Despite significant progress, Africa still has a financial inclusion gap, especially for women. AXIAN Telecom’s commitment to empowering women entrepreneurs in Madagascar and improving financial literacy for women-led businesses will help close this gap.

The African Development Bank (AfDB) has approved a $160 million senior corporate loan to AXIAN Telecom, aimed at expanding digital access and financial inclusion across nine African countries. The funding, announced on January 29 by the AfDB, will support the modernization and expansion of AXIAN Telecom’s network infrastructure, with a strong focus on 4G and 5G deployment, as well as digital innovation to facilitate further regional expansion.

African Development Bank Vice President for Private Sector, Infrastructure, and Industrialization, Solomon Quaynor, emphasized the initiative's impact on Africa’s digital transformation, economic growth, and innovation. He highlighted the bank’s commitment to bridging the digital divide and fostering financial inclusion, particularly for women.

A significant portion of the funding is dedicated to addressing gender disparities in financial access. Over $10 million will be allocated to empower 22,000 women entrepreneurs in Madagascar through AXIAN’s Mvola platform. Additionally, a $2.5 million grant will enhance financial literacy and credit access for 34,000 women-led businesses in Madagascar, Tanzania, and Senegal, helping them transition into the formal economy.

AXIAN Telecom CEO Hassan Jaber welcomed the partnership, stating that the funding underscores Africa’s digital potential and the power of collaboration in driving sustainable development. He noted that the investment will enhance the company’s efforts to expand affordable internet access, develop innovative solutions, and further integrate digital services across the continent.

Women frequently face challenges in obtaining the funds required to launch or expand their businesses. According to a 2021 UNESCO report, 70% of women entrepreneurs identified access to finance as the biggest obstacle they encountered when starting their own ventures. This initiative will provide critical resources and support for women to start or expand their businesses, contributing to greater financial inclusion and economic empowerment.

For AXIAN, the partnership aligns with its broader mission to transform Africa’s digital economy and foster inclusive growth. It reinforces the company’s commitment to empowering marginalized groups, including women, through digital platforms.

For AfDB, this initiative supports its goal of advancing financial inclusion and driving sustainable development, contributing to the continent's economic growth. Together, this partnership will create long-term economic opportunities, helping women break free from the barriers that have historically hindered their success..

Hikmatu Bilali