Airtel Africa has confirmed its decision to list its mobile money business, Airtel Money, on the London Stock Exchange in the second half of 2026. This move is expected to intensify pressure on rivals such as MTN and Safaricom to unlock the value of their own rapidly expanding fintech operations.
The announcement, made by Airtel Africa Chief Executive Officer Sunil Taldar, confirms earlier reports that the telecommunications group had revived plans for an estimated $10 billion initial public offering (IPO) for Airtel Money. London was chosen over a potential listing in the Middle East.
Sunil Taldar stated that a London listing would provide Airtel Money with access to a broad international investor base. This aligns with the company's ambition to unlock the long-term value of one of Africa’s leading fintech platforms as it enters its next phase of growth.
The IPO is projected to value Airtel Money at approximately $10 billion, making it one of London’s most significant listings in recent years and among the largest African fintech offerings ever. This listing is also expected to reshape how investors assess the value of Africa’s burgeoning mobile money industry.
Unlike MTN Group’s fintech business and Safaricom’s M-Pesa, which remain integrated within their parent telecom companies, Airtel Money will become the first of Africa’s three largest mobile money operators to trade as a standalone listed entity. This will establish an independent benchmark for valuing digital financial services businesses across the continent.
This development is likely to reignite calls from shareholders in both MTN and Safaricom, who have long advocated for the separation of their fintech businesses to unlock billions of dollars in shareholder value. MTN has already restructured its fintech operations into a separate holding company and sold a minority stake to Mastercard, valuing the business at about $5.2 billion.
Airtel Money currently serves more than 54 million customers across 14 African markets, providing digital payments, money transfers, savings, and merchant services. By transaction value, it ranks behind only Safaricom’s M-Pesa and MTN Mobile Money on the continent.
For Airtel Africa, the fintech business has become increasingly vital, contributing 21.1 percent of the group’s revenue. Demand for digital financial services continues to outpace growth in traditional voice services.
The IPO was initially planned for the first half of 2026 but was delayed due to volatile market conditions and increased operating costs linked to geopolitical tensions, including the Iran conflict. These factors pushed up global energy and logistics costs.
These pressures also impacted Airtel Africa’s latest earnings outlook. The company issued a warning for the second time in four months that higher energy expenses would continue to compress near-term operating margins, despite reporting stronger first-quarter revenue and profit driven by rising demand for mobile data, digital services, artificial intelligence applications, and favourable currency movements.
The decision to list in London is also a boost for the London Stock Exchange, as Airtel had reportedly considered a Middle Eastern exchange. The offering will also fulfill commitments made when Mastercard and TPG’s Rise Fund invested in Airtel Money in 2021, with both transactions structured around an eventual public listing.
Airtel Money has attracted substantial backing in recent years. In 2021, TPG invested $200 million in the business at a $2.65 billion valuation, while Mastercard committed $100 million. Later that year, an affiliate of Qatar’s sovereign wealth fund also acquired a stake, bolstering confidence in the platform’s long-term prospects.
The unit’s valuation has since grown, driven by transaction growth and increased adoption among young, tech-savvy populations in Airtel’s 14 African markets. Annualised Total Payment Value (TPV) has now exceeded $245 billion, representing a 51.5% increase, reflecting higher customer engagement and expanding digital financial products.
