INTERNATIONAL - African telecom firm Africell plans to spend part of a $100 million US credit line on expanding its infrastructure and fintech services, its chief executive said on Friday.
The 18-year-old company, which has 15 million subscribers across its four African operations, secured the loan in May from the Overseas Private Investment Corporation (OPIC), the US government’s private investment fund.
Africell founder and chief executive Ziad Dalloul told Reuters the money would help fund infrastructure investments for its operations in Uganda, Democratic Republic of Congo, Gambia and Sierra Leone.
He also said it would help the firm expand fintech services, such as mobile payments, micro-insurance and micro-finance.
Mobile money payments, pioneered in Kenya, have expanded rapidly in other African nations where many people do not have bank accounts.