Airtel Africa is exploring taking its mobile money unit public, with a potential valuation surpassing $4 billion, according to a new Bloomberg report. Talks of the IPO are in preliminary stages and the company may decide against going public.

Airtel Money is Airtel Africa’s fastest-growing arm. While Airtel 2023 profits plunged by almost 99%—recording $2 million in profits compared with $523 million it made in 2022—due to currency devaluation, Airtel mobile money recorded a 31.8% revenue growth. 

In 2021, Airtel hinted at a possible public offering for its fintech arm within a few years, after receiving investments from TPG—$200 million—and Mastercard—$100 million—valuing the unit at $2.65 billion.

The telecom currently offers its mobile money services in 14 African countries. In Nigeria, it competes with MTN Momo, while it is dwarfed by competition from Kenya’s mobile money giant, MPesa.  Last year, it received approval to allow customers to transact up to KES 500,000 ($3,400) up from KES 300,000 ($2085) which it was previously allowed to do. 

Airtel’s planned mobile money IPO follows a trend of investment in African mobile mobile money providers. Two years after its $100 million investment in Airtel Money, Mastercard acquired a minor stake in MTN’s mobile money arm.