Telecom
IFC Invests in AXIAN Telecom Bond to Support Digital Connectivity in Africa

To scale up access to quality mobile connectivity for millions of individuals and businesses across Africa and to further support the continent’s digital economy, IFC has invested in a maiden bond issuance by AXIAN Telecom.
The bond, the first issued by AXIAN Telecom, will refinance the company’s existing debt and support its digital infrastructure network expansion, primarily in Tanzania and Togo.
By scaling up its digital infrastructure, AXIAN Telecom will continue to promote Africa’s growing digital economy and digital finance by bringing accessible, reliable and secure digital services in markets where access to affordable, quality mobile connectivity remains challenging.
IFC subscribed to 12 percent of the bond (equivalent to $50 million) as an anchor investor in a total issuance of $420 million.
“IFC’s anchor investment will help us fulfill our ambition to be an end-to-end partner in Africans’ digital transformation journey and to secure their affordable access to digital infrastructure and services,” said Hassanein Hiridjee, AXIAN Telecom’s Founder and Chairman of the board.
“With internet access in Africa largely relying on mobile networks, providing affordable and reliable mobile connectivity is an important way to bridge the digital divide,” said Makhtar Diop, IFC’s managing director. “IFC’s investment in AXIAN Telecom’s bond is consistent with the World Bank Group’s efforts to establish a more competitive and reliable telecommunications sector as part of the Digital Economy Initiative for Africa (DE4A), which aims to support the African Union (AU) digital transformation strategy for Africa.”
African countries, on average, spend about 1.1 percent of GDP annually on investments in digital transformation, including digital infrastructure, compared to 3.2 percent for developed countries.
Capital markets are critical for filling the infrastructure investment gap in emerging and developing markets. Since 2019, IFC has supported digital infrastructure and other infrastructure companies with public bond issuances totaling over US$3 billion with more than US$500 million of IFC’s own funds and by mobilizing an additional US$2 billion in capital.
AXIAN Telecom represents IFC’s second recent bond investment in Africa’s digital economy. This investment follows IFC’s participation in a bond issued by Liquid Intelligent Technologies, Africa’s largest independent fiber, data center and cloud technology provider.
IFC is also an active investor globally in green and sustainability-linked bonds including Continuum Green Energy’s first green bond and IFC’s first sustainability-linked bond investment with Sembcorp.
Surging demand for digital connectivity during the COVID-19 pandemic led IFC’s commitments to the telecoms, media and technology sector in emerging markets to exceed US$1 billion in the fiscal year ending June 2021. Almost three-quarters of the commitments were made in Africa.
Telecom
Telecoms Services Resume in Kogi State as Telcos, Govt Resolve Dispute

Telecommunications services disrupted in Kogi State have resumed following a resolution of the dispute between MTN Nigeria and the state government, the Association of Licensed Telecoms Operators of Nigeria (ALTON) has said.
Gbenga Adebayo, chairman of ALTON, told TVC News that the issues that led to the shutdown of telecom masts in the state, primarily affecting MTN, had been addressed, paving the way for service restoration.
TVC News earlier reported that businessmen and women were counting their losses as they suffered the impact of a shut down of telecommunication service in Kogi State
Over the past two weeks, telecoms connectivity had been erratic, with competing brands experiencing glitches, particularly in the Lokoja metropolis.
The State government suspended the operations of some telecom services citing unpaid taxes and fibre-related dues.
The shutdown stemmed from a compliance dispute between MTN and the Kogi State Utility Infrastructure Management and Compliance Agency, which accused the telecom giant of violating operational rules and under-declaring the extent of its optic fibre network coverage in the state.
Telecom
Banks Settle ₦160Bn USSD Debt to Telcos, Ending Five-Year Dispute

The protracted Unstructured Supplementary Service Data (USSD) debt misunderstanding between the Deposit Money Banks (DMBs) and telecommunications operators appears to have been resolved.
This was confirmed by the Chief Executive Officer of MTN Nigeria, Karl Toriola, Thursday, March 1, when he appeared on Arise TV to speak on the firm’s first-quarter 2025 result, where the telecommunications company reported over N1 trillion in revenue earnings.
Recall that the USSD debt had been a major issue between the DMBs and telcos and had lasted for about five years.
In the third quarter of 2024, the telcos had threatened to withdraw their service over the lingering debt, which was around N200 billion at the time. This led to the swift intervention of the Central Bank of Nigeria and the Nigerian Communications Commission (NCC), and an agreement was reached on payment.
As of November 2024, the NCC put the debt at N160 billion. However, earlier this year, when it appeared the banks were not forthcoming with payments, the NCC directed the telcos to withdraw the USSD services from debt-owning DMBs, where about 18 banks were listed.
This directive prompted the banks to look inward and start to comply with an earlier circular signed by the CBN and NCC, which articulated the payment patterns for the debt.
Speaking, on Arise TV this morning, May 1, Toriola confirmed that the matter has been fully resolved and that banks have made payments.
“I can confirm that the matter has been fully resolved. We have received payments in full. Special thanks to the CBN, NCC, the banks, and other stakeholders that intervened in the matter,” the MTN CEO stated.
Telecom
Sterling Bank Introduces AlwaysOn, Offering Nigerians Up to ₦1 Million Monthly

Sterling Bank, Leading commercial bank and Africa’s most agile company has announced the introduction of AlwaysOn by Sterling, a bold new feature on its OneBank platform that will give eligible customers up to ₦1 million extra every month -even when their account balances are running low.
Launched on Workers’ Day 2025, the initiative is part of an ongoing movement to remove structural barriers to financial freedom and empower everyday Nigerians to move boldly, even in uncertain times.
AlwaysOn is a specialised, invitation-only feature for customers who maintain an active OneBank account for a while. It provides an advance to settle bills or make payments without delays, or any of the friction associated with traditional credit systems.
“This is not just about funds,” said Abubakar Suleiman, Chief Executive Officer of Sterling Bank. “It’s about freedom and dignity. It’s about backing our customers with the trust and tools to act boldly when life demands it.”
Suleiman emphasised that the new feature is not a product, it’s a logical shift in how the bank supports its customers.
“We’re building a financial ecosystem designed for momentum -for people with grit, urgency, and dreams too big to wait. If you’ve banked with us, you’ve earned our confidence. Now you’ll have our backing to match,” added Suleiman.
The introduction of AlwaysOn marks the next chapter in Sterling’s growing movement to create a fairer and more responsive financial system. It follows the Zero Transfer Fees initiative in April, which returned an estimated ₦13 billion to Nigerians by eliminating transfer charges across the OneBank platform. It also builds on Sterling’s Free Bus Ride initiative, which helped commuters get home from work for free during a time of intense economic pressure.
Together, these efforts reflect the bank’s bold, people-first approach to customer impact, now made possible by its adoption of SeaBaas, Nigeria’s first indigenous core banking platform.
“We’re not the kind of bank that stands on the sidelines while Nigerians hustle,” said Obinna Ukachukwu, Growth Executive for Retail and Consumer Banking. “We removed the fees that slowed them down. Now we’re giving Nigerians the financial freedom to seize opportunity when it shows up. We’re on the pitch with them.”
Sterling’s actions have sparked widespread public support and national recognition as they have continued to push the boundaries of what corporate citizenship can mean to everyday Nigerians.
Notable icons from various fields have canvassed their support and praised the bank’s stance in redefining financial services, inspiring other institutions to follow suit.
Nigerians are encouraged to apply to join the waitlist for the scheme when it goes live in later this month and ultimately, eligibility for up to N1M extra in relief advances.
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