Michael Olugbode in Abuja
Airtel Money, the digital financial services arm of Airtel Africa, has commenced conditional trading on the Main Market of the London Stock Exchange (LSE), with a market capitalisation of approximately £5.3 billion.
The company’s ordinary shares began trading conditionally on Friday under the ticker symbol “AMC”, following an offer priced at £1.96 per share.
The listing marks a significant milestone for the African fintech sector, providing Airtel Money with access to international capital markets and global investors as it seeks to expand its digital financial services business across the continent.
However, the offer involves the sale of existing shares by current shareholders, meaning Airtel Money will not issue new shares or raise fresh capital from the transaction.
Launched in 2011 as the mobile money arm of Airtel Africa, Airtel Money provides digital financial services to approximately 53 million monthly active users across 13 African countries, supported by more than 2.3 million local agents.
Its services include domestic and international money transfers, payments, virtual debit cards, credit, savings, investments, insurance and merchant transactions. The platform also provides payment collection and disbursement solutions for businesses and institutions.
In Nigeria, Airtel Money operates through SmartCash Payment Service Bank, Airtel’s licensed subsidiary, under the country’s Payment Service Bank regulatory framework.
Britain’s Business Secretary, Jonathan Reynolds, described the listing as a vote of confidence in the UK economy and its business environment.
“This landmark IPO shows ambitious businesses continue to choose Britain to raise capital, access global investors and boost their growth,” he said.
Reynolds added that the transaction demonstrated London’s continued role as a leading international financial centre, particularly for businesses focused on African markets.
Chief Executive Officer of Airtel Money, Ian Ferrao, said the listing marked the beginning of a new phase in the company’s growth.
“Over the past 15 years, we have built one of Africa’s leading digital financial services platforms, connecting millions of customers and businesses to an increasingly broad range of financial services. Yet we believe the opportunity ahead of us is even greater,” he said.
Ferrao said the company would focus on expanding its digital financial services ecosystem, deepening financial inclusion and supporting Africa’s transition to a more connected digital economy.
He added that the business would seek to deliver sustainable growth and long-term value for its customers, partners, communities, governments and shareholders.
Also commenting on the listing, the Country Director for the UK’s Business, Innovation, Science and Technology in Nigeria, Mark Smithson, said the transaction illustrated how African-focused businesses could access international capital while maintaining strong connections with the markets they serve.
He said the listing highlighted London’s role in connecting growing businesses with investors, expertise and international networks to support expansion.
Smithson added that the UK-Nigeria Strategic Partnership was helping to connect businesses with investment, expertise and opportunities to support job creation and sustainable economic growth.
He said the partnership would continue to support African businesses seeking to grow, innovate and compete internationally.Group.