Billionaire Sunil Mittal’s Airtel Africa Plc has selected Citigroup Inc. as lead adviser for the planned initial public offering of its mobile money arm, Airtel Money, in a deal that could value the unit at more than $4 billion.
This is based on exclusive information revealed by people familiar with the matter, already the company has already begun investor meetings in Dubai this week, signalling that preparations for the listing are gaining momentum, Bloomberg first reported.
The move represents the latest step in Airtel Africa’s efforts to unlock value from one of its fastest-growing businesses. Airtel Money has become a cornerstone of the telecom operator’s strategy to expand beyond voice and data into financial technology, as millions of Africans continue to embrace mobile banking and digital payments.
The unit had 45.8 million active customers as of June 2025 and recorded an annualised transaction value of $162 billion, underscoring its scale and growth potential.
Although Airtel Africa has not yet confirmed the exact timing, venue, or size of the IPO, it has reiterated its commitment to list Airtel Money in the first half of 2026.
What we know
Sources who spoke to Bloomberg said possible venues being evaluated include the United Arab Emirates, London, and other European markets. Airtel Africa already trades in London and Lagos, which gives the group flexibility in choosing where to list its mobile money business.
Citi’s role as lead adviser reflects the importance of attracting global institutional investors to what could become one of the largest African fintech listings in recent years.
Representatives of Citi are yet to make any formal announcements as of the time of this publication, while Airtel Africa noted that the IPO plans remain on course. Investor interest is expected to be strong, given the growth trajectory of the mobile money market across Africa and the rising number of fintech-focused funds looking for exposure to the sector.
Backstory
Airtel Money has attracted significant backing in recent years. In 2021, TPG invested $200 million in the business at a $2.65 billion valuation, while Mastercard committed $100 million. Later that year, an affiliate of Qatar’s sovereign wealth fund also acquired a stake, boosting confidence in the platform’s long-term prospects.
- The unit’s valuation has since grown, driven by transaction growth and increased adoption among young, tech-savvy populations in Airtel’s 14 African markets.
- The planned IPO also highlights the broader ambitions of Sunil Mittal, who controls Airtel Africa alongside a portfolio of global businesses. His holdings include Indian telecom giant Bharti Airtel Ltd., satellite firm OneWeb, and a recent stake in BT Group Plc acquired through Bharti Enterprises. Mittal and his family currently have a net worth exceeding $27 billion, according to the Bloomberg Billionaires Index.
For Airtel Africa, listing Airtel Money is expected to strengthen its balance sheet, provide funds for further expansion, and position the company as a key player in the continent’s fintech space. With Africa increasingly seen as the next frontier for digital financial services, the IPO could mark a turning point for Airtel Money, attracting international capital to support its growth and deepen financial inclusion across its markets.
