Africell is set to invest in expanding its network and also growing its financial technology services like Africell money in Sierra Leone, West Africa.
Ziad Dalloul told the media that the money would help fund infrastructure investments for its operations in Uganda, Democratic Republic of Congo, The Gambia and Sierra Leone.
He added that in Uganda and in other African subsidiaries, the company plans to spend part of a $100 million investment. This was announced by, Chief Executive Ziad Dalloul during his visit to their Clement Hill Headquarters offices in Uganda.
With over 15 million subscribers across its four African operations about 4 million from Uganda alone, the company secured the loan in May from the Overseas Private Investment Corporation (OPIC), the U.S. government’s private investment fund.
In his speech to the employees, the Africell CEO was not detailed on how much the company is willing to spend.
Last year, American firm OPIC signed a $35 million (UGX 130 million) contract with Africell. The Overseas Private Investment Corporation said that this is for value addition. OPIC was to invest a total of $59 million (UGX 220 billion).
Ziad Dalloul said this new investment will help the company increase its struggling Africell Money (Mobile Money Service), and its micro-insurance and micro-finance.
Africell also wants to expand to the other two countries in Africa “We are looking only at markets where we can make a difference,” the CEO said, saying this included Angola and Zimbabwe. Africell has $300 million, separate from the OPIC credit line, to spend on a new market.
