Airtel Money revenue jumps 34% to $830 million

For the six months ending in September, Airtel Money saw significant growth in revenue and transaction volumes, driven by an expanded customer base and merchant network across Africa. This marks the first financial report from Airtel Mobile Commerce N.V. since its debut on the London Stock Exchange.

Revenue climbed by 34% in reported currency to $830 million for the first half of 2026, up from $620 million the previous year. When adjusted for currency fluctuations, revenue grew by 25.1%. This growth reflects increased customer numbers, higher transaction values, and greater use of financial services.

Strong Customer and Merchant Growth

Airtel Money’s customer base grew by 18.7% to 56.7 million during this period. Mobile money adoption among Airtel’s telecom customers rose to 42.9%, compared to 39.7% a year earlier. The company still has room to grow, as approximately 75 million Airtel telecom subscribers have yet to use the service.

The smartphone app was a standout performer, with its user base increasing by 64.3% to 4.1 million. This growth was fueled by digital onboarding and increased platform engagement.

Alongside user growth, transaction activity surged. Annualized total processed value reached $270 billion in the second quarter, a 36.4% increase in constant currency. For the six-month period, total processed value rose by 36.8% in constant currency to $128 billion.

Financial Performance and Expansion

Diversification beyond wallet services bolstered financial performance. Wallet services revenue grew by 27.6% in constant currency, while payments and transfers increased by 29.4%. Financial services saw the fastest growth, with revenue rising by 44.8% in constant currency.

The distribution network expanded alongside the customer base. Active agents grew by 26.3% to 2.4 million, and the merchant network surged by 85.5% to over 587,000. This merchant expansion is part of a broader strategy to build a digital payments ecosystem beyond traditional person-to-person transfers.

Shifting focus to payments, transfers, and financial services is key to Airtel Money’s evolution from a mobile wallet to a full digital financial services platform. The company aims to expand into areas like merchant acquiring, e-commerce, lending, insurance, savings, wealth management, and virtual and physical cards.

Gross profit rose by 31.3% in reported currency to $499 million, while underlying EBITDA increased by 26.4% to $398 million. However, the underlying EBITDA margin fell to 48% from 50.8% a year earlier, largely due to changes in intra-group agreements with Airtel Africa that took effect in July 2025.

Strong cash generation is supporting shareholder returns. Airtel Money’s board declared an interim dividend of 6.4 US cents per share, representing 81% of profit attributable to owners. This exceeds the minimum payout target of 80%. The dividend will be paid on December 4 to shareholders registered by November 20.

Regional Performance

East Africa remained the largest regional market, generating $615 million in revenue for the half year, a 20.5% increase in constant currency. The customer base grew by 13.5% to 44.1 million, with mobile money penetration reaching 49.7%. Payments and transfers were strong, and financial services revenue grew by 41.6%.

Francophone Africa saw even faster growth, with revenue increasing by 40.2% in constant currency to $215 million. The customer base expanded by 41.9% to 12.6 million, boosting Airtel Money penetration to 29%. Total processed value rose by 44.1% in constant currency to $30 billion, and financial services revenue jumped by 57.9%. New users are still building transaction frequency and engagement.

Future Outlook

These results mark a new phase for Airtel Money, one of Africa’s largest mobile money businesses. The company targets mid-20% revenue growth in constant currency for the 2027 financial year, with the underlying EBITDA margin expected to moderate by up to two percentage points.

Over the medium term, Airtel Money anticipates upward revenue growth in constant currency, aiming for an underlying EBITDA margin above 50%. The company is focused on increasing transaction frequency, migrating users to its smartphone app, and expanding merchant acceptance, capitalizing on Africa’s ongoing shift to digital financial services.