African Development Bank approves $160 million loan to AXIAN Telecom

The African Development Bank (AfDB) has approved a $160 million senior corporate loan to AXIAN Telecom, a leading telecommunications group headquartered in Mauritius. The funding will support the expansion of digital access and financial inclusion across nine African countries, with a focus on modernizing network infrastructure, deploying 4G and 5G technologies, and driving digital innovation.

AXIAN Telecom, which serves 42.9 million mobile subscribers, 11.4 million data users, and 15.2 million mobile financial service users, is a key player in Africa’s digital economy. The loan will enable the company to expand its operations, enhance connectivity, and bridge the digital divide, particularly in underserved and rural areas.

A central focus of the funding is addressing gender disparities in access to financial services. Over $10 million will be dedicated to empowering 22,000 women entrepreneurs in Madagascar through AXIAN’s Mvola mobile financial services platform. Additionally, a $2.5 million grant will enhance financial literacy and credit access for 34,000 women-owned businesses across Madagascar, Tanzania, and Senegal. These initiatives aim to help women entrepreneurs grow their businesses and transition into the formal economy, fostering economic empowerment and gender equality.

The African Development Bank’s Vice President for Private Sector, Infrastructure, and Industrialization, Solomon Quaynor, emphasized the importance of the investment in driving Africa’s digital transformation. “This investment reflects the African Development Bank's commitment to driving Africa’s digital transformation and fostering inclusive growth,” 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.”

Mr. Quaynor described the partnership as a collaborative effort to accelerate progress, advance financial inclusion—particularly for women—and drive sustainable development. “Together, we are building the infrastructure and ecosystems that will enable Africa to thrive in the digital age,” he added.

AXIAN Telecom CEO Hassan Jaber expressed gratitude for the partnership, highlighting the alignment between the company’s goals and the African Development Bank’s mission. “We are honoured to partner with an organisation that shares our vision of advancing Africa's digital economy,” Jaber said. “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.”

Mr. Jaber noted that the funding will build on AXIAN Telecom’s ongoing initiatives, such as expanding affordable internet access and fostering innovative solutions to bridge the digital divide. He also highlighted the company’s recent rebranding of its mobile businesses under the Yas brand, which represents a commitment to empowering a young, dynamic, and digitally connected population. “Yas represents our commitment to empowering a young, dynamic, and digitally connected population, embracing every opportunity with a resounding 'YES.' Together, this collaboration will help drive meaningful change across Africa’s digital landscape, furthering our shared mission of digital and financial inclusion,” Jaber added.

The partnership aligns with the African Development Bank’s “Hi-5” strategic priorities, particularly “Industrialize Africa” and “Integrate Africa.” These priorities focus on enhancing connectivity, fostering cross-border digital services, and supporting financial inclusion. By investing in AXIAN Telecom’s expansion, the AfDB is contributing to the creation of a more connected and digitally inclusive Africa, where individuals and businesses can thrive in the global digital economy.

By: Nana Appiah Acquaye