Mobile

EBRD commits €270m (approx. US$308.7mn) to expand Yas' 4G, 5G and fibre infrastructure across Senegal and Kenya. (Image source: AXIAN Telecom)

The European Bank for Reconstruction and Development (EBRD) has approved a senior financing package of up to €270 million (approx. US$308.7mn) for Yas, the pan-African telecommunications operator owned by AXIAN Telecom, to accelerate digital infrastructure investment and strengthen connectivity across Africa

The transaction marks the EBRD's first investment in Senegal and represents a landmark deal for the Bank in sub-Saharan Africa, combining long-term financing, local-currency lending and institutional capital mobilisation to support the region's growing digital economy.

The financing package includes a committed facility of up to €170 million (approx. US$194.4mn) to fund Yas' capital expenditure programme in Senegal and Kenya. This comprises a €100 million (approx. US$114.3mn) EBRD A-loan, a B-loan of up to €50 million (approx. US$57.2mn) to be syndicated to institutional investors under the Bank's A/B loan structure, and a local-currency facility equivalent to up to €20 million (approx. US$22.9mn) in Kenyan shillings. The transaction is the EBRD's first local-currency financing in sub-Saharan Africa and also its first A/B loan in the region. As part of the syndication, ILX Fund, an Amsterdam-based impact private credit fund specialising in emerging markets, will provide a significant investment in the B-loan.

The agreement also includes an uncommitted facility of up to €100 million (approx. US$114.3mn) to finance eligible future acquisitions by Yas and support additional capital expenditure across selected EBRD countries of operation in sub-Saharan Africa.

In Senegal, the investment will fund the expansion and modernisation of Yas Senegal's 4G and 5G mobile networks, reinforce core telecommunications infrastructure and accelerate fibre deployment. In Kenya, the financing will support the expansion and modernisation of fibre infrastructure following Yas' acquisition of Wananchi in 2025, enhancing broadband availability, network performance and service quality in one of East Africa's most dynamic telecommunications markets.

The investment is expected to strengthen competition in both countries by enabling local operators to expand their capabilities while improving access to reliable, affordable digital services for businesses and consumers.

Alongside the infrastructure investment, Yas has also committed to increasing female representation across its workforce and leadership teams, while introducing targeted programmes to promote women's participation in the digital economy through skills development and inclusive employment initiatives.

EBRD president Odile Renaud-Basso said: "I am very pleased to sign this first investment agreement with Yas, which reflects the EBRD's commitment to strengthening digital connectivity. By supporting long-term investment in critical digital infrastructure, we will help to build more resilient and competitive markets while mobilising additional capital from institutional investors to accelerate sustainable development and innovation."

Hassan Jaber, group CEO of Yas, stated, "Nearly one in ten people across Africa still live outside mobile network coverage. Closing that gap has been central to Yas' growth and is at the heart of this agreement. This is the largest financing our group has ever raised, and it will accelerate our 4G, 5G and fibre investments in Senegal and Kenya. It also marks the start of an important new partnership for Yas and the EBRD."

Kirstine Damkjaer, chief investment officer at ILX Fund, commented, "Africa is one of the fastest-growing digital markets in the world, with connectivity playing an important role in economic development, financial inclusion and job creation. We are pleased to support Yas' expansion alongside the EBRD, helping to strengthen essential digital infrastructure in the region and further increasing ILX's investment support across Africa."

Originating in Madagascar, Yas has grown into one of Africa's fastest-expanding telecommunications companies, operating across 11 markets in Africa and the Indian Ocean. Its portfolio spans three core business areas: mobile and fixed telecommunications services, fintech solutions, and digital infrastructure, including telecommunications towers, backbone fibre networks and data centres.

Senegal and Kenya became EBRD shareholders and countries of operation in 2025, expanding the Bank's footprint in sub-Saharan Africa. Through investments such as this, the EBRD aims to support private sector-led growth, bridge critical infrastructure gaps, promote economic diversification and advance climate-resilient development across the region.

IFC's US$150mn financing will help Airtel Africa expand mobile networks and advance digital inclusion across Africa

IFC has announced a US$150mn financing package for two subsidiaries of Airtel Africa to support the expansion and modernisation of mobile network infrastructure across the continent

The loan will enable Airtel Africa to strengthen and extend its mobile networks over the coming years, improving access to high-speed data services in underserved communities. The investment is expected to enhance digital connectivity, helping small businesses expand, entrepreneurs reach new customers and young people access digital services and opportunities.

The financing builds on the long-standing partnership between IFC and Airtel Africa, which is focused on increasing access to reliable internet connectivity across Africa. By improving network capacity and extending coverage, the initiative aims to support economic activity that increasingly relies on digital infrastructure, including mobile money services, online commerce and informal sector businesses.

Sunil Taldar, CEO of Airtel Africa, said, “Through our ongoing partnership with IFC, we are advancing the expansion and modernisation of our network, underpinning a core pillar of our strategy. It also reflects our ambition to accelerate digital inclusion, scale access to digital tools and services, and enable greater economic opportunity for individuals and communities.”

