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The Africa Credit Opportunities Fund (ACOF), a private credit fund, and Telecel Group, an African-based telecommunications company, have joined forces to invest $20 million in Telecel Global Services. Their collaborative initiative seeks to expand Telecel Global Services’ presence in West Africa while fostering innovation and bridging the digital gap across the continent.
The announcement comes shortly after Vodafone Ghana’s announcement that it will transition to Telecel Ghana by February 2024, following a 70% stake acquisition in the company a year ago.
ACOF is a partnership between Gateway Partners and the Fund for Export Development in Africa (FEDA), a platform established by the African Export-Import Bank to promote development impact investment.
This partnership not only drives progress and innovation in Africa’s telecommunications sector but also contributes to job creation, technological advancement, and overall economic growth across the continent.
Telecel Group’s CEO, Moh Damush, hailed the partnership as a “transformative endeavor,” highlighting the significant investment as a testament to Telecel’s expansion capabilities and its commitment to nurturing a more inclusive and interconnected digital economy in Africa.
ACOF CEO, Andrew Bainbridge, emphasized that the investment not only holds promising financial prospects but also underscores the continent’s dedication to advancing digitalization and e-commerce.
Telecel Group, founded by Miko Rwayitare in 1986, operates in over 27 countries, including Gabon, Equatorial Guinea, the Central African Republic, the Democratic Republic of the Congo, and Chad, serving more than six million active customers.
In October 2023, Telecel announced the successful expansion of Vodafone Ghana’s network infrastructure with the addition of 300 new 4G sites, most of which were already operational across Ghana.
Additionally, six months prior to this expansion, Lynk Global, a company offering satellite-to-standard phone telecommunications, entered into its second commercial agreement with Telecel Group. This collaboration aimed to provide full coverage for Vodafone Ghana’s 31 million subscribers through Lynk’s innovative ‘space-based cell towers’ technology.
The collaboration is anticipated to enhance rural coverage, ensure service reliability, and support Internet of Things (IoT) devices.
Source: Innovation Village