Airtel Money, the digital financial services arm of Airtel Africa, has commenced conditional trading on the Main Market of the London Stock Exchange, with a market capitalisation of approximately £5.3bn.
The company’s ordinary shares began trading on Friday under the ticker symbol AMC, following an offer priced at £1.96 per share.
According to a statement by the Growth, Trade and Investment, Nigeria Network, all shares offered are being sold by existing shareholders, meaning Airtel Money will not issue new shares or raise fresh capital from the transaction.
The listing marks a new phase for the digital financial services business, which has expanded its mobile money operations across 13 African countries since its launch in 2011.
Airtel Money currently serves approximately 53 million monthly active users and operates through a network of more than 2.3 million local agents across its markets.
See more Punch stories on Google.
Its services include domestic and international money transfers, payments, virtual debit cards, credit, savings, investments, and insurance. The platform also provides payment collection and disbursement services to businesses and institutions.
In Nigeria, the business operates through SmartCash Payment Service Bank, a licensed subsidiary of Airtel, under the country’s Payment Service Bank regulatory framework.
The Chief Executive Officer of Airtel Money, Ian Ferrao, said the listing would support the company’s next phase of expansion and its efforts to deepen financial inclusion across the continent.
“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,” Ferrao said.
He added that the company would focus on expanding its digital financial services ecosystem and accelerating Africa’s transition to a more connected digital economy.
The listing also highlights London’s role in connecting Africa-focused businesses with international investors and capital markets.
The UK Business Secretary, Jonathan Reynolds, said the transaction demonstrated continued interest in the UK as a destination for companies seeking access to international capital.
He said London remained a major financial centre for African-focused businesses seeking investors and funding opportunities.
Country Director for the UK’s Business, Innovation, Science and Technology team in Nigeria, Mark Smithson, said the listing showed how Africa-focused companies could access international capital while maintaining their presence in the markets they serve.
Smithson said the UK-Nigeria Strategic Partnership was helping connect businesses with investment, expertise and international networks to support growth and job creation.
Airtel Money’s listing comes as digital financial services providers expand across African markets, where mobile money platforms are increasingly used to facilitate payments and extend access to financial services.
