Airtel Money ended September with 56.7 million customers, and its half-year revenue grew 25% in constant currency, providing an early measure of growth for the newly listed African payments business.
The Independent reported that the customer total was about nine million higher than a year earlier. Revenue for the six months through September reached $830 million, while pretax profit increased 18% to $360 million.
The larger customer base and higher average spending per transaction helped lift sales, the report said. Revenue grew across wallet services, payments and transfers, and financial services. Constant-currency growth removes the effect of exchange-rate changes from the year-over-year comparison.
Airtel Money Chief Executive Ian Ferrao identified payments and transfers and financial services as its fastest-growing areas. He described their revenue as higher quality, drawing attention to the mix of services behind the company’s growth as well as the increase in customers.
Customers can make payments, pay bills and withdraw cash through a network of branches and kiosks. Airtel Money also said more customers were using its app, which it linked to growing digital adoption.
The results followed an October initial public offering in London that valued Airtel Money at roughly £5.3 billion. The Independent reported that it was the London Stock Exchange’s largest flotation since 2021. The outlet said the listing was thought to be the first by a large African fintech business on a global stock exchange.
Airtel Money was spun off from Airtel Africa, the FTSE 100 telecommunications company that is part of Bharti Enterprises. Ferrao said about 75 million Airtel telecom subscribers were not yet using Airtel Money, a group the company has identified as room for further customer growth.
