Airtel Money has reported revenue of $830 million for the six months ended September 30, 2026, representing a 25.1 per cent increase at constant currency in its first financial results since becoming a separately listed company on the London Stock Exchange earlier this month.
According to the report, the revenue growth reached 34 per cent in reported currency, up from $620 million in the corresponding period last year. The difference between the two growth rates reflects foreign exchange movements, particularly the appreciation of the Zambian kwacha against the US dollar.
The results offer the first detailed assessment of Airtel Money’s performance as an independent listed business, highlighting continued expansion in its customer base, rising transaction volumes and growing adoption of digital financial services across its African markets.
Profit after tax increased by 21.6 per cent to $228 million, compared with $188 million in the same period last year. Basic earnings per share rose 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, which operates across 13 African markets, recorded an 18.7 per cent increase in its customer base to 56.7 million during the six months.
Mobile money penetration among its telecommunications customers also improved, rising by 3.2 percentage points to 42.9 per cent. The increase suggests that more Airtel subscribers are adopting the company’s financial services, strengthening the relationship between its telecommunications and mobile money businesses.
Smartphone adoption is also creating new opportunities for digital engagement. The number of customers using the Airtel Money app increased by 64.3 per cent to 4.1 million, reflecting growing interest in app-based access to financial services.
Alongside its digital expansion, the company continued to invest in its physical distribution network. Active agents increased by 26.3 per cent to 2.4 million, while active merchants accepting payments through the platform grew by 85.5 per cent to more than 587,000.
The expansion of these networks remains central to mobile money adoption in African markets, where agents provide essential cash-in and cash-out services, particularly for customers with limited access to conventional banking infrastructure. A wider merchant network also creates more opportunities for customers to use digital balances for everyday purchases.
Growth in the customer base was accompanied by a significant increase in transaction activity. Airtel Money processed approximately $128 billion in transactions during the six months, representing a 46.1 per cent increase at constant currency.
In the second quarter, the annualised transaction value reached $270 billion, underlining the scale of activity moving through the platform.
Average transaction value per customer increased by 14.9 per cent at constant currency to $397 per month, while average revenue per user rose by 5.1 per cent.
The figures suggest that growth is being driven not only by the addition of new customers but also by increased engagement among existing users. Higher transaction values and improving revenue per user indicate that Airtel Money is generating greater economic activity from its expanding customer base.
Revenue growth was recorded across Airtel Money’s major business categories, with financial services delivering the strongest performance.
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 expanded by 44.8 per cent, making it the fastest-growing segment during the period.
The performance points to a gradual diversification of Airtel Money’s revenue model beyond traditional money transfers and wallet transactions.
Financial services, including lending and other digital financial products, provide opportunities to generate additional income from an established customer base. Their contribution could become increasingly important as the company develops more sophisticated offerings, although sustained growth will depend on customer demand, regulatory requirements and effective risk management.
Despite strong revenue growth, Airtel Money experienced some pressure on its operating margins.
Gross profit increased by 22 per cent at constant currency to $499 million, but the gross profit margin declined to 60.2 per cent from 61.4 per cent in the corresponding period last year.
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 narrowed to 48 per cent from 50.8 per cent.
The company attributed the decline primarily 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 indicated that the impact of the revised agreements was more pronounced in the first half of the financial year and expects margins to improve in the second half.
Cash generation remained a positive feature of the results. Operating free cash flow increased by 27.1 per cent to $378 million, providing the business with additional financial capacity to invest 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.
The company expects its underlying EBITDA margin to moderate by up to approximately two percentage points compared with the previous financial year, while maintaining a medium-term target of returning to a margin above 50 per cent.
The guidance reflects management’s expectation that strong customer acquisition, higher transaction activity and the expansion of financial services will continue to support revenue growth, even as the business navigates regulatory costs and operating expenses across its markets.
Airtel Money’s maiden results highlight the scale of its African mobile financial services operations and the increasing role of digital payments in the continent’s financial ecosystem.
With 56.7 million customers, a growing merchant network and transaction values reaching $128 billion in six months, the company has established a substantial platform for further expansion. Its growth in financial services also points to opportunities to deepen customer relationships and diversify revenue sources.
However, sustaining this momentum will require more than continued customer acquisition. The company must translate higher transaction volumes into consistent revenue growth while controlling operating costs, navigating different regulatory environments and restoring margins.
For investors, the key question will be whether Airtel Money can maintain its strong growth trajectory while improving profitability. Its maiden results provide an encouraging starting point as an independent listed business, but its long-term investment proposition will ultimately depend on its ability to balance expansion, operational efficiency and sustainable returns.