The African Development Bank (AfDB) has approved a $160 million loan to AXIAN Telecom. The loan will help expand 4G, 5G, and financial services in Africa. The goal is to improve digital access and financial inclusion across nine African countries.
AXIAN Telecom, based in Mauritius, serves millions of mobile and financial service users. It has 42.9 million mobile subscribers, 11.4 million data users, and 15.2 million mobile financial users. This funding will boost its network expansion and digital innovation.
A key focus is closing the gender gap in financial services. Over $10 million will support 22,000 women entrepreneurs in Madagascar through AXIAN’s Mvola platform.
A $2.5 million grant will also improve financial literacy and credit access for 34,000 women-led businesses in Madagascar, Tanzania, and Senegal. This will help them grow and enter the formal economy.
Also Read: Axian Telecom Joins EQUALS to Promote Gender Equality in Tech
Supporting Africa’s Digital Growth
Solomon Quaynor, Vice President for Private Sector, Infrastructure, and Industrialization at AfDB, highlighted the impact of this investment.
“By supporting AXIAN Telecom’s growth plan, we are bridging the digital divide, creating opportunities for millions across the continent, and fostering innovation.”
He also described the partnership as a step toward financial inclusion and sustainable growth.
“Together, we are building the infrastructure and ecosystems that will enable Africa to thrive in the digital age.”
Hassan Jaber, CEO of AXIAN Telecom, praised the collaboration.
“We are honored to partner with an organization that shares our vision of advancing Africa’s digital economy. 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.”
Jaber noted that the loan will expand affordable internet and innovative solutions. He also linked it to the company’s new Yas brand.
“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.”
The partnership supports the AfDB’s “Hi-5” priorities, particularly “Industrialize Africa” and “Integrate Africa.” These goals aim to strengthen connectivity, cross-border digital services, and financial inclusion.