Airtel Africa Plc, the pan-African telecommunications provider and a subsidiary of Bharti Airtel, the Indian telecom giant led by billionaire Sunil Bharti Mittal, has selected the London Stock Exchange for the planned initial public offering of its Airtel Money business, as it seeks to unlock value from one of Africa’s largest digital finance platforms.

The listing, expected in the second half of 2026 subject to regulatory approvals, would give investors direct access to a mobile money business benefiting from the rapid adoption of digital payments and financial services across African markets.

Airtel Africa Chief Executive Officer Sunil Taldar said London’s deep capital markets and global investor base would support the company’s goal of highlighting the long-term value of Airtel Money.

“The London Stock Exchange provides access to a broad international investor community and a platform to support the next phase of Airtel Money’s growth,” Taldar said.

The decision ends months of speculation over the potential venue for the flotation and comes as London works to attract more international listings after several companies moved to rival exchanges in recent years.

The planned IPO is expected to rank among the most closely watched London listings as investors look for exposure to Africa’s expanding technology and financial services sectors.

Airtel Money becomes a key growth engine

The IPO announcement came alongside strong first-quarter results that showed the increasing contribution of mobile money to Airtel Africa’s overall business.

Annualised transaction value on Airtel Money increased 51.5% to more than $245 billion, while the customer base grew 23.3% to 56.5 million users as more consumers turned to digital wallets for payments, transfers and other financial services.

Mobile money revenue climbed 38.9% to $404 million, accounting for almost 22% of group revenue. The figures highlight how financial services have evolved from a supporting service into a significant earnings driver for telecom operators across Africa.

Airtel Africa reported revenue of $1.85 billion for the quarter, rising 31% in reported currency, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 36.6% to $928 million. Net profit rose 27% to $198 million, helped by higher mobile data usage, increased smartphone adoption and currency benefits.

The company now serves 189 million customers across 14 African countries, with data users reaching 87.3 million as smartphone penetration increased to 51%.

Average monthly data consumption per customer rose to 10.6 gigabytes, reflecting growing demand for digital connectivity and online services across its markets.

Africa’s mobile money market draws investors

Airtel Money’s planned listing comes as telecom operators across Africa expand beyond traditional voice services into payments, merchant solutions, remittances and digital lending.

The platform competes with services including M-Pesa and MTN MoMo as companies seek to capture a larger share of Africa’s growing digital economy.

Airtel Africa, one of the continent’s largest telecom operators, operates across 14 Sub-Saharan African markets and has built a growing digital services business alongside its core connectivity operations.

Its parent company, Bharti Airtel, is led by billionaire Sunil Bharti Mittal, who ranks among the world’s wealthiest business leaders with a fortune estimated at $25.6 billion, according to the Bloomberg Billionaires Index. Bharti Airtel is also among the world’s largest mobile operators by subscriber base.

Airtel Money listing could unlock value

Despite the strong performance, Airtel Africa warned that rising costs linked to geopolitical tensions could affect profitability in the near term.

The company said higher energy costs resulting from developments in the Middle East could increase inflationary pressure and reduce EBITDA margins, although ongoing cost-control measures are expected to provide some support.

For Airtel Africa, a separate listing of Airtel Money could help investors better assess the value of a business that has become one of the group’s fastest-growing divisions while offering exposure to Africa’s expanding digital finance market.