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Airtel Africa

Airtel Africa plc is a multinational telecommunications company that provides mobile voice, data, and services in 14 countries across , serving as the primary African arm of the Indian conglomerate Limited. As the second largest operator on the continent by customer base, it focuses on affordable connectivity and , operating over 38,300 sites and reaching a of 635 million with a network coverage of 81.5%. Airtel Africa's entry into the market began in through Bharti Airtel's acquisition of Zain Group's operations in 15 countries, which established a strong foothold in East, West, and . The company was formally spun off as a distinct entity in 2018, with key expansions such as the acquisition of Tigo , and it launched its initial public offering on the London Stock Exchange in June 2019, raising $750 million. Since then, Airtel Africa has grown its customer base from around 140 million in 2023 to 173.8 million as of September 30, 2025, driven by investments in / networks and digital services. The company's operations are divided into three primary segments: , which accounts for the majority of its revenue and serves as its largest market; , including , , , and ; and Francophone and Central Africa, encompassing countries like , , , and the of . It is the market leader or second-largest provider in 13 of its 14 markets, with notable services including Airtel Money, a financial platform connecting 49.8 million users to payments and transfers as of 2025. Airtel Africa emphasizes , for underserved populations, and , such as building data centers in and to support the continent's growing .

Company overview

Founding and ownership

Airtel Africa was established in 2010 as the African arm of Bharti Airtel Limited, following the latter's acquisition of Zain Group's operations on the continent and initially spanning 15 countries. The company operates as a (), incorporated under the in on 12 July 2018 as Airtel Africa Limited and re-registered as Airtel Africa on 13 June 2019, with its registered office in despite its primary focus on African markets. It evolved from a regional subsidiary within Bharti Airtel's structure to a standalone holding entity in September 2018, when Airtel Africa plc became the parent of Bharti Airtel International (Netherlands) B.V., culminating in its listing as an independent public company via an initial public offering in June 2019. Airtel Africa remains majority owned by Bharti Airtel, which holds approximately 62% of the shares as of late February 2025, with the balance owned by public shareholders acquired through the 2019 IPO and subsequent market trading.

Headquarters and leadership

Airtel Africa plc is headquartered in , , at 53-54 Grosvenor Street, W1K 3HU, serving as the primary base for strategic oversight and . The company maintains regional operational offices in key African locations, including , , and , , which handle day-to-day management across its 14 operating countries. The company's leadership is headed by Sunil Taldar, who was appointed in July 2024 following a role as of Transformation at . Taldar oversees the executive committee, which includes Kamal Dua, appointed in July 2025, and Razvan Ungureanu, responsible for driving technological innovations and network infrastructure. Regional heads, such as country CEOs, manage localized operations, ensuring alignment with broader strategic goals while adapting to market-specific needs. The board of directors, chaired by Sunil Bharti Mittal since July 2018, comprises a mix of executive and non-executive members, including representatives from parent company to maintain alignment with group-wide objectives. Notable non-executive directors include Cynthia Alison Gordon, who chairs the compensation committee, contributing expertise in audit and remuneration matters. The board emphasizes , with initiatives aimed at enhancing gender representation; as of 2025, women hold key positions, supporting a broader gender balance of 29.2%. Airtel Africa's governance structure adheres to UK corporate laws as a London Stock Exchange-listed entity, with additional compliance to regulatory frameworks from African bodies such as the and Kenya's Communications Authority. The board serves as the primary decision-making body, overseeing strategy, financial performance, and risk management through dedicated committees like and . This framework ensures and across operations.

History

Zain Africa acquisition and formation

In March 2010, Bharti Airtel announced an agreement to acquire Zain Group's African operations for an enterprise value of $10.7 billion, encompassing mobile services in 15 countries and serving approximately 42 million subscribers. The deal excluded Zain's operations in Sudan and Morocco, marking Bharti Airtel's major entry into the African telecommunications market. The transaction was structured as an all-cash payment totaling $9 billion in equity value, with $8.3 billion paid within three months of closing and the remaining $700 million deferred for one year. Completion occurred on , 2010, following regulatory approvals from the governments and regulators of the affected countries, which ensured compliance with local competition and foreign investment laws. directly acquired 100% of Zain Africa BV, the Netherlands-based overseeing these assets. Post-acquisition integration faced significant hurdles, as Zain's operations functioned largely as standalone units across diverse markets with varying network infrastructures, requiring extensive harmonization of technologies, billing systems, and spectrum usage to align with Bharti Airtel's standards. Cultural shifts proved challenging, with Zain's more entrepreneurial, regionally autonomous approach clashing against Bharti Airtel's centralized, efficiency-driven model originating from . Additionally, transitioning to Bharti Airtel's low-cost, high-volume —focused on prepaid minutes and broad to drive subscriber growth in low-ARPU markets—demanded retraining staff and overhauling pricing structures that had been higher under Zain. The acquisition laid the foundation for Airtel Africa's operations, which were managed under until the formation of Airtel Africa plc as a distinct entity in 2018, enabling independent oversight of the African assets and tailored management of continental challenges like regulatory diversity and infrastructure gaps. This separation facilitated focused investment in African expansion while leveraging 's global expertise.

