Airtel Money revenue jumps 34% to $830m in first half
Airtel Money, the mobile money business of Airtel Africa, grew revenue 34 per cent to $830 million in the six months to 30 September 2026. The results are its first since it listed on the London Stock Exchange earlier this month.
Revenue rose from $620 million a year earlier, and by 25.1 per cent in constant currency. Reported growth was lifted mainly by a stronger Zambian kwacha. Profit after tax increased 21.6 per cent to $228 million.
“Our oversubscribed London listing was a landmark achievement for Airtel Money and a vote of confidence in our business model and strategy,” said chief executive Ian Ferrao.
The group, which operates in 13 African markets, grew its customer base 18.7 per cent to 56.7 million. Customers using its smartphone app rose 64.3 per cent to 4.1 million. The value of transactions processed in the half climbed 46.1 per cent to $128 billion, reaching an annualised $270 billion in the second quarter.
Growth came from across the product range. In constant currency, payments and transfers revenue rose 29.4 per cent, wallet services 27.6 per cent and financial services, including lending and savings, 44.8 per cent. Financial services now account for 4.7 per cent of revenue.
Airtel Money also expanded its distribution network. Active agents rose 26.3 per cent to 2.4 million, while the number of merchants accepting its payments jumped 85.5 per cent to more than 587,000.
Underlying EBITDA rose 26.4 per cent to $398 million, but the margin narrowed to 48 per cent from 50.8 per cent. The company attributed most of the decline to revised intra-group agreements with Airtel Africa, under which retention revenue it received from the telco will be phased out by March 2027. A new levy in the Democratic Republic of Congo (DRC) also weighed on margins.
“As this effect moderates, we expect the margin to strengthen in H2, leaving us on track to deliver our full-year guidance,” Ferrao said.
Airtel Money reiterated its guidance of constant-currency revenue growth in the mid-20s per cent for the year to March 2027, with margins expected to return above 50 per cent over the medium term.
The board declared an interim dividend of 6.4 US cents a share, about 81 per cent of profit attributable to shareholders. It will be paid on 4 December to shareholders on the register as of 20 November.
Regionally, East Africa, which covers Kenya, Uganda, Tanzania, Rwanda, Malawi and Zambia, grew revenue 20.5 per cent in constant currency to $615 million, with 44.1 million customers. Francophone Africa grew faster, with revenue up 40.2 per cent to $215 million, driven by a strong performance in the DRC.
The company sees significant room to grow. “With around 75 million Airtel telco subscribers not yet using Airtel Money, our runway for growth remains significant,” Ferrao said.
Airtel Money began unconditional trading in London on 14 October. Existing shareholders sold 270 million shares, or 10 per cent of the company, at £1.96 each, valuing it at about £5.3 billion ($7 billion). It is one of the largest listings by an African fintech.
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