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The African Development Bank (AfDB) has approved a $160 million senior corporate loan to bolster AXIAN Telecom’s ambitious plans to expand digital access and enhance financial inclusion across nine African countries. This funding will fast-track the modernization and expansion of AXIAN Telecom’s network infrastructure, with an emphasis on deploying advanced 4G and 5G technologies, and drive digital innovation that will pave the way for further geographic expansion.
Headquartered in Mauritius, AXIAN Telecom is a key player in the continent’s digital transformation, currently serving 42.9 million mobile subscribers, 11.4 million data users, and 15.2 million mobile financial service users.
A significant portion of the funding is dedicated to addressing gender disparities in financial services. More than $10 million will empower 22,000 women entrepreneurs in Madagascar through AXIAN’s Mvola platform. Additionally, a $2.5 million grant is earmarked to improve financial literacy and expand credit access for 34,000 women-led businesses across Madagascar, Tanzania, and Senegal, helping them grow and transition into the formal economy.
Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialization at AfDB, underscored the transformative potential of the initiative:
“This investment reflects our commitment to driving Africa’s digital transformation and fostering inclusive growth. By supporting AXIAN Telecom’s expansion strategy, we are bridging the digital divide, creating opportunities for millions across the continent, and spurring innovation.”
AXIAN Telecom CEO, Hassan Jaber, expressed enthusiasm about the collaboration, stating,
“We are honored to partner with an institution that shares our vision for advancing Africa’s digital economy. The AfDB’s support not only highlights the vast digital potential of our continent but also reinforces the critical role of collaborative efforts in achieving sustainable development.”
Jaber added that the AfDB’s backing will further enhance the company’s ongoing initiatives to expand affordable internet access and implement innovative solutions to bridge the digital divide. This effort aligns with the company’s recent transformation under the Yas brand, symbolizing its commitment to nurturing a young, dynamic, and digitally connected population.
“Yas represents our dedication to seizing every opportunity for growth and inclusion. Together, this collaboration will drive meaningful change across Africa’s digital landscape and advance our shared mission of digital and financial inclusion,” he said.
The partnership is in line with the AfDB’s “Hi-5” development priorities, particularly the “Industrialize Africa” and “Integrate Africa” goals, which focus on enhancing connectivity, fostering cross-border digital services, and supporting financial inclusion.
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