Madagascar billionaire Hassanein Hiridjee's Axian Telecom secures €170 million EBRD loan to expand African networks

Axian Telecom, the pan-African telecoms group controlled by Hassanein Hiridjee, has secured a fresh development finance facility of up to €170 million ($184 million) from the European Bank for Reconstruction and Development to fund network expansion in Senegal and Kenya, adding significant capital firepower to an expansion programme that is reshaping mobile and broadband connectivity across sub-Saharan Africa.

The EBRD financing is structured as a committed tranche loan to Axian Telecom Holding and Management PLC. Part of the facility may be provided in Kenyan shillings to support local capital expenditure in Kenya. The loan may also be structured as an A/B facility, allowing commercial lenders to participate alongside the development bank, extending the effective reach of the financing beyond the EBRD's own commitment.

In Senegal, where Axian operates under the Yas brand, the funding is directed at expanding active 4G and 5G mobile networks, improving core infrastructure and deploying fibre. In Kenya, where Axian entered the market through its acquisition of Wananchi, the EBRD financing is tied to the modernisation and expansion of fibre infrastructure, positioning the group to compete more effectively with established operators in East Africa's most competitive telecoms market.

The EBRD loan follows a $160 million senior corporate loan that the African Development Bank approved for Axian Telecom in 2025, aimed at expanding digital access and financial inclusion across nine African countries. Combined, the two development finance facilities represent more than $340 million in long-term institutional backing for Axian's African expansion programme within the space of roughly 12 months, a scale of development finance engagement that underscores the group's growing credibility with international institutional lenders.

Axian Telecom is the telecommunications arm of the Axian Group, the diversified conglomerate founded and chaired by Hassanein Hiridjee, a Malagasy-French entrepreneur born in Madagascar. Hiridjee controls Axian Group's activities across telecommunications, real estate, energy, financial services and retail, with a presence spanning 16 countries across Africa, the Indian Ocean islands and Europe. Axian Telecom specifically operates in Senegal, Kenya, Tanzania, Madagascar, Togo, Comoros, Uganda, the Democratic Republic of Congo, Malawi, Réunion and Mayotte, offering mobile and fixed broadband services under the Yas brand, mobile financial services through Mixx by Yas and Mvola in selected markets, and enterprise connectivity solutions across its footprint.

Hiridjee was elected to the Jumia Technologies board of directors in June 2026, extending his institutional profile in African technology beyond his own group's operations.

The EBRD's involvement in African telecoms infrastructure reflects the growing recognition among development finance institutions that mobile and broadband connectivity is foundational infrastructure for economic development across the continent. The EBRD's own assessment of the Axian transaction identifies the financing as addressing not just network growth but also broader digital inclusion objectives, including improving internet coverage, boosting data capacity, expanding digital financial services and increasing competition in markets where stronger connectivity supports economic activity.

The EBRD documentation identifies environmental and social considerations associated with the transaction, including digital risks linked to privacy, data security and cybersecurity, reflecting the standards applied to responsible infrastructure finance as telecoms networks become central to economies and public services across the continent.

The Kenya operation represents a particular strategic priority for Axian. The acquisition of Wananchi, which was completed in 2024 and gave Axian a fixed broadband and pay-TV customer base in Kenya, created the foundation for a converged mobile and fixed offer in East Africa's most commercially attractive telecoms market. The EBRD financing provides the capital to accelerate the fibre buildout that the Wananchi platform requires to compete effectively with Safaricom's dominant position in the Kenyan market.