Airtel Africa is considering cutting the amount it plans to raise from the initial public offering (IPO) of its mobile-money business, Airtel Money, to at least $800 million.
The revised target would be sharply below the previously reported $1.5 billion to $2 billion range. A $800 million raise would represent a reduction of about 47% from the lower end of that range and 60% from the upper end.
Bloomberg reported the development on September 17, citing people familiar with the matter who asked not to be identified because the information is private. Reuters also reported the development.
The filing could come as early as the week of September 21, with trading on the London Stock Exchange potentially starting in October. However, the fundraising size and timing are not final and could still change during the IPO process. Airtel Africa declined to comment.
The smaller fundraising target does not necessarily reflect a decline in Airtel Money’s underlying business. The unit has continued to expand its customer base, revenue and transaction volumes.
As of March 2026, Airtel Money had 54.1 million customers, up 21.3% from the previous year. It processed $196 billion in transaction value during Airtel Africa’s 2025/26 financial year.
Mobile-money revenue also rose to about $1.08 billion for the year ended March 31, 2026, from $770 million a year earlier. That made Airtel Money one of the group’s largest revenue streams, accounting for about 17% of total revenue.
Data remained Airtel Africa’s biggest individual revenue contributor at $2.5 billion, while voice generated $2.3 billion. Airtel Africa reported total revenue of $6.4 billion for the year, up from $4.9 billion.
The company’s mobile-money disclosures put Airtel Money’s revenue at $1.355 billion on a constant-currency basis during the period.
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