Fifty-seven people in Uganda. Thirty-one in Zambia. Thirteen in Kenya. That is how Airtel Money counts its staff in the prospectus for its London Stock Exchange listing, where trading in its shares starts today. 

The African mobile-money company is worth about $7 billion and has just over 300 employees in all. In FY26, it clocked $1.35 billion in revenue. That is more than $4 million per head.

Most of the actual work, though, is done by people who aren’t on the payroll. Airtel Money has........

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