Table of Contents
Key Points
- AXIAN Telecom secures $160 million from AfDB to modernize infrastructure and expand 4G/5G services across nine African countries.
- A portion of funds will empower 22,000 women entrepreneurs in Madagascar and improve financial literacy for 34,000 women-led businesses in Africa.
- AXIAN Telecom sees a 34.57% revenue increase, reaching $1.03 billion, positioning itself as Africa’s sixth-largest mobile operator.
AXIAN Telecom, a leading pan-African telecommunications provider under Axian Group, led by Malagasy businessman Hassanein Hiridjee, has secured a $160 million financing from the African Development Bank (AfDB) to drive digital transformation and enhance financial inclusion across nine African countries. This will enable AXIAN to modernize its network infrastructure, expand 4G and 5G services, and fuel digital innovation across its operations.
Expanding connectivity and bridging the digital divide
The investment will help AXIAN strengthen its network, particularly in underserved regions, as it broadens its reach across the continent. As Africa continues its digital shift, the company is meeting the rising demand for high-speed connectivity and mobile financial services, positioning itself as a key player in the region’s digital evolution.
A portion of the funds—$10 million—will go toward empowering 22,000 women entrepreneurs in Madagascar through AXIAN’s Mvola platform. An additional $2.5 million will focus on improving financial literacy and access to credit for 34,000 women-led businesses in Madagascar, Tanzania, and Senegal, helping them enter the formal economy.
AfDB’s commitment to Africa’s digital future
Solomon Quaynor, Vice President for Private Sector, Infrastructure, and Industrialization at AfDB, emphasized the importance of the funding in bridging Africa's digital gap. "This investment promotes financial inclusion, drives digital innovation, and opens up new opportunities across the continent," he stated. Quaynor also reiterated AfDB’s commitment to supporting financial access and building digital infrastructure to accelerate Africa's growth.
Hassan Jaber, CEO of AXIAN Telecom, praised the partnership with AfDB as a crucial step toward expanding affordable internet and narrowing Africa’s digital divide. “AfDB’s support strengthens our commitment to improving connectivity and fostering inclusion,” Jaber said.
Expanding market leadership
Headquartered in Mauritius, AXIAN Telecom serves 42.9 million mobile subscribers and 15.2 million mobile financial service users, solidifying its position as Africa's sixth-largest mobile operator. Under Hiridjee, the company saw a 34.57 percent revenue increase for the nine months ending Sept. 30, 2024, reaching $1.03 billion, up from $762.83 million. This reflects AXIAN’s expanding footprint and the increasing demand for digital services across Africa.
In 2023, AXIAN Telecom partnered with Ericsson to boost digital skills in 5G, AI, and IoT through the Ericsson Educate platform. Additionally, the company secured a 5G license for Free au Sénégal, a key milestone in advancing Senegal’s digital infrastructure. With AfDB’s support, AXIAN is scaling its operations, driving financial inclusion, and furthering Africa’s digital transformation, reinforcing its role as a leader in shaping the continent’s tech-driven future.
