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Africell Pegs $100M for Expansion

HomeAYV NewsAfricell Pegs $100M for Expansion

Africell Pegs $100M for Expansion

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The Africell Chief Executive Ziad Dalloul made this confirmation recently during his visit to their Clement Hill Headquarters in Uganda. He added that the company plans to spend part of the $100 million investment in Uganda and other African subsidiaries.

With over 15 million subscribers across its four African operations about 4 million from Uganda alone, Africell secured the loan in May this year from the Overseas Private Investment Corporation (OPIC), the US government’s private investment fund.

Last year, American firm OPIC signed a $35 million (UGX 130 million) contract with Africell. The Overseas Private Investment Corporation said that this is for value addition. OPIC was to invest a total of $59 million (UGX 220 billion).

Ziad Dalloul said this new investment will help the company increase its Africell Money (Mobile Money Service), and its micro-insurance and micro-finance services.

Africell also wants to expand to two other two countries in Africa. “We are looking only at markets where we can make a difference,” the CEO said, adding that these include Angola and Zimbabwe. Africell has $300 million, separate from the OPIC credit line, to spend on new markets.

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