Airtel Africa is exploring an initial public offering (IPO) for its mobile money unit, Airtel Money, with a potential valuation exceeding $4 billion. This news comes after the unit experienced impressive 31.8% revenue growth in the year ending December 2023.
While Airtel Africa's overall profits dipped significantly in 2023 due to currency devaluation, Airtel Money remained a bright spot. The unit reported a profit of $2 million, a notable decline from the $523 million earned in 2022.
This potential IPO reflects growing investor confidence in Airtel Money's future. The unit's strong performance, coupled with its 150 million active customer base, positions it as a major player in the African mobile money landscape. However, Airtel Money faces stiff competition from established players like M-Pesa and MTN Momo.
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