The International Finance Corporation (IFC) plans to help fund telecommunications firm Axian Telecom Limited by investing $75 million (KES 9.7 billion) in its bid to raise $550 million (KES 71.7 billion) through a bond issuance.
The proceeds will be used to refinance the outstanding bond, finance the acquisition of Wananchi Group, a Kenyan internet company best known for its Zuku brand, and for general corporate purposes.
Axian Telecom, a subsidiary of Axian Group Limited, operates across three major segments: mobile and fixed networks, digital infrastructure, and fintech. Axian provides voice and data services under brands such as Yas, offers internet services, and mobile financial services like MVola in Madagascar. Under digital infrastructure, Axian owns and manages telecom towers, data hubs, and fiber optic networks
Currently, the Pan-African Telco runs its operations in Tanzania, Madagascar, Togo, Senegal, Comoros, Uganda, the Democratic Republic of Congo, Réunion, and Mayotte. Axian Telecom serves over 42.9 million mobile subscribers and 15.2 million financial service users. The company hires established contractors to take charge of major projects such as tower construction, operation and maintenance, and laying fiber networks. The main contractors hire specialized subcontractors to execute tasks such as providing security, transporting materials, and refueling equipment.
IFC’s relationship with Axian
Axian has been a committed client of IFC since 2019, with several active investments at the parent company and subsidiary levels. In 2019, IFC issued a $16 million loan to Telma for the installation of 50 new mobile telecommunications base stations and associated cable and microwave equipment on the island of Comoros to expand Telma’s network coverage.
In 2021, the multilateral lender issued a debt of €43 million to the Togolese Mobile Network Operator, Togocom, where Axian Group and Emerging Capital Partners (ECP) own a 51% stake. The proceeds of the financing were directed towards the expansion of the radio access network, the fiber network, and the improvement of the core network to bolster digital infrastructure.
In December 2024, IFC’s board approved secured loans of $27 million to Telecom Comoros S.A. and $100 million to Honora Tanzania Plc, subsidiaries of Axian Telecom. The proceeds of the financing were used to finance capital expenditure, refinance existing loans for Tigo Tanzania, and expand the telco’s mobile operations in Comoros.
Axian’s notable developments in 2025
In June, Yas Comoros secured €25 million from the IFC to support digital transformation in Comoros. The funds will enhance internet infrastructure, network quality, and introduce 5G, FTTH, and FTTO services by the end of the year. The move aims to boost connectivity, innovation, and create employment in marginalized areas while supporting Comoros’ national digital plan. In the same month, the firm acquired $100 million from EIB Global to support 4G and 5G network expansion in Madagascar and Tanzania, in alignment with the EU’s strategy to bolster sustainable development and digital inclusion in Africa.
Recently, Axian acquired an 8% minority stake in Jumia, a leading e-commerce platform in Africa, after Jumia’s separation from Baillie Gifford, its former key investor.
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