Airtel Money’s revenue rises 25.1% to $830 million in maiden results

By Maryanne Opene

Airtel Money has reported revenue of $830 million for the six months ended September 30, 2026, marking a 25.1 per cent increase at constant currency in its first financial results since its listing on the London Stock Exchange earlier this month.

The mobile financial services business recorded revenue growth of 34 per cent in reported currency, compared with $620 million in the corresponding period of 2025. The difference between the two growth rates reflects currency movements, particularly the appreciation of the Zambian kwacha against the US dollar.

The results provide an early look at the financial performance of Airtel Money as a separately listed business, with expansion in its customer base, increased transaction activity and stronger demand for digital financial services supporting revenue growth across its African operations.

Profit after tax rose by 21.6 per cent to $228 million from $188 million a year earlier, reflecting the contribution of higher revenue. Basic earnings per share increased to 7.9 US cents from 6.5 US cents, while the board declared an interim dividend of 6.4 US cents per share.

Airtel Money operates across 13 African markets, offering mobile payments, transfers, wallet services and other financial products. Its business model relies on a combination of telecommunications infrastructure, digital platforms and physical distribution networks to reach customers who may have limited access to conventional banking services.

The company’s customer base expanded by 18.7 per cent to 56.7 million during the period. Mobile money penetration among its telecommunications customer base increased by 3.2 percentage points to 42.9 per cent, indicating that a growing proportion of customers are using its financial services alongside their mobile connections.

Adoption of smartphone-based services also accelerated. The number of customers using the Airtel Money app rose by 64.3 per cent to 4.1 million, reflecting a shift towards digital channels for managing transactions.

The company also expanded the physical network supporting its services. Active agents increased by 26.3 per cent to 2.4 million, while the number of active merchants accepting payments through the platform rose by 85.5 per cent to more than 587,000.

These networks remain important to mobile money adoption across markets where customers depend on nearby agents to deposit or withdraw cash and increasingly use digital balances to pay merchants. A larger merchant network can also make mobile money more useful for everyday purchases, encouraging customers to carry out more transactions electronically.

Transaction activity strengthened alongside customer growth. The total value of transactions processed during the six-month period reached approximately $128 billion, representing growth of 46.1 per cent at constant currency. In the second quarter, the annualised transaction value reached $270 billion.

The increase suggests that the platform is generating more activity from its expanding user base. Average transaction value per customer rose by 14.9 per cent at constant currency to $397 per month, while average revenue per user increased by 5.1 per cent.

Revenue growth extended across the company’s major service categories. Payments and transfers revenue increased by 29.4 per cent at constant currency, while wallet services revenue grew by 27.6 per cent. Financial services revenue recorded the fastest expansion, rising by 44.8 per cent.

The performance indicates that Airtel Money is broadening its revenue base beyond basic transfers and wallet transactions. Financial services, which can include lending and other financial products, offer opportunities to generate additional income from existing customers, although their long-term contribution will depend on customer demand, regulation and the management of associated risks.

Despite the strong revenue performance, the company faced pressure on its margins. Gross profit increased by 22 per cent at constant currency to $499 million, but the gross profit margin narrowed to 60.2 per cent from 61.4 per cent in the corresponding period of the previous year.

Underlying earnings before interest, tax, depreciation and amortisation rose by 26.4 per cent in reported currency to $398 million. However, the underlying EBITDA margin declined to 48 per cent from 50.8 per cent.

The company attributed the margin pressure primarily to changes in agreements between Airtel Money and other businesses within the wider group, effective from July 2025, alongside additional regulatory levies in one of its markets. It said the effects of the revised agreements were more concentrated in the first half and expected the margin to strengthen in the second half.

Cash generation remained strong, with operating free cash flow increasing by 27.1 per cent to $378 million. This provides financial flexibility as the business expands its technology, distribution and merchant networks.

Airtel Money maintained its full-year revenue growth guidance in the mid-20 per cent range at constant currency for the financial year ending March 2027. It expects its underlying EBITDA margin to moderate by up to approximately two percentage points compared with the previous financial year, while targeting a return to above 50 per cent over the medium term.

The company’s maiden results demonstrate the scale of its mobile financial services business and the growing role of digital transactions in its African markets. However, sustaining that momentum will require it to convert customer growth into consistent revenue, manage regulatory and operating costs, and rebuild margins as it pursues expansion.

For investors, the next phase will be about whether Airtel Money can maintain strong growth while improving profitability. Its expanding customer base and transaction volumes offer room for further development, but the durability of its performance will depend on how effectively it balances expansion with the costs of delivering financial services across diverse markets.