Airtel Africa’s Mobile Money IPO Finally Moving Forward After Repeated Delays

Airtel Africa is finally moving forward with the long-awaited listing of its mobile money unit, and banks are circling.

The company has revived plans to spin off Airtel Money in an initial public offering that could value the business at around USD 10 B and raise roughly USD 1.5 B. The listing is now expected in the second half of 2026, with London emerging as the preferred venue after the company abandoned plans for a Middle Eastern exchange.

The renewed push follows repeated delays. Airtel Africa had originally planned to list Airtel Money by 2025, then pushed the timeline to early 2026, and later postponed again, citing market uncertainties stemming from the Middle East conflict. The war-driven costs and volatile conditions made the first half of 2026 untenable.

But the geopolitical tensions that delayed the IPO also shaped its final destination. With the Middle East engulfed in conflict, London’s deep capital markets and broad international investor base became the clear choice. The company had been exploring exchanges in the UAE and elsewhere in Europe before settling on the UK capital.

Now, the momentum is building. Airtel Africa has been hiring more investment banks to join the syndicate managing the IPO, with Citi already leading the transaction. The additional appointments suggest preparations have entered a more advanced stage after months of uncertainty.

Airtel Money serves more than 54 million customers across Africa and generated USD 1.35 B in revenue in 2026. The business is highly profitable, with an EBITDA margin of 50.8%, exceeding the 49.3% margin of Airtel’s broader African operations. Mobile money penetration remains low at just 29% of Airtel Africa’s 184 million mobile subscribers, leaving significant room for growth, particularly in Nigeria, where only 2.7 million customers currently use the service.

If completed at the expected valuation, the IPO would be London’s largest new listing since Wise debuted in 2021 with a valuation of nearly GBP 9 B (~USD 11 B). Only a handful of companies have floated on the London Stock Exchange in the first half of 2026, making Airtel Money’s planned IPO a potentially landmark transaction.

Unlocking the value of Airtel Money through a separate listing could help investors better appreciate the strength of its fintech operations, which have often been overshadowed by its core telecommunications business. The company has been under pressure to list the unit, with a deadline approaching that could trigger a USD 515 M buyback if the IPO does not proceed.

Airtel Money’s journey to the public markets has been long and uncertain. But after three years of delays, shifting geopolitical dynamics, and persistent investor interest, the listing now appears to be within reach.