Airtel Money, the African mobile financial services business of Airtel Africa, 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 maiden financial results as a separately listed company on the London Stock Exchange.
The company’s revenue rose from $620 million in the corresponding period last year, representing a 34 per cent increase in reported currency.
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The difference between the two growth rates reflects foreign exchange movements during the period.
The results provide an early indication of the business’s performance as an independent listed entity, with growth driven by an expanding customer base, increased transaction activity and wider adoption of digital financial services across its African markets.
Profit after tax climbed by 21.6 per cent to $228 million, compared with $188 million a year earlier.
Basic earnings per share increased from 6.5 US cents to 7.9 US cents, while the board declared an interim dividend of 6.4 US cents per share.
Operating across 13 African markets, Airtel Money increased its customer base by 18.7 per cent to 56.7 million during the six-month period.
Mobile money penetration among Airtel’s telecommunications customers also rose by 3.2 percentage points to 42.9 per cent.
Digital adoption strengthened during the period, with the number of customers using the Airtel Money app increasing by 64.3 per cent to 4.1 million.
The company also expanded its distribution network, recording a 26.3 per cent rise in active agents to 2.4 million and an 85.5 per cent increase in active merchants to more than 587,000.
The wider agent and merchant networks are important to the expansion of mobile money services across African markets, supporting cash deposits and withdrawals while creating more opportunities for customers to make digital payments.
Transaction activity also recorded strong growth. Airtel Money processed approximately $128 billion in transactions during the six months, representing a 46.1 per cent increase at constant currency. Its annualised transaction value reached $270 billion in the second quarter.
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.
The figures indicate that growth came not only from customer acquisition but also from deeper engagement among existing users.
Across its business segments, financial services recorded the strongest revenue growth, expanding by 44.8 per cent at constant currency.
Payments and transfers revenue increased by 29.4 per cent, while wallet services revenue grew by 27.6 per cent.
The performance points to the growing contribution of financial services to Airtel Money’s business beyond conventional transfers and wallet transactions.
Lending and other digital financial products could provide additional revenue opportunities, although their expansion will depend on customer demand, regulatory requirements and effective risk management.
Despite the strong top-line performance, the company experienced pressure on its operating 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 a year earlier.
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) 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 mainly to changes in commercial agreements between Airtel Money and other businesses within the wider group, which took effect in July 2025, as well as additional regulatory levies in one of its markets.
Management said the impact of the revised agreements was more pronounced in the first half and expects margins to improve in the second half.
Cash generation remained positive, with operating free cash flow increasing by 27.1 per cent to $378 million.
The additional cash provides capacity for further investment in technology, distribution infrastructure and merchant acquisition.
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 also expects its underlying EBITDA margin to moderate by up to approximately two percentage points compared with the previous financial year, while retaining a medium-term target of returning to a margin above 50 per cent.
The maiden results underline the scale of Airtel Money’s operations and the growing role of mobile financial services in Africa’s digital economy.
Its expanding customer base, merchant network and transaction volumes provide a platform for further growth.
However, sustaining that momentum will depend on the company’s ability to convert increased activity into consistent revenue and profit growth while managing operating costs, regulatory demands and margin pressures across its markets.
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For investors, the central test will be whether Airtel Money can maintain its growth trajectory while restoring profitability margins as a newly independent listed business.
