Telecom

South Africa: MetroFibre secures US$299.8 mln to extend fiber optic network

South Africa: MetroFibre secures US$299.8 mln to extend fiber optic network
Thursday, 28 July 2022 18:27

Demand for broadband internet is growing in South Africa since 2020. That demand brought increased competition with actors, including MetroFibre, wanting to extend footprints to profit from the opportunities presented.  

South African fiber broadband connectivity provider MetroFibre Networx recently secured a ZAR5 billion (US$299.8 million) loan to extend its fiber network across South Africa.  

The loan secured from Standard Bank Group will specifically help extend MetroFibre's fiber connectivity offering to homes and businesses in underserved communities. It is also expected to increase MetroFibre's footprint.

The company, which is well aware that competition has increased in the fiber segment since 2020, is ramping up actions and investments to strengthen its position.

In November 2020, the company raised ZAR1.5 billion from private equity fund manager African Infrastructure Investment Managers (AIIM). In March 2021, it secured ZAR2.5 billion from South African banking group Investec to acquire Link Africa's FTTH network and infrastructure in Gauteng and KwaZulu-Natal.

Access to the internet is fundamental in closing the digital divide and giving individuals the opportunity to participate in the globally connected economy,” says Nishela Ramgoolam, Standard Bank’s executive VP of investment banking. 

Isaac K. Kassouwi

On the same topic
This successful bond sale not only reinforces AXIAN Telecom’s financial strength but also signals growing investor confidence in African digital...
• Experts at Cyber Africa Forum 2025 stress consumer education to fight cyber threats• Social engineering scams, phishing, and money mule schemes are...
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Nigeria. This marks a major step in its global expansion...
Monthly mobile data traffic per smartphone in Sub-Saharan Africa will rise to 14 GB by 2030. Total mobile data traffic is expected to grow from 2.3...
Most Read
01

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
02

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
03

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
04

• Google unveils Veo 3, its latest AI tool for ultra-realistic video generation• Experts warn deepfa...

Deepfake Threat Becomes Alarming in Africa as AI Advances Faster Than Laws
05

• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...

Gates Foundation Pledges $1.6 Billion to Gavi to Boost Global Child Vaccination
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.