Bharti Airtel is moving to strengthen its control over its African operations with a proposed $2.9 billion stake consolidation in Airtel Africa, as the group positions itself ahead of a planned mobile-money initial public offering (IPO).
The plan, disclosed by Bharti Airtel founder Sunil Bharti Mittal, seeks to raise the company’s ownership in its African unit to as much as 90% through a share swap arrangement, according to reports cited by Bloomberg.
The move underscores growing confidence in Airtel Africa’s long-term prospects as mobile connectivity and digital financial services continue to expand rapidly across 14 African markets.
Mittal described Africa as a “once-in-a-lifetime opportunity,” noting that the consolidation is aimed at strengthening the group ahead of the planned IPO of Airtel Africa’s mobile-money business, commonly referred to as Airtel Money.
The mobile-money listing, expected to raise as much as $2 billion and value the unit at about $10 billion, has attracted strong investor attention amid rising fintech adoption across the continent.
Airtel Africa operates in 14 countries across sub-Saharan Africa and is listed on both the London and Nigerian stock exchanges.
The company has benefited from strong growth in mobile money usage, with transaction volumes across Africa estimated at about $1.4 trillion in 2025, accounting for a significant share of global activity.
Mittal said the company’s ambition is to expand its stake “to whatever is allowed,” with the share increase expected to be supported by Airtel Africa’s ongoing buyback programme.
Recent performance highlights the group’s growth trajectory, with Airtel Africa reporting a 37 per cent rise in adjusted EBITDA to $3.2 billion for the year ended March 31.
However, its parent company posted a quarterly profit decline due to regulatory-related charges, reflecting mixed performance across global operations.
The planned mobile-money IPO is being closely watched by global investors and is expected to further unlock value in Africa’s fast-growing digital payments sector.
Airtel Africa has already appointed Citigroup as lead adviser for the listing, which was previously delayed due to global macroeconomic uncertainties.
Analysts say the stake consolidation signals strong conviction in Africa’s fintech growth story, particularly as mobile payments and digital banking continue to reshape financial inclusion across the continent.
