Airtel Africa revives mobile money IPO, targets $10bn valuation

Telecoms operator Airtel Africa has revived plans for the initial public offering (IPO) of its mobile money business, which was previously rescheduled to the second half of the year.

The public offering expected to value Airtel Money at around $10 billion, is moving closer to a London listing. The Financial Times reported that the telecom operator has invited additional investment banks to join the IPO syndicate.

Recall that the public offering, which was slated to list in the first half of 2026, was postponed to the second half of 2026 owing to geopolitical tensions that had crippled international supply chains and driven up the costs of energy and logistics for companies. 

One notable development is Airtel Africa’s decision to settle for London as its preferred listing venue after previously considering an exchange in the Middle East. According to reports, the location change is attributed to the ongoing U.S.-Iran conflict. The tensions have reportedly strengthened London’s position as the preferred listing venue.

Airtel isn’t the only company affected by the war tensions. Franco-German defence contractor KNDS and Bangalore-based fintech platform PhonePe also delayed their IPOs as the unfavourable global economic conditions could weigh on their near-term core profit margins

Citigroup Inc., the American multinational investment bank and financial services company based in New York City, is already laying the groundwork for the transaction. Aside from the prospect of reaching a $10 billion valuation, the Airtel Money IPO could see the telecom company raise about $1.5 billion.

This isn’t the first time Airtel Africa has envisioned listing its mobile money business. The telecom operator had originally targeted a listing in 2025 before pushing back the timetable earlier this year, citing unsettled macroeconomic conditions.

Despite the delay in its IPO, Airtel Money has continued to deepen its growth. In the financial year ending 31st March 2026, the business recorded $1.36 billion in revenue, representing a 36.3% year-on-year (YoY) jump in reported currency. 

At that time, the total customer base stood at 54.1 million, with 40.9 million from the East African markets, 10.5 million from the Francophone African markets and 2.7 million from Nigeria.

Also Read: Airtel Kenya appoints Djibril Tobe as new managing director, effective July 1.

Airtel Africa, other telcos raise mobile money’s bar

The move to reignite the planned IPO comes at a time when mobile money continues to make strong progress across digital adoption, ecosystem expansion and product innovation. With this, telecom operators are increasing the strength of their mobile money divisions.

In addition, mobile money has become a key growth engine for African telecom operators as they look beyond traditional voice and data revenue. Expanding into services such as digital payments, remittances, merchant payments and savings products has driven strong customer and revenue growth.

MTN’s MoMo PSB, Safaricom’s M-Pesa, Ethio Telecom’s Telebirr, Maroc Telecom’s MT Cash and others are several fintech and mobile money operators under African telcos’ control. 

Airtel Africa’s ambition for its mobile money signifies plans to expand the business. 

“We have made good progress and remain committed to the listing as market conditions allow, with the intention of undertaking the IPO in the second half of the year,” Sunil Taldar, Chief Executive Officer at Airtel Africa, said in May.