Airtel Money’s first results as a listed company show transaction growth outpacing customer expansion, but declining take rates and narrower margins point to pressure on revenue capture. Elsewhere, Afreximbank reported higher earnings, while AFC and Munich Re agreed a $1 billion risk-sharing programme to expand trade-finance capacity for African banks.

Financial access, sovereign funding and central bank governance are parallel priorities. Mukuru’s everyday accounts and EBANX’s recurring OPay collections extend payment functionality, while Ghana’s planned bond buybacks focus on debt management and Libya’s committee changes on monetary policy oversight.

1. Airtel Money's revenue rises 34% as payment volumes expand but margins narrow

Airtel Mobile Commerce announced on 26 October that revenue increased 34% year-on-year to $830 million for the six months ended September 2026, its first results since listing in London. Revenue rose 25.1% in constant currency, while profit after tax increased 21.6% to $228 million. The customer base expanded 18.7% to 56.7 million across 13 African markets, with app users increasing 64.3% to 4.1 million. Annualised transaction value reached $270 billion in the second quarter, up 36.4% in constant currency.

Transaction value grew faster than customer numbers, with transaction value per customer increasing 14.9% in constant currency over the half-year. However, the take rate declined from 0.71% to 0.65%, while the underlying EBITDA margin narrowed from 50.8% to 48.0%, partly reflecting changes in intra-group agreements. Reported revenue growth also benefited from currency movements, including appreciation of the Zambian kwacha.

2. Afreximbank's nine-month net income rises 24% to $813.5 million

African Export-Import Bank (Afreximbank) and its subsidiaries announced on 26 October that net income increased 24% year-on-year to $813.5 million for the first nine months of 2026, compared with $654.3 million a year earlier. Gross income rose 11% to $2.7 billion, while net interest income increased 15% to $1.5 billion. Net loans and advances reached $36.2 billion, up 8% from December 2025, and total assets and contingencies expanded 12% to $54.1 billion.

Higher lending balances supported interest income, while the cost-to-income ratio improved from 21% to 20%. Credit-loss provisions nevertheless increased from $481.3 million to $537.6 million, and the non-performing loan ratio edged up from 2.43% at year-end 2025 to 2.48%.

3. EBANX launches recurring OPay wallet payments for Nigerian subscriptions

EBANX announced on 22 October that it had launched recurring payments through OPay Direct Debit in Nigeria, enabling international merchants to collect subscription payments directly from customers' OPay wallets. Users authorise a recurring payment agreement through the OPay application, allowing subsequent charges to be processed under the agreed arrangement. EBANX said OPay has 40 million monthly active users, providing a substantial potential customer base for merchants offering subscription-based digital services.

The integration introduces an alternative to card-on-file billing in a market where EBANX estimates credit card ownership at only 5% of adults. Payments are processed in naira against wallet balances, with a maximum transaction value of NGN 5 million ($3,722). For fixed subscriptions using the enrol-and-charge flow, subsequent debits require at least 24 hours' advance notification.

4. Mukuru expands into everyday banking through Bank Zero partnership

Paymentology announced on 26 October an expanded partnership supporting Mukuru’s Account & Card service in South Africa, with Bank Zero as the licensed sponsor bank. The product allows customers to receive salaries and electronic transfers, make domestic payments, withdraw cash and send money internationally. It extends Mukuru's established remittance and prepaid card activities into broader everyday account functionality.

Mukuru's approximately 500,000 existing prepaid card customers provide an established base for the new offering. Unlike South Africa's proposed reforms to enable more direct non-bank participation in the payments system, Mukuru's expansion operates through an existing licensed banking partnership.

5. Dashen Bank launches ShebaMiles-linked Mastercard debit card in Ethiopia

Dashen Bank and Ethiopian Airlines' ShebaMiles loyalty programme announced a co-branded Platinum Mastercard debit card on 23 October. The product combines payment functionality with travel-related benefits, including airport lounge access and fast-track services. The card will be available in physical and virtual formats, with the virtual version accessible through Dashen Bank's Super App. Eligible cardholders can access more than 1,600 airport lounges globally through the associated Mastercard benefits.

The launch builds on Dashen Bank's existing Mastercard relationship and extends its digital banking proposition into travel-linked retail payments. Its Super App serves more than two million monthly active users.

