Afrimax Group Prepares for Massive 4G Rollout with $120m Fund

Afrimax Group, a fast emerging mobile network operator, has geared up preparations for a massive roll out of its 4G wireless networks in Sub-Saharan Africa. The Group has raised US$120million in this regards.

The growth fund will be used to accelerate the deployment of Afrimax’s massively endorsed and highly successful LTE-led business model across multiple African markets.

The funding round was led by Mitsui & Co., Ltd., with other companies such as Caribbean Fund, Torreal, Four G Capital, the International Finance Corporation (IFC), Latin America Media Group, and so on participating.

“We are excited by the growth opportunities in Sub Saharan Africa, where Afrimax has secured one of the industry’s largest footprints of 4G licenses, 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.” said Mr Nobuaki Kitamori, Mitsui & Co., Ltd.’s COO of IT & Communication Business Unit.

Afrimax, which was founded in 2010 and headquartered in Holland, will be going head-to-head with telecoms operator in the region such as MTN, Globacom, Airtel, and Smile Telecoms, a 4G LTE broadband provider company in Nigeria, Tanzania and Uganda.