Rebranding and early expansions

Following the acquisition of Zain's African operations, initiated a comprehensive effort to unify the network under the Airtel brand, launching the new identity in November 2010 across 16 countries including , , , and . The rollout involved updating logos on , vehicles, and stores; extensive campaigns featuring television, radio, and print ads; and direct customer notifications via and calls to ensure a smooth transition, with the entire process incurring a one-time cost of US$76 million. This extended into 2011, marking Airtel's full integration into the African market and positioning it as a single brand serving over 40 million initial subscribers. In the early 2010s, Airtel Africa focused on strategies to expand its footprint, particularly emphasizing rural penetration to tap into underserved areas where coverage was limited. The company forged partnerships with local governments and providers, such as collaborations with Rwanda's authorities for acquisition and rollout, to build towers and extend services to remote regions. These efforts included strategic alliances with vendors like , , and Nokia Siemens Networks to enhance and in low-density rural zones, aiming to boost accessibility and drive adoption among previously unconnected populations. Key milestones in this expansion phase included the launch of services, starting with in February 2012, where Airtel rolled out high-speed mobile internet in major cities like and before extending to other areas. Similarly, saw the introduction of 3.75G services in early 2012, enabling faster data speeds and supporting the shift toward in urban and emerging rural markets. These upgrades were part of a broader push to modernize infrastructure post-rebranding, coinciding with rapid subscriber growth from 50 million in late 2011 to 60 million by October 2012, and further to nearly 70 million by mid-2013 through targeted rural outreach and service enhancements. Amid these developments, Airtel Africa engaged in exploratory negotiations with during 2010-2011 for potential mergers or asset swaps in overlapping markets like , but these discussions collapsed primarily due to regulatory challenges from competition authorities concerned about .

Key acquisitions

In 2013, Airtel Africa expanded its operations in by acquiring Warid Telecom Uganda from for approximately $100 million. This deal integrated Warid's 2.8 million subscribers into Airtel's network, increasing its total customer base in the country to over 7 million and strengthening its market position to around 39 percent. Following regulatory approval, the acquisition was completed in September 2013, with Warid's operations rebranded under the Airtel name to streamline services and enhance network coverage. Airtel further broadened its African footprint in 2010 by acquiring Telecom Seychelles Limited for $62 million, marking an early strategic entry into the island nation's market. This purchase provided Airtel with full control of ' fixed-line, mobile, broadband, and international connectivity services, though the market featured a relatively small subscriber base of under 100,000 at the time. The integration allowed for operational efficiencies in a niche geography, complementing Airtel's broader sub-Saharan presence without significant overlap. In December 2017, Airtel signed an agreement to acquire Tigo Rwanda Limited from International Cellular for an enterprise value of approximately 6 times EBITDA, with the transaction completed in 2018 following regulatory clearances. The deal added Tigo's roughly 1.4 million subscribers to Airtel's existing 1.5 million, elevating its combined user base in to about 2.9 million and positioning it as the second-largest operator behind MTN. Post-acquisition, the operations were merged and rebranded as Airtel, enabling expanded coverage and service enhancements in . These acquisitions were driven by Airtel Africa's to consolidate in fragmented markets, where multiple operators competed for limited and resources. By targeting underperforming or complementary assets, the company achieved cost synergies through shared networks, reduced duplication in tower , and improved in data and voice services across East and Indian Ocean regions. This approach supported initiatives from earlier expansions while minimizing capital outlays in high-potential but competitive environments.

