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IFC Invests in Liquid Telecom Bond to Support Broadband Connectivity in Africa

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IFC, a member of the World Bank Group, invested in Thursday’s bond issued by a subsidiary of Liquid Telecommunications Holdings Ltd., which will allow the telecoms and technology solutions company to expand access to broadband Internet and digital and cloud services across Africa, further facilitating the growth of the continent’s digital economy.

Proceeds from the bond issued by Liquid Telecommunications Financing PLC, a wholly-owned subsidiary of Liquid Telecommunications Holdings Ltd, will enable the company to refinance existing debt and free up funds to expand its digital infrastructure network across Africa, including in markets with low broadband penetration.

By developing digital infrastructure, Liquid Telecommunications, Africa’s largest independent fiber, data center and cloud technology provider, aims to increase digital connectivity and inclusion in Africa and support the region’s growing digital ecosystem.

IFC played an anchor role and subscribed to 16 percent of the bond, equivalent to $100 million, which was listed on Euronext Dublin, Ireland’s main stock exchange, on February 25, 2021. The issuance raised $620 million.

Internet access in Africa relies largely on mobile networks, many of which are enabled by wholesale connectivity providers such as Liquid Telecommunications. Broadband penetration is low across the continent, with a mobile broadband penetration rate of 34 percent and fixed broadband penetration of less than five percent in most countries across sub-Saharan Africa, excluding South Africa.

“We are delighted that IFC has taken a significant anchor position in our new bond. In the countries in which we operate there are great opportunities to address under developed telecommunications and Internet access, as well as to accelerate the adoption of digital and Cloud-based services.

“Our refinance enables us to continue to invest in the African digital eco-system including driving penetration of digital and Cloud-based services to businesses who may not previously have had the resources to benefit from them, helping to bridge the connectivity divide, which is more crucial than ever in our current circumstances,” said Nic Rudnick, Liquid Telecom Group Chief Executive Officer.

“Our best chance at ensuring much-needed internet access for everyone in Africa, from large corporates and small businesses to individuals, is to invest in digital infrastructure. Our investment in the Liquid Telecom bond will help the company free up capital to further expand broadband access across Africa, laying a solid foundation for a faster, more resilient recovery,” said Stephanie von Friedeburg, Interim Managing Director and Executive Vice President, and Chief Operating Officer of IFC.

To support Africa’s digital economy, which could be worth $180 billion by 2025, IFC provides financing to mobile network operators, independent tower operators, data centers and broadband connectivity providers. IFC also provides capital to help entrepreneurs and innovative businesses grow and works with financial institutions and telecommunications companies to speed the adoption of digital payments and lending to expand financial inclusion.


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Starlink Becomes Nigeria’s Second-Largest ISP, Overtakes FiberOne

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Elon Musk’s Starlink has become the second-largest Internet Service Provider (ISP) in Nigeria, surpassing FiberOne in customer numbers while Spectranet remains the market leader.

Starlink Becomes Nigeria’s Second-Largest ISP, Overtakes FiberOne

Elon Musk

This was revealed in a recent report by the Nigerian Communications Commission (NCC).

According to NCC’s Q3 2024 data, Spectranet maintained its top position with 105,441 active subscribers, despite losing over 8,000 users since December 2023.

Meanwhile, Starlink, which launched in Nigeria in January 2023, grew rapidly to 65,564 subscribers, adding 41,667 users in just nine months.

This pushed FiberOne to third place with 33,010 customers.

The report also showed that out of 241 licensed ISPs in Nigeria, only 124 had active users in Q3 2024, collectively serving 307,946 subscribers.

However, these numbers remain far below the dominance of mobile network operators such as MTN, Airtel, Globacom, and 9mobile, which together accounted for over 130 million internet users as of September 2024.

Starlink’s expansion has been driven by its satellite-based internet service, which provides coverage in remote areas where traditional ISPs struggle.

By the end of 2023, the company had already secured the third position with 23,897 users, marking a 113% growth from the previous quarter.

Its growth has also been supported by partnerships with Nigerian companies like TD Africa and Konga.

In 2023, Starlink briefly stopped accepting new orders in major cities, including Lagos, Abuja, and Port Harcourt, due to capacity issues.


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FG Commits $2Bn to Digital Infrastructure

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Bosun Tijani, Minister of Communications, Innovations and Digital Economy
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The Federal Government says it has committed $2 billion to enhance Nigeria’s digital infrastructure, aiming to boost the nation’s economy and safeguard the digital identities and rights of its citizens.

