Airtel Africa said its mobile money business, Airtel Money, processed $61.4 billion in transactions in the quarter ended June 30, 2026, as the company continues preparations for a planned initial public offering in the second half of the year.

The figures were disclosed in a financial statement filed with the Nigerian Exchange (NGX) on Thursday. Airtel said the transaction value reflected continued strength in the mobile money operation during the period under review.

Airtel Money's transaction value rose 51.5% year over year from $40.5 billion in the same period a year earlier. The company attributed the growth to rising use of digital payment systems, demand for faster transactions and increased adoption across African markets. Sub-Saharan Africa has the world's highest concentration of mobile money accounts, according to GSMA data, as services like Airtel Money and Safaricom's M-Pesa fill gaps in traditional banking infrastructure across the region.

The $61.4 billion in transactions was recorded across Airtel Africa's 14 markets, including Nigeria, East Africa and Francophone Africa.

Revenue from Airtel Money reached $404 million during the quarter, up 38.9% year over year. Wallet services generated $196 million, while payments and transfers accounted for $172 million. Financial services contributed $21 million, and other uncategorised services added $15 million.

According to the financial report, Airtel Money's performance was supported by the strengthening of its distribution network, wider adoption of its digital services and the continued expansion of the mobile money ecosystem in Africa.

The operator spent $15 million on Airtel Money capital expenditure during the quarter, reflecting investment in infrastructure needs, upgrades and expansion.

Airtel Money's customer base increased 23.3% year over year to 56.5 million. Average revenue per user, a measure of customer contribution, rose to $2.4 from $2.1 on a year-over-year basis.

The $404 million in Airtel Money revenue represented 21.8% of Airtel Africa's total revenue in the second quarter of 2026, underscoring the growing role of financial services within the telecom operator's broader business.

In Nigeria, Airtel's largest market by customer base and revenue, Airtel Money continued to face challenges in converting the company's mobile services scale into a larger mobile money business.

Airtel Money revenue in Nigeria rose 153.2% year over year in reported currency, increasing to $5 million from $2 million. However, its revenue share remained low compared with expectations. The customer base in Nigeria stood at 3.4 million.

East Africa remained Airtel Money's largest market, generating $297 million in revenue. The region, comprising Kenya, Malawi, Rwanda, Tanzania, Uganda and Zambia, had 41.7 million customers at the end of the second quarter of 2026.

Francophone Africa, which includes Chad, the Democratic Republic of the Congo, Gabon, Madagascar, Niger, the Republic of the Congo and the Seychelles, generated $102 million in Airtel Money revenue. Its customer base rose to 11.4 million from 8.1 million a year earlier.

The growth in transaction value, customers, geographic footprint and revenue underscores Airtel Money's expansion as Airtel Africa works toward officially listing the business.

The public offering, now planned for the second half of the year, is expected to value Airtel Money at around $10 billion. The IPO, previously expected to take place in the Middle East, is now moving closer to a London listing. Airtel Africa itself is already listed on the London Stock Exchange as well as the Nigerian Exchange, and a London listing for the mobile money unit would follow a familiar path for the group.

"In connection with the proposed IPO of Airtel Money, the Group has identified London as its preferred listing venue, subject to regulatory approvals. We believe a London listing will provide access to a broad international investor base and support the long-term value creation potential of one of Africa's leading fintech platforms," the company said in its Q2 report.

The IPO had initially been scheduled for the first half of 2026 but was rescheduled because of geopolitical tensions that disrupted international supply chains and increased energy and logistics costs for companies.