This archive report was first published on 26 July 2019.
Published on July 26, 2019, Africell, a leading African telecom firm, has announced plans to invest $100 million in expanding its mobile infrastructure and fintech services across its four African operations.
The 18-year-old company, which boasts 15 million subscribers, secured the loan in May from the Overseas Private Investment Corporation (OPIC), the US government’s private investment fund.
Africell's founder and chief executive, Ziad Dalloul, revealed that the investment will be used to upgrade its infrastructure in Uganda, Democratic Republic of Congo, Gambia, and Sierra Leone, as well as expand its fintech services, including mobile payments, micro-insurance, and micro-finance.
Mobile money payments have gained significant traction in Africa, particularly in countries where many people lack access to traditional banking services.
Africell is also eyeing the Angolan market, with plans to bid for a license to become the country's fourth operator. Dalloul cited Angola's large market share, which he believes could be vulnerable to a more aggressive private operator like Africell.
“We are looking only at markets where we can make a difference,” Dalloul said, highlighting Angola and Zimbabwe as key targets.
