Operator group Africell unveiled plans to spend a $100 million loan on improving network infrastructure, widening the scope of its financial services play and preparations to move into a fifth market, Reuters reported.
Africell operates in Uganda, Democratic Republic of Congo (DRC), The Gambia and Sierra Leone with basic mobile money services offered in all markets except DRC.
In November 2018, the company announced it had secured a $100 million loan with the US government-backed Overseas Private Investment Corporation, cash the company’s CEO revealed to Reuters would be used to improve services in existing markets and fund a bid to move into Angola.
Plans include increasing the range of financial services offered to advance mobile payments with a potential move into loans and insurance products.
Africell CEO Ziad Dalloul added the company had an additional $300 million available to spend on a launch in Angola in the event it managed to secure an operating licence. Angola’s regulator is rumoured to be preparing to issue a tender for a fourth operator in the coming months.