Airtel Money reported $830 million in revenue for the six months to September 2026, but its shares have traded below their offer price since the mobile money business made its London Stock Exchange debut, highlighting a contrast between strong operating growth and its early market performance.
The African mobile money service, which listed in London on October 9, recorded revenue growth of 25.1 percent year-on-year in constant currency in its maiden financial results released on Monday. Its shares closed at 179 pence on Friday, below the 196 pence offer price, representing a decline of about 8.7 percent.
The share performance comes as Airtel Money reported higher profits, an expanding customer base and increased transaction activity, underscoring the growth of mobile financial services across its African markets.
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Profit after tax rose to $228 million from $188 million in the corresponding period a year earlier, an increase of about 21.3 percent. The improvement was primarily driven by strong revenue growth during the first half of the financial year.
Customer numbers increased by 18.7 percent to 56.7 million, lifting mobile money penetration to 42.9 percent of Airtel Africa’s telecommunications customer base. This represented an increase of 3.2 percentage points over the period.
The results suggest that Airtel Money is expanding both its customer reach and the value generated from its existing users. Average revenue per user increased by 5.1 percent in constant currency, while the average transaction value per customer reached $397 per month, up 14.9 percent year-on-year.
The figures point to growing engagement with the service, as customers increasingly use mobile money for transactions. However, the financial results alone do not establish the extent to which higher transaction values reflect increased transaction frequency, larger individual payments or changes in the mix of services used.
Airtel Money’s performance also reflects the strategic importance of financial services to Airtel Africa, which operates telecommunications networks across several African markets. Mobile money allows telecom operators to extend their relationship with customers beyond voice and data services into payments and other financial transactions.
For investors, the results provide an initial view of the earnings capacity of Airtel Money as a separately listed business. Its share-price performance, however, shows that strong financial growth has not yet translated into trading above the offer price.
The 179-pence closing price on Friday was 17 pence below the 196-pence offer price. The figures indicate a weaker market valuation relative to the listing price, although the available information does not establish why investors have priced the shares below that level.
Ian Basil Ferrao, chief executive officer of Airtel Money, described the listing as a significant milestone for the company.
“Our oversubscribed London listing was a landmark achievement for Airtel Money and a vote of confidence in our business model and strategy,” Ferrao said.
The company announced an interim dividend of 6.4 cents per share and reiterated its full-year guidance, signalling that it remains confident in its outlook despite the shares trading below their initial offer price.
The combination of rising profits, customer expansion and a dividend declaration gives investors several measures with which to assess the business beyond its early share-price performance. Future results will help determine whether Airtel Money can sustain its revenue growth, increase customer monetisation and translate its expanding transaction activity into durable earnings.
For Africa’s mobile money market, the results highlight the scale of a business model built around the continent’s telecommunications infrastructure and demand for digital financial services. Whether that operating momentum will support stronger investor demand for Airtel Money shares remains an important question following its London listing.
Royal Ibeh is a senior journalist with years of experience reporting on Nigeria’s technology and health sectors. She currently covers the Technology and Health beats for BusinessDay newspaper, where she writes in-depth stories on digital innovation, telecom infrastructure, healthcare systems, and public health policies.
