Airtel Money is preparing to list on the London Stock Exchange at an estimated valuation of $7 billion, positioning its mobile financial services business among the major players in Africa’s digital payments market. The planned listing comes as the company benefits from growing demand for mobile money, although the expansion of instant payment systems could challenge its agent-based business model.
The company operates across 13 African countries, serving approximately 53 million monthly users through a network of more than 2.3 million agents. These agents, largely independent shopkeepers, facilitate cash deposits and withdrawals for customers.
Controlled by Bharti Airtel, Airtel Money generated $1.35 billion in revenue and $373 million in profit in the 2026 financial year, despite operating with just over 300 employees.
Its relationship with parent company Airtel Africa also provides a ready customer base, as only Airtel subscribers can open Airtel Money wallets. In addition, companies within the wider group paid approximately $265 million to Airtel Money in the last financial year for airtime sales, bill collections and bulk payments. These transactions accounted for about one-fifth of its revenue.
However, the business faces growing competition as instant payment systems expand across the continent. More than 90% of mobile money value in Africa is withdrawn shortly after receipt, according to a June report by Affinity Africa, highlighting the continued importance of cash and agent networks to providers such as Airtel Money.
The company has approximately 53 million monthly users, trailing MTN’s MoMo, which has 70.8 million users, and Vodacom, with 103 million. Nevertheless, Airtel Money’s reported profitability distinguishes it from Bharti Airtel’s payments bank in India, which earned approximately $12 million last year.
India’s Unified Payments Interface (UPI) has captured a significant share of the country’s payments market, leaving the payments bank increasingly reliant on cash-related services. Airtel Payments Bank is also required to list by next year, giving investors an opportunity to compare two businesses operating under similar transaction-based models but with substantially different earnings.
The emergence of UPI-style payment infrastructure in Africa could introduce similar competitive pressures on Airtel Money, particularly if more customers begin transferring funds digitally rather than withdrawing cash through agents.
As the London listing approaches, investors will therefore be assessing both the company’s strong financial performance and its ability to sustain growth in a changing payments environment. Its extensive agent network remains a key part of its business, although the spread of faster digital payment systems could reshape how mobile money providers generate revenue across Africa.