Indian telecommunications giant Bharti Airtel has unveiled plans to increase its ownership stake in Airtel Africa to as much as 90 per cent through a proposed $2.9bn share swap arrangement, in a strategic move aimed at consolidating its African operations ahead of a planned mobile-money initial public offering (IPO).
The planned consolidation underscores Bharti Airtel’s growing confidence in Africa’s telecommunications and digital finance market, where rapid expansion in mobile connectivity and financial inclusion services has continued to drive subscriber growth and profitability across the continent.
The development was disclosed by Bharti Airtel founder and chairman, Sunil Bharti Mittal, who described the company’s investment in Africa as a “once in a lifetime opportunity,” while reaffirming the group’s long-term commitment to the region.
According to reports, Mittal said Bharti Airtel intends to raise its ownership in Airtel Africa to the highest level permissible under existing market conditions and regulatory frameworks.
“The ambition for Airtel should be whatever is allowed,” Mittal was quoted as saying regarding the company’s plans to strengthen its stake in the African business.
The increase in ownership is expected to be supported partly through Airtel Africa’s ongoing share buyback programme, which could gradually reduce minority holdings and strengthen Bharti Airtel’s control over the company’s operations and strategic direction.
Industry analysts say the move reflects increasing confidence in Africa’s fast-growing digital economy, particularly in mobile money and financial technology services, sectors that have become major revenue drivers for telecommunications companies operating across the continent.
Airtel Africa currently operates in 14 African countries, including Nigeria, Kenya, Uganda, Tanzania, Rwanda, Zambia, and the Democratic Republic of Congo. The company is listed on both the London Stock Exchange and the Nigerian Exchange Limited.
Over the past few years, Airtel Africa has evolved from a traditional telecom operator into one of Africa’s largest digital financial services providers, leveraging mobile penetration to expand banking and payment services in underserved communities with limited access to conventional financial institutions.
The company’s mobile-money business has emerged as a key growth engine, driven by rising smartphone adoption, expanding internet penetration, and increasing demand for digital payment platforms across sub-Saharan Africa.
The planned ownership consolidation comes as Airtel Africa prepares for the much-anticipated IPO of its mobile-money division, a transaction that could become one of the continent’s largest fintech listings in recent years.
Earlier reports indicated that the mobile-money unit could raise as much as $2bn from investors, with analysts valuing the business at approximately $10bn.
However, the timeline for the IPO was reportedly shifted to the second half of the year due to global economic uncertainties and geopolitical tensions, including instability linked to the Iran conflict, which affected broader investor sentiment in emerging markets.
Despite the delay, investor interest in Airtel Africa’s fintech operations has remained strong amid growing optimism about Africa’s digital payments ecosystem.
Industry data show that mobile-money transactions across sub-Saharan Africa reached approximately $1.4tn in 2025, accounting for nearly 66 per cent of global mobile-money activity, further highlighting the region’s dominance in digital financial transactions.
Analysts believe Bharti Airtel’s decision to deepen its ownership position ahead of the IPO is aimed at maximizing long-term shareholder value and increasing exposure to future earnings from the mobile-money business.
Market observers also note that increasing ownership stakes in subsidiaries often signals strong confidence in future profitability and operational performance.
The African market has increasingly become one of Bharti Airtel’s strongest growth regions, especially at a time when competition and regulatory pressures continue to affect traditional telecom revenue streams in several global markets.
Financial results released by Airtel Africa further reinforced investor optimism about the company’s outlook.
For the financial year ended March 31, Airtel Africa reported a 37 per cent increase in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), reaching $3.2bn, driven by strong demand for voice, data, and mobile-money services across its markets.
The strong African performance contrasted with developments at Bharti Airtel’s parent operations, where quarterly profits reportedly declined due to regulatory-related charges and increased operational costs.
The differing performance dynamics have further strengthened the strategic importance of Airtel Africa within the broader Bharti Airtel group, as the company increasingly positions Africa as a major pillar of its future growth strategy.
Mittal noted that Bharti Airtel’s entry into Africa about 15 years ago was widely seen as a bold and visionary move at the time, but has since evolved into one of the company’s most valuable international investments.
With demand for digital financial services continuing to rise across Africa’s youthful and largely underbanked population, analysts say Airtel Africa is well positioned to benefit from the continent’s ongoing digital transformation and expanding fintech ecosystem.
The company’s aggressive expansion plans also place it at the centre of intensifying competition among telecom operators and fintech firms seeking dominance in Africa’s rapidly growing mobile-money market, which is expected to remain one of the fastest-growing segments of the continent’s digital economy over the next decade.
