Airtel Money reports 25% sales growth following London IPO

African payments firm Airtel Money has reported a 25% increase in half-year revenue, reaching $830 million for the period ending in September. This growth follows the company’s recent initial public offering on the London Stock Exchange, which was the largest stock market float in the UK in five years.

Pre-tax profits rose 18% year-on-year to $360 million. The company attributed the performance to a significant expansion of its customer base, which grew by approximately nine million to reach a total of 56.7 million users. Additionally, the average monthly transaction value per customer increased by nearly 15% to $397.

Airtel Money operates through a vast network across Africa, including 2.4 million agents and 43,000 branches and kiosks. The firm was spun off from Airtel Africa, a provider under the Indian conglomerate Bharti Enterprises.