Airtel Africa eyes IPO for its cell cash arm

Airtel Africa eyes IPO for its cell cash arm

Airtel Africa is exploring taking its cell cash unit public, with a possible valuation surpassing $4 billion, in line with a brand new Bloomberg report. Talks of the IPO are in preliminary levels and the corporate might determine in opposition to going public.

Airtel Cash is Airtel Africa’s fastest-growing arm. Whereas Airtel’s 2023 income plunged by nearly 99%—recording $2 million in income in contrast with the $523 million it made in 2022—resulting from forex devaluation, Airtel cell cash recorded a 31.8% revenue growth

In 2021, Airtel hinted at a attainable public providing for its fintech arm inside a number of years, after receiving investments from TPG—$200 million—and Mastercard—$100 million—valuing the unit at $2.65 billion.

The telco at present gives its cell cash companies in 14 African nations. In Nigeria, it competes with MTN Momo, whereas it’s dwarfed by competitors from Kenya’s cell cash big, M-Pesa.  Final yr, it obtained approval to permit prospects to transact as much as KES 500,000 ($3,400) up from KES 300,000 ($2,085) which it was beforehand allowed to do. 

Airtel’s deliberate cell cash IPO follows a pattern of funding in African cell cell cash suppliers. Two years after its $100 million funding in Airtel Cash, Mastercard acquired a minor stake in MTN’s cell cash arm.

Get the very best African tech newsletters in your inbox

Read More

Read Previous

Benefits of PEX Programs Detailed in New Technical Doc

Read Next

Lenny Kravitz Honored With a Star on the Hollywood Stroll of Fame

Leave a Reply

Your email address will not be published. Required fields are marked *