Airtel Money IPO Puts Safaricom And MTN Stock In Focus

Money is going mobile at scale, and Airtel Money’s planned London IPO, aiming for an $8–9b valuation on roughly $1.4b of annual revenue, puts that shift in bright lights. Investors are paying close attention because big listings can reset how markets value similar businesses. This article looks at three telecom stocks exposed to the same mobile money story and explores where that could help or hurt your portfolio.

The stocks covered below are just a sample of the opportunity set, and the full screen surfaced 7 more Pan African telecom operators with mobile money stories that could be just as interesting for a diversified portfolio. To identify and analyze those additional candidates with stronger conviction, go straight to the Pan-African Mobile Network Operators with Mobile Money Platforms screener.

Safaricom (NASE:SCOM)

Overview: Safaricom is a Kenyan and Ethiopian telecom operator that blends mobile connectivity with M-Pesa powered payments, lending and other digital financial services.

Operations: Safaricom generates about KES 423.9b from wireless communications services, largely in Kenya with a smaller but growing contribution from Ethiopia.

Market Cap: KES 1.45t

Safaricom matters in this mobile money screener because it offers both the network pipes and a full payments ecosystem, giving you pure telecom plus fintech exposure in one stock.

"M-Pesa isn't just a feature, it is the backbone of Kenya's financial system. In the first half of FY2026, it contributed 88 billion KES in revenue, up 14% year-on-year, accounting for 45% of total half-year revenue."

What really moves the needle from here is how one quiet shift in the mobile money economics filters through to future cash generation.

That shift in economics is exactly what the full narrative for Safaricom unpacks, showing how M-Pesa cash flows could accelerate or stall against future capital needs.

MTN Group (JSE:MTN)

Overview: MTN Group runs mobile networks across Africa and the Middle East and layers MoMo mobile money and fintech services on top.

Operations: MTN Group generates about ZAR 236.4b from wireless communications services, with large contributions from Nigeria, South Africa and Ghana.

Market Cap: ZAR 355.0b

MTN Group fits this mobile money screen as a broad-based telecom platform where MoMo turns basic connectivity into a payment, lending and digital banking gateway across multiple African markets.

"Expanding adoption of MTN's fintech and mobile money ("MoMo") platforms, including advanced services such as payments, remittances, and digital banking, is driving non-voice revenue growth, enhancing net margins, and creating long-term customer stickiness."

The real test for MTN Group is how one unresolved regulatory and pricing review ultimately affects MoMo driven margin resilience.

That regulatory overhang is exactly what the full narrative for MTN Group unpacks, showing where MTN Group’s MoMo margins could decouple from headline pressure and where investors may be underestimating resilience.

Airtel Africa (LSE:AAF)

Overview: Airtel Africa runs mobile networks and Airtel Money across Nigeria, East Africa and Francophone Africa, giving investors direct exposure to telecom plus mobile payments on one integrated pan African platform.

Operations: Airtel Africa generates about $1.5b from Mobile Money and $5.7b from mobile services across Nigeria, East Africa and Francophone Africa.

Market Cap: £11.28b

For this screener, Airtel Africa is the pure Airtel Money proxy, bundling everyday connectivity with a fast scaling digital wallet and payments engine across multiple African regions.

"Airtel Money's customer base and transaction value are growing strongly (mobile money customers near 46 million, transaction value up 35%), while over 90% of transactions in core markets remain in cash, indicating a significant future addressable market for fintech, which can drive high-margin, non-voice revenue and earnings growth as digital financial adoption continues.

What really shapes the payoff from here is how one quiet shift in Airtel Money pricing power and product mix flows through future margins.

That pricing shift is exactly what the full narrative for Airtel Africa unpacks, showing whether Airtel Africa’s mobile money engine is quietly accelerating value or letting cash opportunities slip away.

Seeking Fresh Alternatives Beyond Telcos

New ideas move first and move fast. Breakout momentum often flies under the radar for now, before the crowd catches it and pricing shifts. Consider acting early if appropriate for your strategy.

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• Monitor early secular trends by tracking 85 AI infrastructure stocks that could benefit if AI spending accelerates and capital moves into the enabling picks and shovels.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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