Fifth annual report of the J.P. Morgan Development Finance Institution puts Africell’s debut bond issuance in the spotlight.
The fifth annual report of the J.P. Morgan Development Finance Institution has profiled Africell’s recent $300 million debut bond issuance. The report highlights Africell’s development impact and discusses the company’s contribution to UN Sustainable Development Goals (SDGs) 8 and 9 in its operating markets.
According to the report:
“Africell aims to expand its coverage, resulting in wider social and economic impact across The Gambia, Sierra Leone, Angola and Democratic Republic of Congo (DRC) through telecommunications services and second-order effects such as improved access to employment, education, and financial services. As part of its expansion efforts, Africell aims to increase the number of live tower sites across four markets in its network from 2,268 in 2023 to approximately 3,100 by 2026. Africell also intends to contribute to smartphone penetration in the region and support affordable telecommunication services to improve the retail customer experience.”
Africell made its capital markets debut with the successful issuance of a public $300 million corporate bond priced at 10.5% in October 2024. The offering attracted over $600m worth of interest, with the allocation going to over fifty major institutional investors in the US, UK, Asia and the Middle East.
At the date of issuance, Africell was the first Africa-focused company to make its Eurobond market debut in over two years. The company offers investors exposure to a fast-growing sector in four dynamic geographies: Angola, the Democratic Republic of Congo, Sierra Leone and The Gambia.
Africa first launched services in The Gambia in 2001. Today, it has approximately 16 million subscribers and almost one and a half thousand full-time staff across its international operations and offices. Afrimoney, Africell’s mobile money platform, has over one and a half million active users.
To read the 2024 annual report of the J.P. Morgan Development Finance Institution, click here.