Initial public offering

Airtel Africa, the African operations of , underwent a process culminating in its (IPO) on the London in June 2019. This involved divesting a portion of its stake in the subsidiary to raise capital, with the IPO structured as a global offering through bookbuilding. The company, incorporated in and re-registered in the UK as Airtel Africa plc, aimed to achieve a minimum free float of 25% of its issued post-admission. The IPO was priced at 80 pence per share on June 28, 2019, below the initial indicative range of 80 to 100 pence, resulting in the sale of approximately 744 million shares representing a 25% stake. This raised gross proceeds of about £595 million (equivalent to $750 million at the time), with retaining a holding of around 67%. The offering was underwritten by a led by Securities as sole sponsor and joint global coordinators BofA Merrill Lynch, , and Cazenove, alongside joint bookrunners including Absa, , , , , and . At listing, Airtel Africa's stood at approximately £3.1 billion ($3.93 billion), reflecting a post-money equity valuation aligned with the telecom sector's dynamics in emerging markets. Prior to the IPO, Airtel Africa filed a registration document with the (FCA), which approved it on May 29, 2019, enabling compliance with Listing Rules for premium listing on the Main . This regulatory step ensured adherence to disclosure requirements under the and Markets Act 2000. The listing enhanced by subjecting the company to the , introducing independent non-executive directors, oversight, and stricter reporting standards, which improved transparency and investor protections compared to its pre-IPO structure under Bharti Airtel's control. Shares began conditional trading on June 28, 2019, experiencing initial volatility by dropping as much as 15% to 67 pence on debut amid broader market concerns over African currency devaluations, particularly in and other operations. Unconditional admission to trading followed on July 3, 2019. This reflected sensitivities to risks in the company's 14-country footprint. By 2020, the share price stabilized, supported by revenue growth in mobile data and money services, with the market capitalization recovering to reflect operational resilience despite ongoing currency headwinds.

Operations

Current countries of operation

Airtel Africa operates in 14 countries across : , , , , , , , , , , , , , and . These markets serve a combined of approximately 635 million, where the company focuses on expanding digital and through mobile services. As of September 2025, Airtel Africa's total customer base stands at 173.8 million subscribers, reflecting an 11% year-on-year growth driven by demand for and services. The company has prioritized and network rollouts to enhance urban-rural coverage, with 78.1 million customers benefiting from improved in remote areas. Nigeria represents Airtel Africa's largest market, with around 59 million subscribers and contributing approximately 40% of the group's revenue as of 2025. In this market, Airtel holds a 34% share of the telecom sector and launched services in 2023, expanding coverage by 2024 to support high-speed data in major cities like and . Regulatory support from the has facilitated spectrum allocation and infrastructure sharing agreements, including a 2025 partnership with MTN for passive network elements to reduce costs. Kenya is another key operation, where Airtel leads in mobile money innovation with Airtel Money serving millions and driving ; the country accounts for a significant portion of the group's 49.8 million users, as of September 2025. In November 2025, Airtel Money launched a next-generation, cloud-native to further enhance across its markets. Airtel Kenya initiated 5G rollout in 2023 and expanded to 39 counties by mid-2024, enhancing access amid a competitive regulatory environment overseen by the Communications Authority of Kenya. Partnerships with local governments have enabled rural tower deployments, bridging the . In other markets, such as and , Airtel maintains strong market positions with subscriber growth exceeding 10% annually, supported by regulatory frameworks promoting and foreign investment. Across all operations, the company navigates diverse regulatory landscapes through collaborations with national telecom authorities, focusing on spectrum auctions and compliance to sustain network expansions.

Former operations

In 2016, Airtel Africa sold its operations in and to as part of a strategic decision to streamline its portfolio and concentrate resources on higher-growth core markets. The deal, announced on January 13, 2016, involved the transfer of 100% of the share capital in the two subsidiaries, which together served approximately 9 million customers and generated consolidated revenues of around €275 million. Although the transaction value was not publicly disclosed, analysts estimated it at approximately $900 million. The sale received all necessary regulatory approvals and was completed in stages, with the Burkina Faso operations transferring in June 2016 and Sierra Leone in July 2016. Post-sale transitions included smooth customer migrations to Orange's network infrastructure, with minimal disruptions reported, and the retention of local employment where possible to ensure service continuity. This divestiture contributed to a broader refocusing effort, reducing Airtel Africa's operational from 17 countries to 14 and freeing up capital for reinvestments in priority markets such as . The proceeds supported debt reduction and network expansions in remaining operations, enhancing overall financial efficiency.

