…Eyes $2bn London listing to unlock fintech value across Africa
Airtel Africa Plc, one of Africa’s largest telecom operators, has pushed back plans to take its fast-growing mobile money unit public.
The company now targets an initial public offering (IPO) for Airtel Money in the second half of 2026, a delay of a few months from earlier expectations.
The move comes as the company, controlled by Indian billionaire Sunil Mittal’s Bharti Enterprises, seeks to capitalize on the booming digital payments sector in Africa while navigating market conditions and regulatory details.
Sources familiar with the plans told Bloomberg last month that the IPO could raise between $1.5 billion and $2 billion in London. This would value the entire mobile money business at up to $10 billion, potentially making it one of the largest fintech listings on a European exchange in recent years.
Airtel Africa operates in 14 countries across the continent and serves millions of customers. Its mobile money service, Airtel Money, has become a key growth driver. In the first nine months of the financial year, the unit reported revenue of about $986 million, up nearly 30 percent from the previous year. It now has over 52 million customers, highlighting strong demand for convenient financial services in areas where traditional banks are scarce.
Mobile money has changed lives in Africa. From sending money to family in rural villages to paying for goods and services with a simple phone, platforms like Airtel Money, M-Pesa, and others have boosted financial inclusion.
For Airtel, separating the fintech arm from its core telecom business through an IPO allows it to attract specialist investors who value high-growth digital businesses differently from traditional telecoms.
Why the delay
Analysts say the short delay is smart. Global markets have seen ups and downs, and listing at the right time can make a big difference in valuation and investor interest.
London has emerged as the preferred venue, partly because Airtel Africa is already listed there since 2019. Other locations, including in the UAE, were considered earlier but appear less likely now.
Citigroup is advising on the deal, and more banks are expected to join. The company has not yet made final decisions on the exact size, timing, or structure.
Airtel Africa’s CEO Sunil Taldar had earlier signaled confidence in a mid-2026 listing, but refining the strategy takes time.
This IPO is more than just a corporate event. It reflects Africa’s rising digital economy. With a young population and increasing smartphone use, mobile money is expected to keep growing rapidly. Success for Airtel Money could encourage other telecoms to spin off their fintech units, bringing more investment into the sector.
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For investors, Airtel Money offers exposure to a high-margin business with strong network effects. Once listed, the company could use fresh capital to expand services, add features like micro-loans or insurance, and compete more aggressively with rivals.
Challenges remain. Execution risks include regulatory approvals in multiple countries, currency fluctuations, and competition. Africa’s markets can be complex, with varying rules on data protection, foreign ownership, and financial services.
Still, the potential is huge. A successful $2 billion IPO would boost confidence in African businesses listing abroad and help Bharti Enterprises unlock value from its African operations. It also signals growing global interest in African fintech stories.
Airtel Africa has not officially commented on the latest report, but the direction is clear: the company is committed to listing Airtel Money to fuel its next phase of growth.
As Africa’s digital transformation accelerates, this delayed but well-prepared IPO could mark a milestone for the continent’s financial technology landscape.
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