Home » Telecom firm linked to Malagasy tycoon Hassanein Hiridjee secures $60-million loan from IFC

Telecom firm linked to Malagasy tycoon Hassanein Hiridjee secures $60-million loan from IFC

AXIAN Telecom's Togocom charts path to 2025: IFC fuels connectivity revolution

by Omokolade Ajayi
Hassanein Hiridjee

Togocom, a Togolese mobile operator and subsidiary of AXIAN Telecom, a pan-African telecom services provider led by Malagasy businessman Hassanein Hiridjee, has secured a €55-million ($60 million) loan from the International Finance Corporation (IFC).

The financing arrangement, structured in collaboration with Societe Generale Benin and Ecobank Togo, aims to propel Togocom into a new era of digital advancement.

“The partnership with IFC marks a decisive step to improve access to equipment and high-speed internet and also to generate economic opportunities for our population,” stated Cina Lawson, minister of digital economy and transformation of Togo.

This significant investment is strategically designed to facilitate Togocom’s modernization of infrastructure, expansion of its 4G network, improvement of data traffic quality, and an overall enhancement in mobile connectivity, contributing to the digital transformation of the country.

AXIAN Telecom’s Togocom charts path to 2025: IFC fuels connectivity revolution

Underlining the importance of the IFC investment, Pierre Antoine Legagneur, CEO of Togocom, emphasized, “We take great pride in our critical role in advancing the country’s digital transformation and fostering connectivity among all Togolese citizens.”

IFC’s commitment to Togocom aligns with Togo’s Digital Transformation Strategy, aiming to extend 4G coverage and fiber networks, fostering widespread connectivity and internet access. 

Togocom, as part of AXIAN Telecom, serves approximately 38 million customers across eight African countries. The new strategy sets a goal of achieving 95-percent population coverage and internet connectivity for key facilities by 2025.

From growth to global impact: AXIAN Telecom’s evolution and financial milestone

Under the leadership of Hiridjee, AXIAN Telecom has experienced remarkable growth since 2015 through active acquisitions and network investments. It stands as Africa’s seventh-largest mobile operator, serving more than 35 million customers with a comprehensive range of mobile and fixed networks, digital infrastructure, and mobile financial services.

JPMorgan Chase Bank Loan for Further Expansion In a parallel development, AXIAN Telecom secured a $158.3-million loan from JPMorgan Chase Bank in September 2023. The funds are earmarked to repay previous investment expenses and efficiently finance future investments, supporting the completion of network modernization programs in Tanzania and Madagascar. 

AXIAN Telecom’s strategic initiatives underscore its pivotal role in shaping the telecom landscape in Africa and its unwavering commitment to driving socioeconomic development through cutting-edge technology.

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