the growing Airtel Africa telco subscriber base, moving customers onto our app where they transact more often, and by broadening the range of products we offer them.”
Strategic Shareholder Support
Airtel Money was launched in September 2011 within Airtel Africa and as part of Bharti Enterprises, a globally recognised Indian conglomerate with diversified interests across telecommunications, digital infrastructure, space communications, financial services, real estate, data centres, and hospitality.
Airtel Africa, a constituent of the FTSE 100 index listed on the London Stock Exchange and the Nigerian Stock Exchange, beneficially owns 77.85% of the Company’s issued ordinary share capital.
In 2021, TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding Ltd acquired minority stakes for total consideration of US$550 million. Following the IPO, Airtel Africa is expected to remain a long-term strategic shareholder and to support Airtel Money’s next phase of development as an independently listed business.
“We are approaching this from a position of financial strength,” Ferrao emphasised.
“The business is debt-free, capital-light and highly cash generative, which is why this Offer consists solely of shares sold by existing shareholders and no new capital is being raised. This listing will give us the platform to continue transforming financial services across Africa and to keep building value for our customers, our partners, African governments and our shareholders.”
Competitive Strengths Driving Value Creation
Airtel Money’s depth of agent network, its scale of customer base, its financial services product offering and its consistent financial outperformance differentiate it from both regional and global peers. With a scalable technology platform, a growing ecosystem of partnerships and a consistent track record of cash-generative growth, the Directors believe the company is positioned to deliver sustained value creation over the long term.
The group operates in markets characterised by widespread financial exclusion, with only 20-25% of adults having a bank account compared to approximately 87% in developed markets. This exclusion has positioned established mobile money players such as the Group as critical enablers of financial inclusion.
As of 30 June 2026, the group operates one of Africa’s largest physical distribution networks, with over 2.3 million agents and more than 43,000 exclusive retail touchpoints. The company’s network connects approximately 53 million monthly active users, over 2.3 million agents, more than 490,000 merchants and over 3,700 enterprises.
Attractive Shareholder Returns
Airtel Money’s proposed dividend policy is designed to deliver sustainable and predictable shareholder returns while maintaining the flexibility to invest in future growth. Reflecting the Company’s strong cash generation, Airtel Money endeavours to maintain a minimum total dividend pay-out ratio of 80% of consolidated net profit after tax attributable to the owners of the Company, with dividends expected to be paid semi-annually.
The London listing represents a transformative moment for Airtel Money and signals growing investor confidence in Africa’s digital financial services sector, positioning the Company for continued growth and value creation across its 13 markets.
