Airtel Africa Heads Into IPO Push After Strong Year for Data and Mobile Money

Airtel Africa closed its latest financial year with revenue rising 29.5% to $6.42 billion, driven by stronger data usage, pricing gains in Nigeria, and continued expansion of its mobile money ecosystem. Alongside the earnings, the company has stepped up pressure on African governments to cut taxes on smartphones and telecom equipment, linking policy reform to the pace of digital growth.

The dual story now shaping Airtel Africa is one of financial acceleration on one side and regulatory engagement on the other, as the operator positions itself at the centre of both market expansion and policy design across key African markets.

Data demand and Nigeria rebound drive core performance

The revenue growth was anchored by a sharp rise in digital consumption. Data services expanded 35.2% in constant currency terms and have now become the largest contributor to group income.

Nigeria delivered the strongest regional performance, with revenue rising 47.5% in constant currency, supported by tariff adjustments and stronger usage trends. Francophone Africa also recorded steady growth of 17.1%.

Across the group, mobile services revenue rose 22.6%, while average data usage increased to 8.9 GB per user per month, up from 7.0 GB a year earlier. Smartphone penetration reached 49.5%, a key threshold that continues to shape traffic growth.

Profitability improves as margins expand

Net profit surged 147.4% to $813 million, supported by higher operating income and currency-related gains. Earnings per share rose to $0.186 from a much lower base in the previous year.

Underlying EBITDA increased 30.4% in constant currency to $3.16 billion, lifting margins to 49.3% from 46.5%. The improvement reflects both stronger revenue conversion and tighter cost control across operations.

Mobile money becomes a central growth engine ahead of IPO

Airtel Money continues to scale rapidly, reinforcing its role as a second pillar of revenue beyond traditional telecom services. The platform’s customer base grew to 54.1 million users.

Transaction volumes expanded significantly, with total processed value reaching more than $215 billion on an annualised basis in the fourth quarter. That growth is now feeding directly into plans for a standalone listing of the business.

The company is targeting a mobile money IPO in the second half of 2026, after earlier timelines were affected by broader market uncertainty.

Investment cycle accelerates across networks and fibre

Capital expenditure rose 31.9% to $884 million as Airtel expanded network infrastructure across multiple markets. More than 3,250 new sites were added during the year, alongside 3,200 kilometres of additional fibre, taking total fibre length to 81,900 kilometres.

The company expects capex to rise further to about $1.1 billion in fiscal 2027, signalling continued investment in coverage, capacity, and data-led services.

Regulatory pressure adds new layer to expansion strategy

Alongside financial growth, Airtel Africa is now actively calling for tax reform to support digital adoption. The company has urged African governments to consider temporary exemptions on import duties for entry-level smartphones priced between $40 and $150, arguing that affordability remains a barrier to usage expansion.

It has also proposed removing import duties on telecommunications equipment for at least three years to speed up infrastructure rollout and improve network coverage.

The proposals, outlined by Airtel Africa’s regulatory leadership at a policy forum in Kinshasa, frame taxation as a central constraint on digital inclusion and network expansion.

Outlook shaped by demand, investment, and regulation

Airtel Africa’s trajectory is increasingly defined by three intersecting forces: rising data consumption, heavier infrastructure investment, and evolving policy conditions across its markets.

Customer numbers rose 10.5% to 183.5 million, reinforcing scale across the group, while dividend payouts increased 9.2% to reflect stronger earnings.

The combination of mobile money expansion, accelerating data usage, and a more active regulatory stance suggests a business model moving deeper into financial services and infrastructure-heavy growth, with policy decisions likely to influence the pace of that transition.

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