Origination Memo: Airtel Money Bond 2026

Date: 2025-11-20 Author: Ceasar Siwale, Managing Director Status: Approved

Issuer

Airtel Networks Zambia plc is the second-largest mobile network operator in Zambia with 6.2 million subscribers. The group's Airtel Money mobile financial services platform processes over ZMW 40 billion in transactions annually and holds a Bank of Zambia electronic money institution licence.

Transaction Thesis

Airtel Networks Zambia seeks to issue a ZMW 8 billion (approx. USD 320 million) public bond to fund network infrastructure expansion (5G rollout in Lusaka and Copperbelt), retirement of a USD-denominated bilateral facility, and investment in Airtel Money's merchant lending infrastructure.

Why Pangaea

Pangaea was mandated following a competitive process in which we presented the strongest domestic institutional investor relationships. NAPSA has pre-indicated a ZMW 500 million anchor position. Our telecom sector coverage includes two precedent transactions in Kenya and Ghana.

Recommended Next Step

Advance to investor identification and IM drafting. NAPSA anchor position to be formalised. IFC and AfDB engagement to be co-ordinated by Ceasar Siwale directly.

Risk Flags

• Target close date of 2026-04-30 is aggressive given IPR execution requirements. Date has now passed; revised close target to be agreed with issuer.
• MTN Zambia cross-shareholding query from ZICTA requires resolution before prospectus launch.