Airtel Money, the mobile financial services arm of Airtel Africa, has quietly become one of the most significant players in African fintech. In its latest fiscal year, which ended March 2025, the company posted $145 billion in annualized transaction value—nearly double the GDP of Ghana.
Once an ancillary offering bundled with mobile airtime, Airtel Money is now central to the Group’s growth narrative. Its 29.9% revenue growth (in constant currency) and rising contribution—now 20.3% of Airtel Africa’s total revenue—signal a broader shift underway in the continent’s digital economy: telcos are no longer just pipes; they are platforms.
Building at the Bottom of the Pyramid
With a 17% increase in its customer base, Airtel Money now serves 44.6 million active users across 14 African markets. In a region where access to traditional financial infrastructure remains limited, mobile money continues to be the de facto banking system for tens of millions.
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Usage is deepening too. The average user now transacts about $273 per month, up 13% year-over-year, driven by both increased transaction volume and expanding service offerings. More than 2 million new customers joined the MyAirtel app in 2025, and app-based transactions jumped 91%—an indicator of the transition from feature phones to smartphones.
To support this momentum, Airtel expanded its agent and retail footprint significantly: 320,000 new agents and over 1,000 new kiosks were added to its distribution network. The result is a last-mile infrastructure that’s wider and more responsive than many traditional banks.
Profits With Purpose
This isn’t a scale-at-all-costs story. Airtel Money is making money—real money.
The business generated $525 million in EBITDA, with a 52.8% margin, the highest of any Airtel Africa unit. It’s a level of profitability rarely seen in fintech, and one that underscores the operational leverage embedded in mobile money once user density reaches critical mass.
Performance was especially strong in East Africa, where revenues climbed 32%, and in Francophone markets, up 22%. Even in Nigeria, where the Central Bank only recently began issuing mobile money licenses to non-banks, Airtel Money has notched 1.7 million active users, hinting at significant future upside.
Reinventing the Financial Ecosystem
Airtel Money’s transformation is as much about product depth as it is about geographic reach. What began as a wallet now includes:
- Lending and micro-savings products
- Card-linked payment tools
- International remittances
- QR-based merchant payments
- API integrations for B2B and third-party platforms
The company has also digitized agent onboarding, improving compliance and speed while supporting a growing ecosystem of small-scale agents and merchants.
Toward an IPO and Beyond
Perhaps the most notable forward-looking signal came from the Group’s announcement that Airtel Money is preparing for an IPO by mid-2026, subject to market conditions. The move is designed not just to unlock value, but to accelerate growth by bringing in external capital and strategic partners.
Management has outlined three priorities going forward:
- Enhance digital engagement, especially through the app
- Expand partnerships and merchant integrations
- Drive operational efficiency and lower cost-to-serve
This isn’t just fintech—it’s infrastructure. And it’s reshaping how money moves across the world’s youngest, fastest-growing continent.
