Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has continued in its aggressive market expansion drive.
It has again spent $29 million about N12.65 billion, to strengthen its operations in Zambia, the second of its kind in one week.
The Company, last Tuesday, invested $60.1 million, about N26.2 billion in Tanzania to widen its spectrum across the country. This brings the Company’s total investment in one week to 489.1 million or about N38.76 billion.
Airtel Networks Zambia Plc, a subsidiary of Airtel Africa Plc, purchased 60 MHz of additional spectrum spread across the 800 MHz and 2600 MHz bands from the Zambia Information and Communications Technology Authority, for a gross consideration of $29m, payable in local currency.
Airtel Africa Company Secretary, Simon O’ Hara, declared in a sign statement that: “This additional spectrum will support our network expansion in the market for both mobile data and fixed wireless home broadband capability, including for 5G rollout, providing significant capacity to accommodate our continued strong data growth in the country.”
Noting that Zambia is one of the Group’s largest markets by revenue, O’ Hara disclosed that the investment reflects its continued confidence in the opportunity inherent in the Zambian market, supporting the local communities and economies through furthering digital inclusion and connectivity.
The Group which was both floated on the London Stock Exchange and NGX Ltd in 2019, has since demonstrated significant growth in its customer base, revenues, profits, margins, and cash generation, as well as strengthening its balance sheet through reduced leverage.
The Group continues to execute its growth strategy to deliver on the significant market potential afforded by the demographics and market dynamics across voice, data and mobile money services.
Chief Executive Officer, Airtel Africa, Segun Ogunsanya, commenting on the deals, said: “We continue to invest in our infrastructure and distribution networks across the countries where we operate, supporting their economies and communities. Sustainability is at the core of our strategy, driven by our guiding purpose of ‘Transforming lives’ across Africa, with people, businesses and governments seeking access to more and better connectivity and improved financial inclusion. We look forward to growing the Company further as we continue to sustainably bridge the digital divide, expand financial inclusion and meet the evolving needs of our customers.’’