Supporting digital inclusion and economic growth

According to IFC, stronger digital infrastructure can contribute to broader economic development by improving access to markets, services and employment opportunities.

Dan Croft, acting regional manager for infrastructure in Eastern Africa at IFC, commented, “Expanding digital connectivity is ultimately about expanding opportunity. Stronger networks help businesses reach new customers, enable workers to access wider markets, and connect young people to skills and services that shape their future. Through IFC’s partnership with Airtel Africa, we are supporting the infrastructure that translates connectivity into jobs, inclusion, and sustained growth across Airtel Africa’s markets.”

In addition to the financing, IFC said its continued support through longer-tenor and local currency funding strengthens Airtel Africa's capacity to invest with greater confidence, support sustainable growth and deliver long-term benefits across its operating markets.

Strengthening digital infrastructure across sub-Saharan Africa

Expanding reliable digital infrastructure remains a key part of IFC's strategy for promoting inclusive economic growth in sub-Saharan Africa. The organisation said stronger telecommunications networks help create opportunities for entrepreneurship, encourage business development and support job creation at scale.

Over the past decade, IFC has committed and mobilised more than US$12bn for telecommunications, media and technology investments across emerging markets.

According to GSMA Intelligence research, 79 per cent of operators in Africa now identify becoming a digital transformation partner as a primary enterprise objective.

The mobile telecommunications sector across the African continent is currently undergoing a profound transition.

According to the Mobile Economy Africa 2026 report, published by the GSMA, the industry has entered a highly anticipated phase of development. Operators are now shifting their strategic focus following a decade defined by the extensive expansion of physical network coverage. The primary objective is no longer merely connecting populations, but unlocking substantially greater economic value through advanced digital networks. This fundamental evolution is expected to drive continuous growth, technological innovation, and digital transformation across the region.

The economic impact of this digital foundation is already immense. The GSMA report indicates that Africa’s mobile industry contributed a staggering US$240bn to the continent's economy in 2025, a figure equivalent to 7.8% of total GDP. Also, the ecosystem actively supported approximately thirteen million jobs whilst simultaneously generating US$45bn in essential public revenues. By the year 2030, mobile technologies and services are projected to contribute a record US$290bn to the African economy.

Telecommunications operators are evolving far beyond their traditional roles to achieve these ambitious targets. According to GSMA Intelligence research, 79% of operators in Africa now identify becoming a digital transformation partner as a primary enterprise objective. This critical transition involves deploying artificial intelligence, expanding consumer digital services, and opening core network capabilities directly to developers through standardised APIs.

Artificial intelligence is increasingly deployed to optimise network performance and support novel digital services. But, a significant localisation challenge persists. Africa is home to more than 30% of the world's spoken languages, yet prominent AI models remain predominantly trained on English. To rectify this imbalance, industry stakeholders are championing initiatives such as the GSMA's “AI language models in Africa, by Africa, for Africa” programme. Concurrently, momentum is growing behind the GSMA Open Gateway initiative. This framework enables operators to provide standardised network APIs to developers, facilitating new services whilst supporting fraud prevention, identity verification, and digital trust across the financial and e-commerce sectors.

Addressing this critical turning point for the industry, Vivek Badrinath, director general of the GSMA, outlined the strategic imperatives required to maintain this momentum.

He stated, "Africa's mobile industry is entering a new phase of development. Having connected millions of people and businesses over the last decade, the focus is increasingly shifting towards unlocking greater value through AI, digital services and new forms of innovation."

Highlighting the collaborative effort required from stakeholders, Badrinath continued, "Realising this opportunity will require continued investment, policies that encourage innovation, and a shared commitment to ensuring that everyone can benefit from the opportunities digital technologies create."

He further stressed the inherent responsibility of the wider technology ecosystem, adding: "We also call on the broader technology supply chain – including those who manufacture the components that make devices possible – to reflect on how their own success is tied to a connected world, and to join us in closing the usage gap and making that world more accessible and affordable for all."

The core challenge has decisively shifted from expanding network coverage to ensuring citizens and businesses fully utilise the connectivity already in place. While networks now cover the vast majority of the population, a glaring usage gap remains. Approximately 63 per cent of Africans live within broadband coverage but are not using the mobile internet. By stark comparison, only 9 per cent remain entirely outside mobile broadband coverage zones.

Affordability remains the single largest barrier to mobile internet adoption, heavily compounded by digital skills gaps and complex social barriers. To support the next phase of digital growth, the GSMA is calling for structural policy reforms that encourage private investment and dramatically improve affordability. Regulatory certainty, spectrum availability, and investment incentives will heavily influence future infrastructure deployment. Operators across Africa are expected to invest over US$76bn in vital network infrastructure between 2024 and 2030, a period during which 5G adoption is forecasted to reach 21% of all mobile connections. Ultimately, the GSMA notes that reducing systemic taxes on devices and digital services can rapidly accelerate adoption and expand equitable access to the modern digital economy.