Airtel Cash processes almost $200bn, setting stage for 2026 itemizing

Airtel Cash, the monetary providers arm of Airtel Africa, has seen its annualised transaction worth climb above $193 billion, a 35.9% year-on-year enhance, as the corporate advances plans for a public itemizing within the first half of 2026.

Based on Airtel Africa’s newest half-year outcomes to September 2025, Airtel Cash’s buyer base climbed by 20% year-on-year to succeed in 49.8 million customers throughout 14 international locations. The expansion was pushed by an increasing agent community, improved smartphone penetration, and an more and more digital buyer expertise.

The corporate added greater than 308,000 brokers and 56,000 activating shops, whereas non-exclusive brokers grew by 27%, bettering attain in city and rural areas. The bodily enlargement has been complemented by a rising demand for the MyAirtel app, Airtel Lite, and a rising presence on platforms like WhatsApp. 

Notably, almost half of Airtel Cash’s clients (48.5%) now use smartphones. The corporate reviews that smartphone customers are inclined to transact extra steadily and generate larger common income per consumer (ARPU) than these on characteristic telephones. Because of this, ARPU rose 11% in fixed foreign money, whereas complete mobile-money income grew 30% year-on-year.

Closing in on Africa’s fintech elite

With transaction volumes approaching $200 billion yearly, Airtel Cash is now ranked amongst Africa’s high three mobile-money suppliers, alongside M-Pesa and MTN Cellular Cash.

Throughout the continent, Airtel’s fintech unit has emerged as a severe challenger to M-Pesa’s long-held dominance, notably in Kenya, the place its market share has jumped from 2.8% in 2023 to 9.1% in 2025, whereas M-Pesa’s share slipped to round 90%.

In complete processed worth, Airtel Cash trails solely M-Pesa, which dealt with about $450.8 billion as at 2025, and MTN Cellular Cash, which exceeded $200 billion in 2024–25. This efficiency alerts Airtel’s arrival as a pan-African fintech powerhouse, leveraging its telecom spine and financial-inclusion technique to compete head-to-head with regional leaders.

Monetary outcomes underpin enlargement

The robust development of Airtel Cash is contributing meaningfully to Airtel Africa’s general monetary efficiency. Group income rose 24.5% in fixed foreign money within the half-year ended September 2025, whereas EBITDA margins expanded to 49% in Q2 2026.

“Our technique has been centered on offering a superior buyer expertise, and the power of those outcomes is testomony to the initiatives we’ve been implementing throughout the enterprise,” Airtel CEO Sunil Taldar stated. “Airtel Cash continues to achieve momentum, with our buyer base nearing 50 million and annualised complete processed worth approaching $200 billion, up over 35% year-on-year. The preparation for the IPO stays on track for a list within the first half of 2026.”

The corporate has additionally raised its capital-expenditure steering to between $875 million and $900 million for the present monetary yr, because it accelerates community investments to help rising digital and monetary inclusion.

IPO plans take form

The deliberate Airtel Cash IPO, first floated in 2021 following investments from TPG’s Rise Fund ($200 million) and Mastercard ($100 million), is now taking concrete kind. These early investments valued the enterprise at round $2.65 billion, however current development has doubtless pushed its value significantly larger.

Analysts and inner projections counsel the IPO might worth Airtel Cash at greater than $4 billion, probably making it Africa’s biggest-ever fintech itemizing. The corporate goals to lift $2–3 billion to fund enlargement in digital banking, lending, and service provider providers.

Airtel Africa has engaged Citigroup as lead adviser for the itemizing and is contemplating London, the UAE, and different international exchanges as potential venues. The IPO technique seeks to place Airtel Cash as an unbiased, publicly traded fintech chief whereas unlocking shareholder worth and offering capital for deeper innovation. To organize, Airtel Africa has been consolidating fintech operations throughout its 14 markets right into a unified construction. Airtel Cash’s path towards almost $200 billion in annual processed transaction worth displays vital development in consumer adoption and platform engagement throughout Africa.