Airtel Africa Plc, a London-listed company, has given up a 25.77 percent share in its local mobile money business as part of a continent-wide plan to raise $550 million (Sh64.2 billion) from four institutional investors.
The multinational’s stake in Airtel Money Kenya Limited fell from 100 percent a year ago to 74.23 percent in the year ended March.
During the review period, it also declared a similar decline in ownership in Airtel Mobile Commerce (Kenya) Limited.
In markets such as Rwanda, Tanzania, and Zambia, similar shifts in mobile money ownership were also observed.
In its most recent annual report, Airtel Africa revealed the sale of its subsidiaries’ shares, as the prospect of a cashless Africa prompts a race for control of its payment platforms.
The record-breaking deal values Airtel Money at Sh250 billion, indicates that the rival M-Pesa platform, available in Kenya and five other African markets such as Tanzania and Mozambique, could be valued even higher.