6. CAB Payments' emerging-market volumes rise 23% despite narrower spreads

CAB Payments reported on 22 October that total income increased approximately 22% year-on-year to GBP 102 million ($135.8 million) in the first nine months of 2026. Foreign-exchange and payment volumes rose 4% to GBP 32.5 billion ($43.3 billion), while emerging-market volumes increased 23% to GBP 12.1 billion ($16.1 billion). The group also completed a $50 million club loan in East Africa and a $100 million trade finance syndication for a West African client.

Emerging-market activity expanded faster than overall volumes, but narrower transaction spreads as market volatility eased moderated revenue growth. Income excluding deposit net interest income increased 32% to GBP 79 million ($105.2 million), while deposit net interest income declined 5%. CAB added 12 active clients during the quarter, bringing the total to 613, and separately onboarded 12 respondent banking clients.

7. Kenya's banking liquidity remains ample as interbank trading increases

The Central Bank of Kenya reported in its weekly bulletin published on 23 October that commercial banks' excess reserves averaged KES 32.1 billion ($247.1 million) above the required cash reserve level during the week ending 22 October. The Kenya Shilling Overnight Interbank Average (KESONIA) remained at 8.75%, while average daily interbank transactions increased from KES 14.9 billion ($114.7 million) to KES 18.9 billion ($145.5 million). Foreign-exchange reserves stood at $14.69 billion, equivalent to 5.9 months of import cover. The central bank also reported that the 22 October Treasury bill auction attracted KES 28.8 billion ($221.7 million) in bids against KES 28 billion ($215.5 million) offered, equivalent to approximately 103% subscription.

8. Ghana targets GHS 15.38 billion ($1.3 billion) in net domestic financing and plans 2027 bond buybacks

In a notice dated 22 October, the Bank of Ghana set out the government's fourth-quarter securities issuance calendar, setting a net domestic financing target of GHS 15.38 billion ($1.3 billion) for October–December 2026. The programme includes weekly auctions of 91-day, 182-day and 364-day Treasury bills, alongside medium- and long-term securities. The government also plans buybacks of bonds maturing in 2027 that were issued under the Domestic Debt Exchange Programme (DDEP).

The planned repurchases introduce a liability-management component alongside regular government borrowing. For banks and institutional investors holding sovereign securities, the programme is relevant to portfolio liquidity, reinvestment opportunities and the distribution of future debt maturities. The Bank of Ghana also identified the full operationalisation of the sinking fund as part of the strategy.

9. Libya reconstitutes Monetary Policy Committee following governor transition

The Central Bank of Libya announced on 25 October that Fawzi Boukhzam had assumed the governor's responsibilities effective 22 October, following a decision by the Presidency of the House of Representatives. At its first consultative meeting, the board also resolved to reconstitute the Monetary Policy Committee, initiate a review of internal regulations and establish governance, review and risk, and appointments committees.

The central bank said the reconstituted committee would operate according to principles of competence and independence, with regular meetings and transparent decisions.

10. AFC and Munich Re launch $1 billion risk-sharing programme to expand trade finance for African banks

Africa Finance Corporation (AFC) announced on 26 October a $1 billion unfunded managed debt mobilisation programme with Munich Re to expand trade-finance lending to African financial institutions. The programme provides committed risk-sharing capacity, initially covering 38 financial institutions across 11 African countries. Eligible instruments include commercial letters of credit, trade loans and guarantees, with transaction maturities of up to 12 months. Under the arrangement, Munich Re assumes a share of eligible credit risk within agreed parameters, while AFC retains exposure to each transaction.

The programme replaces transaction-by-transaction risk-sharing arrangements with a pre-agreed framework, allowing eligible financing to proceed without negotiating separate risk terms for every transaction. Capacity can be reused as existing transactions mature, supporting additional trade-finance activity. For participating banks, the structure could improve access to financing for imports and exports while enabling AFC to mobilise private-sector risk capacity.

What to watch

The Bank of Botswana Monetary Policy Committee meeting (29 October), the Bank of Ghana Monetary Policy Committee decision (18 November) and The South African Reserve Bank Monetary Policy Committee decision (19 November).