May 19, 2020

Afrimax Group secures $120m of growth funding from global investors

World Bank Group
Telecommunications
growth
funding
mahlokoane percy ngwato
2 min
Afrimax Group secures $120m of growth funding from global investors

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Afrimax Group, a fast emerging mobile network operator, has secured $120 million of growth funding from a consortium of investors led by Mitsui & Co., Ltd. to accelerate the rollout of its leading edge LTE led business model across multiple African markets.

This latest successful investment round in Afrimax Group is led by Mitsui, one of the world’s most diversified and comprehensive trading, investment and service enterprises, together with a number of private investors spearheaded by Torreal, Four G Capital, the International Finance Corporation (IFC), a member of the World Bank Group, and the IFC African, Latin American and Caribbean Fund.

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In November 2014, Vodafone and Afrimax Group jointly announced a non-equity strategic framework agreement to cooperate and explore opportunities for Partner Market agreements in the sub-Saharan Africa region. 

Under this framework agreement, Vodafone Uganda was launched in February of this year combining the deployment of new high speed 4G networks with the use of existing infrastructure for 2G and 3G services.

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Mr. Nobuaki Kitamori, COO of IT & Communication Business Unit of Mitsui said: “We are excited by the growth opportunities in Sub Saharan Africa, where Afrimax has secured one of the industry's largest footprints of 4G licences, and plan to rapidly replicate the successful launch of Vodafone Uganda. With the support of our fellow Shareholders, we look forward to building one of the region's leading next generation MNOs.”

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With an existing 4G Licence footprint covering 12 countries, population under Licence coverage of 222 million, and further Licences being acquired, Afrimax is building the largest portfolio of 4G wireless broadband networks across sub-Saharan Africa.

Read the September Issue of African Business Review. 

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