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Airtel Money, the financial services arm of Airtel Africa, has started gaining remarkable momentum as it prepares for the much-anticipated Airtel Money IPO in the first half of 2026. It is noteworthy that the fintech unit has reported an annualised transaction value surpassing $193 billion. This represents a 35.9% year-on-year increase. This followed the network provider’s growth target in Kenya’s broadband market.
Additionally, this stands as a clear signal of its expanding influence in Africa’s fast-evolving mobile money market.
The company’s updated half-year report to September 2025 shows its customer base rising 20% year-on-year to 49.8 million users across 14 countries. Furthermore, this rapid growth stems from a wider agent network, better smartphone adoption, and an increasingly digital customer experience.
Airtel Africa has added over 308,000 new agents and 56,000 activating outlets, with non-exclusive agents increasing by 27%. This expansion deepens its reach in both urban and rural communities. In addition, it strengthens its position as a leading fintech player on the continent in preparation for the Airtel Money IPO.
Rising Smartphone Adoption Boosts Performance
Notably, about half of Airtel Money’s users, 48.5%, now transact on smartphones. This development evidences a significant shift in digital behaviour. Additionally, smartphone users are not only transacting more frequently but also contributing to a higher average revenue per user (ARPU). This has helped push ARPU up by 11% on a constant-currency basis, while total mobile money revenue jumped 30% year-on-year.
Forging ahead, the broader Airtel fintech expansion continues to fuel Airtel Africa’s financial performance. The group’s revenue rose 24.5% in constant currency for the half-year ended September 2025. In the same vein, EBITDA margins strengthened to 49% in Q2 2026.
Sunil Taldar, CEO of Airtel Africa, credited the company’s success to an improved customer experience and ongoing innovation. “Airtel Money continues to gain momentum, with annualised transaction value nearing $200 billion, up more than 35% year-on-year. The Airtel Money IPO preparation remains firmly on track,” he said.
Airtel Money Challenges Africa’s Fintech Giants
With transactions now nearing $200 billion annually, Airtel Money has joined the ranks of Africa’s top three mobile money providers. This is a development that’s happening alongside M-Pesa and MTN Mobile Money. The company’s progress reveals its ambition to become a pan-African fintech powerhouse.
In Kenya, Airtel’s market share has grown impressively from 2.8% in 2023 to 9.1% in 2025. Conversely, M-Pesa’s share slipped slightly to around 90%. This shift shows a growing appetite for Airtel’s digital financial services, especially as the company strengthens its merchant ecosystem and user trust.
Going by the total transaction value, Airtel Money now trails only M-Pesa, which processed about $450.8 billion in 2025, and MTN Mobile Money, which surpassed $200 billion between 2024 and 2025. Developmentally, these figures place Airtel firmly in the top tier of Africa’s fintech elite, driven by its telecom infrastructure and commitment to financial inclusion.
Financial strength underpins the Airtel Money IPO
Airtel Money’s growth has become a crucial revenue pillar for Airtel Africa, reflecting strong fundamentals ahead of the Airtel Money IPO. The company recently raised its capital expenditure target to between $875 million and $900 million, focusing on network expansion and digital integration.
According to the half-year report, Airtel’s fintech operations are helping diversify earnings beyond voice and data. Its ability to bridge connectivity with financial services gives it a strategic edge in Africa’s competitive fintech world.
“Our strategy is centred on delivering a superior customer experience,” Taldar explained. “The upcoming IPO represents the next stage in our fintech growth journey, unlocking new opportunities for investors and consumers alike.”
The IPO will mark a defining moment in Africa’s digital finance story. Analysts project a valuation exceeding $4 billion, positioning Airtel Money among the continent’s most valuable fintech brands.
IPO Preparations Gather Momentum
The Airtel Money IPO plan first gained traction in 2021 following strategic investments from TPG’s Rise Fund ($200 million) and Mastercard ($100 million). Those early rounds valued the business at about $2.65 billion, but its current performance suggests a significantly higher worth.
The company aims to raise $2–3 billion through the IPO to fund further expansion in digital banking, lending, and merchant services. Airtel Africa has appointed Citigroup as the lead adviser and is considering London, the UAE, and other global exchanges as possible listing venues.
Airtel Africa has also begun consolidating its fintech operations across all 14 markets into a unified structure. This reorganisation ensures better governance, operational efficiency, and scalability as it transitions into a standalone fintech entity.
With its transaction volumes closing in on $200 billion annually, Airtel Money’s momentum is a larger story; that which is one of digital transformation, user empowerment, and Africa’s growing fintech confidence. TechPolyp notes that as the Airtel Money IPO approaches, all eyes remain on how this move could reshape the continent’s digital finance ecosystem.
