The African Development Bank (AfDB) has approved a US$160 million loan to Axian Telecom to support the operator’s plans to upgrade its nine subsidiaries in Africa and explore expansion into new markets.
In a statement, the AfDB said the senior corporate loan will accelerate the modernisation and expansion of Axian’s 4G and 5G infrastructure, as well as support its broader growth ambitions.
As part of its commitment to financial inclusion, Axian has pledged US$10 million to empower 22,000 women entrepreneurs in Madagascar through its Mvola mobile money platform. Additionally, a US$2.5 million grant will be used to enhance financial literacy and credit access for 34,000 women-led businesses across Madagascar, Tanzania, and Senegal, helping them grow and transition into the formal economy.
AfDB Vice-President for Private Sector, Infrastructure and Industrialisation, Solomon Quaynor, said: “By supporting Axian Telecom’s growth plan, we are bridging the digital divide, creating opportunities for millions across the continent, and fostering innovation.”
Axian Telecom CEO Hassan Jaber added: “The funding from the African Development Bank not only underscores the immense digital potential of the continent but also highlights the critical role of collaboration in driving sustainable development.”
Axian Telecom currently serves 42.9 million mobile subscribers, including 11.4 million data users and 15.2 million customers using its mobile financial services.
In recent years, the operator has been steadily gaining momentum by acquiring full control of joint ventures and positioning itself as a challenger to pan-African incumbents Orange and MTN. CEO Hassan Jaber, who was previously with MTN, was recently interviewed as part of our coverage of Axian’s strategic objectives for the year.
