AMN secures investment for Africa expansion
Africa Mobile Networks (AMN) has secured a US$20 million loan from Finnish development financier Finnfund and investor BlueOrchard Finance to expand its network in rural areas of sub-Saharan Africa.
The investment is expected to bring its services to an additional 35 million people.
"AMN connects the unconnected in sub-Saharan Africa by providing mobile network access for rural areas. We have a unique opportunity to accelerate digital inclusion in growth markets and digital infrastructure is a critical driver of sustainable growth and shared prosperity," said Philipp Mueller, BlueOrchard President and CEO.
The investment is expected to support AMN’s ambition to expand its existing portfolio from 2,000 towers in 10 countries to more than 10,000 towers in over 20 countries in the region by the end of 2025.
AMN adds that over the years it has garnered the financial and technical support of several firms and entities including the European Investment Bank (EIB), Gilat Satellite Networks, Intelsat, Meta and others.
The GSMA indicated in its ‘Mobile Sub-Saharan Africa 2022’ report that Sub-Saharan Africa had 515 million unique mobile subscribers in 2021.
This represents an increase of around 20 million subscribers compared to 2020, yet the penetration rate still remains relatively low at 46% of the population, with those in rural areas struggling to connect the most.