Airtel Money to go public in 2025, records an increased customer base in Q1 2024

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May 10, 2024
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2 min read
Airtel Money
  • Airtel Africa plans to go public with its mobile money unit, Airtel Money, in 2025 and expand into additional countries beyond the 14 it currently operates in.
  • Before CEO Olusegun Ogunsanya stated that the company was "still a year from that IPO," the plans were announced in March 2024.
  • Furthermore, an initial public offering (IPO) for its mobile money unit could be worth more than $4 billion. However, the firm has yet to disclose which exchange it would list on.

Airtel Money is Airtel Africa's fastest-growing unit, with strong performance in Zambia, Uganda, Tanzania, Malawi, Gabon, and the Democratic Republic of Congo. It has stated that it plans to succeed in those markets by leveraging first-mover advantages, key infrastructure, and distribution.

Chart: Revenue from data and Airtel Money services have more than doubled in five years
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Ogunsanya mentioned, “We were the first to deploy ATMs, giving us a significant head start.” “Our network boasts 29,000 exclusive mobile money branches, with a well-established system. We have been effective in leveraging our infrastructure to our advantage.”

Meanwhile, Airtel Africa's financial statement for the fiscal year ending March 31, 2024, detailed a $89 million loss after tax, which was impacted by the Naira's instability, as well as $770 million in FX losses due to the Naira's devaluation. 

Additionally, the Naira event impacted the company's revenue. It generated $4.98 billion in revenue in FY '23/24, compared to $5.26 billion in FY '22/23. Airtel Nigeria reported a $1.50 billion revenue, a decrease from the $2.13 billion reported in FY 22/23. 

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Airtel Africa's total customer base grew by 9% to 152.7 million, while its data customer base increased by 17.8% (64.4 million). Airtel's mobile money customer base increased by 20.7% to 38 million, with a revenue growth of 21.1% to $837 million. 

Furthermore, Airtel Africa announced in February that it will launch a $100 million share buyback programme starting in March 2024 and lasting up to a year. This came after it reported results for the nine months ending December 31, 2023. Ogunsanya explained that this was made possible by the company's impressive operating performance at the time, which gave it the necessary leverage.


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