Airtel’s $193B Fintech Engine Powers Africa’s Next Wave of Tech IPOs
3 min read
Airtel Africa’s mobile money arm is fast becoming one of the continent’s biggest fintech stories. The company’s latest results reveal that Airtel Money is now processing transactions at an annualised rate of $193 billion, a milestone that comes as Airtel confirms plans to publicly list the fintech unit in the first half of 2026.
The move, announced by CEO Sunil Taldar alongside the group’s half-year 2025 results, signals a broader transformation sweeping through Africa’s telecom sector. Major operators are increasingly carving out their high-growth fintech arms unlocking massive value and setting the stage for a new generation of publicly traded African tech giants.
Airtel’s Digital Growth Story
For the six months ending September 30, 2025, Airtel Africa reported a 24.5% rise in group revenue to $2.9 billion. The fintech division was the standout performer, driven by surging mobile money adoption and expanding financial services.
Key highlights include:
– Fintech revenue up 30.2% (constant currency)
– User base up 20% year-on-year to 49.8 million
– Total Processed Value (TPV) at $193 billion annualised, up 35.9%
– Mobile money ARPU rising 11%
“Airtel Money continues to gain momentum,” said Taldar. “The preparation for the IPO remains on course.”
Notably, data revenue has now overtaken voice as Airtel Africa’s largest income source. The company’s data customer base grew 18.4% to 78.1 million, with smartphone penetration reaching 46.8%. The shift confirms that Airtel has evolved from a traditional telecom operator into a digital infrastructure powerhouse with Airtel Money at its core.
MTN and the Fintech Parallel
Airtel’s strategy mirrors a continent-wide movement led by other telecom heavyweights. Johannesburg-based MTN Group, for instance, reported 37.3% growth in fintech revenue in its H1 2025 results outpacing all other business segments.
MTN’s MoMo platform now serves 63.2 million users and is expanding rapidly beyond basic transfers. Advanced financial services like lending, insurance, and merchant payments grew 42% year-on-year, now contributing over a third of MoMo’s total fintech revenue.
The company’s fintech division, currently valued at $5.2 billion, is also being restructured into standalone entities in key markets such as Ghana and Uganda, with Mastercard already lined up for a minority investment.
The Bigger Picture: Fintech IPOs on the Horizon
The upcoming Airtel Money IPO will mark a defining moment for Africa’s fintech industry. Analysts see it as a benchmark test for public market appetite toward large-scale, Africa-born digital finance players.
Both Airtel and MTN have a structural advantage they control the underlying telecom infrastructure and already serve hundreds of millions of mobile users. This integration of connectivity and financial access gives them a competitive edge over standalone fintech startups.
Airtel has also ramped up its capital expenditure to nearly $900 million, underscoring its intent to secure its leadership in both mobile data and financial services.
A New Era for African Tech
As Africa’s digital economy matures, the next wave of billion-dollar IPOs may not emerge from venture-backed startups but from within the continent’s telecom giants themselves.
With Airtel Money and MTN MoMo both on accelerated growth trajectories, Africa’s fintech market is entering a new phase one defined by scale, regulation, and the blending of technology with essential financial access.
The message is unmistakable: the incumbents have awakened. And they’re leading the charge in Africa’s digital financial future.
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