Bosun Tijani, Minister of Communications, Innovations and Digital Economy

Bosun Tijani, Minister of Communications, Innovations and Digital Economy disclosed in Abuja on Tuesday while briefing newsmen on the forthcoming International Telecommunication Union, (ITU) Summit holding in Abuja from Wednesday to Thursday this week.

The ITU International Submarine Cable Resilience Summit will feature over 250 participants from 194 ITU member countries, with key representatives from the private sector and academia expected to attend.

Tijani who addressed journalists alongside Tomas Lamanauskas, the Deputy Secretary General of ITU,said the present administration was not making two billion dollars investments in digital infrastructures for the fun of it.

He said the present administration is committed to digital connectivity for the people to make lives more meaningful and impactful, adding that the investments would ensure that Nigerians enjoy the best quality of digital services and protection in the nearest future.

The ITU International Submarine Cable Resilience Summit aims to foster global collaboration, secure innovative solutions, and engage leaders from government, industry and international organisations to strengthen the global digital infrastructures.

“This investment is part of a larger vision to provide every Nigerian with access to high-quality digital services, while safeguarding their digital identities,” Tijani said.

The ITU International Submarine Cable Resilience Summit, co-hosted by Nigeria and Portugal, will explore innovative strategies to strengthen the security and resilience of submarine cables—vital infrastructure for global digital connectivity.

The summit is bringing together government leaders, industry experts, and international organizations to discuss ways to safeguard submarine cable networks, which are increasingly vulnerable to disruptions.

Tijani emphasized that the discussions at the summit will focus on finalizing a global declaration on submarine cable resilience, calling for heightened action from both governments and private sectors to protect digital infrastructure worldwide.

In his words, “Nigeria is not just solving local issues; we are taking a global leadership role in securing submarine cables, which are essential for digital connectivity”.

The summit will address the growing concern of disruptions in submarine cable networks, with an average of 150 to 200 cables being damaged or cut annually, severely impacting global digital connectivity.

To tackle these challenges, the summit will include key international organizations such as the International Maritime Organization (IMO) and the Food and Agriculture Organization (FAO), promoting coordination across industries such as telecom, shipping, and fishing, which impact submarine cable integrity.

Tijani also highlighted Nigeria’s leadership in the digital space, stating that while the country already boasts a robust submarine cable network, with around eight or nine cables landing in Nigeria, the key challenge now is expanding these networks inland and ensuring reliable, high-speed internet access for all Nigerians.

“We are committed to connecting every Nigerian, ensuring that digital infrastructure benefits all citizens,” he added. Tomas Lamanauskas, Deputy Secretary-General of ITU, praised Nigeria’s forward-thinking investments in digital infrastructure.

He highlighted that Africa is experiencing rapid growth in digital traffic, and Nigeria’s investments will play a pivotal role in ensuring the continent remains competitive on the global digital stage.

According to him, “This region is the fastest-growing for international digital connectivity, and Nigeria’s leadership is critical to ensuring Africa’s success in the global digital economy.

The summit is expected to provide a platform for robust discussions on enhancing submarine cable security, a critical pillar for the global digital economy, with over 50 countries participating in this essential dialogue.


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Network International Partners with MTN Group to Enhance Digital Payment Solutions Across Africa

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Network International, a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider.

This partnership marks a significant extension of Network’s portfolio of issuer processing collaborations throughout the African continent.

With a footprint spanning over 50 countries and serving over 250 financial institutions, Network International brings its expertise to this partnership which will enhance MTN Fintech’s cutting-edge mobile services and provide even greater value to stakeholders and customers across Africa.

The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational. Soon Uganda, Ivory Coast, and Nigeria will also be covered under this collaboration.

Network International will provide a comprehensive range of services, including transaction processing, card management and online fraud prevention. MTN Fintech users will benefit from a seamless experience accessing both traditional mobile services and innovative digital payment solutions.

Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International commented: “Our collaboration with MTN Group Fintech marks a major milestone for our outsourced payments services in Africa.

“It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region.

“We are excited to support MTN Group Fintech’s growth strategy, and its business development plans across the continent.”

Cedric N’guessan, Executive for Payment and E-commerce at MTN Group Fintech added, “This collaboration with Network International is pivotal in enhancing financial inclusion across Africa and beyond.

“It enables our customers to actively engage in the global economy, aligning perfectly with our strategic goals alongside Mastercard to broaden access to digital financial services across the continent.”

MTN Group provides voice, data, fintech, enterprise wholesale and API services to more than 288 million customers in 14 African markets.


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