Products and services

Mobile telecommunications

Airtel Africa delivers core mobile telecommunications services, including voice calls, data connectivity, and SMS messaging, to 173.8 million customers across 14 countries in sub-Saharan Africa as of September 30, 2025. These services operate on a multi-generational network supporting 2G for basic voice and SMS, 3G for enhanced data, 4G LTE for high-speed internet, and emerging 5G for ultra-fast, low-latency applications. The company launched commercial 5G services in Nigeria in June 2023, initially in major cities like Lagos and Abuja, followed by Kenya in July 2023 with coverage in Nairobi and surrounding areas. By mid-2025, 5G rollout had expanded to five countries (Nigeria, Kenya, Uganda, Zambia, and Tanzania), with over 1,700 active 5G sites enabling advanced data services while maintaining backward compatibility for legacy networks. The company's infrastructure underpins these services with more than 81,000 kilometers of fiber optic backbone, facilitating high-capacity data transmission and backhaul for mobile sites. In November 2025, Airtel Africa partnered with to deploy a high-capacity terrestrial fiber network spanning East and , enhancing for its Airtel Africa Telesonic wholesale fiber service. Airtel Africa engages in tower and fiber-sharing agreements to optimize costs and accelerate deployment, including partnerships with in and since March 2025 for passive infrastructure sharing, and with Group in , , and the of since August 2025 to extend and reach. Spectrum holdings vary by market; for instance, in , Airtel Africa secured 100 MHz in the 3.5 GHz band and 10 MHz in the 2.6 GHz band in 2021 to support and expansion. These elements enable robust network performance, with over 38,300 sites operational as of September 2025. In terms of innovations, Airtel Africa provides solutions via machine-to-machine (M2M) platforms, tailored for sectors like agriculture in . In , the EzyAgric service delivers real-time advisory on crop management, weather, and market prices to smallholder farmers using basic mobile phones, enhancing productivity without advanced devices. Similarly, in , -enabled connectivity supports agricultural monitoring through partnerships focused on efficiency. For enterprises, the company offers dedicated and connectivity solutions, including secure data networks and integration for business operations across industries. In May 2025, Airtel Africa announced an agreement with to integrate satellite connectivity, targeting rural and underserved areas to complement terrestrial mobile networks. Coverage metrics reflect ongoing investments: overall population coverage reached 81.5% as of September 2025 (up from 74.7% population coverage in July 2025), with 98.5% of sites upgraded to capability. Rural expansion incorporates solar-powered and hybrid base stations to address power challenges and extend services to underserved areas, adding over 2,350 new sites in the first half of fiscal 2026.

Mobile money services

Airtel Money, the mobile financial services platform of Airtel Africa, was launched in 2011 to provide accessible banking alternatives in underserved regions. It enables users to perform money transfers, bill payments, merchant purchases, and access microloans across 14 countries of operation. As of September 2025, the platform had grown to serve 49.8 million customers, reflecting a 20% year-on-year increase driven by rising smartphone adoption and expanded agent networks. Key features of Airtel Money include seamless integration with local merchants for everyday transactions, international remittances through partnerships like those with and pawaPay, and offerings such as micro-insurance to protect against financial risks. The service facilitates cross-border transfers to over 145 markets, enhancing connectivity for migrant workers and supporting . In the half-year ended September 2025, transaction volumes reached $193 billion, a 35.9% increase from the prior year, underscoring its scale in processing high-value flows for populations. In 2021, Airtel Africa sold a minority stake in its subsidiary, Airtel Mobile Commerce B.V., to for $100 million, valuing the unit at $2.65 billion on a cash- and debt-free basis. This investment aimed to bolster digital payment technologies and expand global interoperability. Growth has been propelled by strategic partnerships with financial institutions, governments, and fintech firms such as and , focusing on for women and rural communities in . These collaborations have extended service points to remote areas and integrated Airtel Money into national digital economy initiatives.

One Network initiative

The One Network initiative, launched by Airtel in November 2012, is a cross-border mobile roaming service designed to enable seamless connectivity for customers traveling within Airtel's operational footprint in Africa by treating roaming usage as domestic service. This program allows subscribers to make calls, send SMS, and access data at local rates in partner countries, eliminating traditional international roaming surcharges and promoting affordable intra-African communication. At launch, it covered 17 African countries where Airtel operated, including Kenya, Nigeria, Ghana, Tanzania, Uganda, Rwanda, Zambia, Malawi, DR Congo, Congo Brazzaville, Gabon, Chad, Niger, Burkina Faso, Sierra Leone, Madagascar, and Seychelles, with initial benefits such as free incoming intercontinental calls and the ability to top up using local SIM cards or vouchers. The initiative was positioned as a pioneering effort to foster and economic activity by reducing communication barriers for business travelers, traders, and users across the . Airtel's emphasized its role in aligning with global trends toward cost-effective , with Vikram Sinha, then CEO of Airtel Africa, stating that it would "facilitate communication across , , and " by enabling users to retain their home SIM without additional costs. Postpaid customers gained immediate access, while prepaid activation followed shortly thereafter, supporting both voice and emerging data services on smartphones. Over time, the service evolved and was rebranded as "One Airtel" in many markets, maintaining its core "roam like at home" principle while expanding to align with Airtel Africa's current 14-country operations. Today, it covers key destinations such as , , , , , , , , , , and , with customers able to receive incoming calls at no charge and make outgoing calls or use data at visited-country domestic tariffs. Prepaid bundles for voice, , and data are available in durations like 3, 7, or 14 days, activated via USSD codes, and users can recharge using local Airtel scratch cards in the host country. In 2020, extended flat-rate tariffs under One Airtel to 16 African countries, further simplifying access for regional travelers. The initiative has contributed to lower overall tariffs in Airtel's African markets by encouraging competitive pricing and enhancing network utilization across borders. It supports and trade by keeping services accessible during travel, aligning with Airtel Africa's broader goal of bridging the in underserved regions. By 2024, such roaming enhancements have helped sustain customer growth, with Airtel Africa's total base reaching 169.4 million, partly driven by improved cross-border .

