Airtel Africa Shares Surge on FTSE 100 Ahead of Mobile Money IPO

Airtel Africa, one of the continent’s leading telecom operators, has seen its shares rise about 164% on the FTSE 100 index this year. The increase follows strong growth in the company’s data services and the upcoming initial public offering (IPO) of Airtel Money, its mobile finance unit, according to TechCabal. Analysts say this surge reflects investor confidence in Africa’s expanding digital economy and the growing role of fintech across the continent.

Financial Performance

In its half-year report ending September 30, 2025, Airtel Africa posted a profit after tax of $376 million, up from $79 million in the same period last year, according to Reuters. Revenue reached $2.98 billion, representing a 24.5% increase in constant currency.

The company’s data services contributed $1.161 billion, a 37% increase from the previous year, while data traffic rose by 45%. Voice revenue grew 13.2%, indicating that traditional telecom services remain a steady income source. EBITDA for the period stood at $1.447 billion, with margins expanding to 48.5%. Strategic conversion of debt into local currency also improved the company’s net leverage, enhancing financial stability and positioning it for further growth.

Customer and Network Growth

Airtel’s customer base grew by 11% to 173.8 million, spanning 14 African markets, according to TechCabal. Data subscribers increased 18.4% to 78.1 million, with nearly 47% using smartphones, reflecting the shift toward mobile internet adoption across the region.

Network expansion also contributed to growth. The company added 2,350 new sites, bringing the total to 38,300, with 98.5% now 4G-enabled. Its fiber network grew by 4,000 km, reaching a total of 81,000 km, supporting higher-quality connectivity and increased data usage. This infrastructure expansion is critical in enabling mobile money adoption, as reliable internet and network coverage are essential for digital financial transactions.

Airtel Money IPO

Airtel Money is preparing for a public listing in the first half of 2026, according to Reuters. The platform processed an annualized transaction value of $193 billion and serves nearly 50 million customers, marking a 20% increase year-on-year.

The fintech unit now accounts for roughly 21% of Airtel Africa’s total revenue, highlighting its role in diversifying the company’s income streams and strengthening its presence in digital financial services. Analysts say the IPO could attract significant investment, enabling further expansion and driving financial inclusion across the continent. The growth of Airtel Money is part of a broader trend in Africa, where mobile money solutions are helping millions of unbanked individuals gain access to financial services.

Factors Behind the Surge

Several key factors have driven Airtel Africa’s recent performance:

1. Currency Stability: Appreciation of the Nigerian naira and Central African franc helped boost reported earnings.

2. Tariff Adjustments: Nigeria approved a 50% increase in telecom tariffs, improving profitability.

3. Network Expansion: Additional 4G-enabled sites and fiber rollout increased data capacity, supporting digital adoption.

4. Fintech Growth: Airtel Money’s growing user base and transaction volume contribute to revenue diversification and strategic positioning, according to TechCabal.

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Market Outlook

Investors increasingly view Airtel as more than a telecom operator, positioning it as a digital and fintech leader in Africa. Analysts say the FTSE valuation reflects strong confidence in the company’s growth trajectory, particularly with the expansion of mobile money services across Africa, according to Reuters.

The upcoming Airtel Money IPO is expected to unlock capital for network expansion, technological upgrades, and deeper market penetration. Experts also suggest that Airtel’s fintech growth will continue to advance financial inclusion, providing millions of Africans access to mobile banking and digital payment solutions. This trend aligns with broader educational and economic initiatives across Africa to leverage digital finance as a tool for development, entrepreneurship, and financial literacy.