Airtel Africa is preparing to list its mobile money arm, Airtel Money, in the first half of 2026, a move that could value the service at over $4 billion.

The IPO is part of a broader strategy to cement Airtel Money’s position in Africa’s booming digital payments landscape and to go head-to-head with established players like Safaricom’s M-Pesa and MTN’s MoMo.

Airtel Money has experienced remarkable growth in recent years. Active users now exceed 38 million across 14 African countries, and transaction volumes have surpassed $112 billion. By 2024, its customer base had expanded by 20%, underlining the platform’s strong market adoption.

These numbers underscore why investors are closely watching the upcoming IPO. For Airtel Africa, listing Airtel Money is more than a financial exercise—it’s a chance to give the platform the visibility and autonomy needed to scale aggressively across key markets, including Nigeria, Tanzania, and the Democratic Republic of Congo.

The mobile payments arena in Africa is fiercely competitive. M-Pesa dominates in Kenya and Tanzania with over 66 million users and more than $300 billion in annual transactions. MTN’s MoMo, meanwhile, commands a strong presence in West and Central Africa with 65 million users.

For Airtel Money, the IPO could provide the capital and independence necessary to close the gap, expand services, and enhance user experience. It also positions Airtel to leverage fintech as a core growth engine in markets where traditional telecom revenues are plateauing.

Citigroup has been appointed as the lead advisor for the listing. Investor meetings have already taken place in Dubai, signaling Airtel Africa’s intent to attract global capital. The choice of listing venue is still under review, with options including the UAE, London, and other European exchanges.

The IPO is expected to unlock significant value for shareholders and finance Airtel Money’s expansion while providing a benchmark for mobile money valuations across Africa.

Despite the opportunity, hurdles remain. Many African markets are tightening regulatory oversight on digital finance, and in some regions, mobile money adoption is approaching saturation. Airtel Money will need to navigate these conditions carefully to ensure the IPO achieves its full potential.

The Airtel Money IPO represents a bold bet on Africa’s fintech future. If successful, it could accelerate the company’s growth, strengthen its competitive stance against M-Pesa and MoMo, and demonstrate the transformative potential of mobile money services in driving financial inclusion across the continent.

For investors, this IPO offers a rare opportunity to participate in Africa’s evolving digital economy at a pivotal moment in its development.