Financial information

Stock listing and performance

Airtel Africa plc has its primary listing on the London Stock Exchange under the ticker symbol AAF since its on June 28, 2019. It also maintains a secondary listing on the (NGX) under the symbol AIRTELAFRI, which commenced trading concurrently with the LSE listing. The company's shares were priced at 80 pence (0.80 GBP) per share during the IPO. As of November 17, 2025, the share price stood at approximately 307 pence (3.07 GBP), reflecting a of over 20% since listing despite challenges. This performance has been influenced by factors such as currency devaluations in key markets like and , which adversely affected reported revenues and profitability, as well as operational disruptions from the that slowed subscriber growth in 2020. Recovery post-COVID has been supported by strong demand for services and network expansions. As of November 2025, Airtel Africa's stands at approximately $14.7 billion USD. The company introduced a progressive in 2021, targeting annual growth in dividends by a mid- to high-single-digit percentage from a base of 4 cents per share, with the first payout recommended that year. This policy has been maintained, with semi-annual dividends paid to shareholders. Airtel Africa's investor relations efforts include the publication of annual reports detailing financial and operational performance, sustainability reports covering (ESG) initiatives, and a consensus summary of forecasts from third-party equity research. ESG disclosures highlight commitments to digital inclusion, community impact, and environmental , with scores from providers like reflecting ongoing management of material risks. ratings as of late 2025 generally remain positive, with price targets around 245-300 pence, citing growth potential in African telecom markets.

Recent financial results

Airtel Africa's revenue grew from $3.422 billion in fiscal year 2020 (FY2020) to $4.98 billion in FY2024, reflecting a compound annual growth rate influenced by volatile currencies across its markets. This expansion was primarily driven by surging demand for data services and mobile money transactions, with data revenue increasing due to higher smartphone penetration and affordable plans, while mobile money revenue rose from expanded transaction volumes in East Africa and francophone regions. In constant currency terms, FY2024 revenue achieved 20.9% year-over-year (YoY) growth, underscoring operational resilience despite reported declines from currency devaluations. For FY2025 (year ended March 31, 2025), remained flat at approximately $4.98 billion in reported (21.1% YoY in constant ), with net profit of $220 million, reversing the prior year's , supported by data and amid ongoing forex challenges. Profitability faced headwinds in FY2024, with EBITDA margins maintained in the 45-50% range amid cost discipline, but net profit turned to a $89 million , largely due to $231 million in derivative and losses stemming from the Nigerian naira's . Underlying EBITDA grew 21.3% in constant , supported by efficient utilization and diversified streams. Key challenges included persistent in sub-Saharan African markets, which eroded and raised operational costs, alongside elevated debt levels reaching approximately $5.5 billion in net terms as of September 2025. In FY2025, performance rebounded with nine-month results (ended December 2024) showing 15.3% YoY constant currency EBITDA growth and margins of 46.2%, bolstered by and contributions. For the half-year ended September 2025 (H1 FY2026), surged 25.8% YoY to $2.982 billion, with overtaking voice as the largest segment at 37.0% growth, driven by 7 GB monthly usage per customer and deployments across five markets. expanded 29.9% in constant currency, fueled by transaction growth in key markets. Net profit reached $376 million, up 375% YoY, aided by reduced forex volatility and naira stabilization, while EBITDA margins improved to 48.5%. Capital expenditure for FY2026 was raised to $875-900 million, with significant allocation toward infrastructure, including 1,466 sites deployed to enhance coverage and support data traffic quadrupling by 2028. Ongoing challenges encompass high inflation rates in operational countries, which pressured margins, and investments in energy-efficient networks to mitigate risks, alongside management efforts that reduced costs through borrowings at 95% of total .

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