TowerCo of Africa Tanzania (TOA Tanzania), a telecom infrastructure provider, has secured a $30 million deal with British International Investment (BII) to expand its operations throughout the country.
This funding will enable the construction of about 200 new telecommunications sites in Tanzania, including the mainland and Zanzibar. The expansion aims to enhance coverage in rural areas, potentially improving the lives of up to 600,000 people
Founded in February 2023, TOA Tanzania owns and manages telecom infrastructure that it leases to mobile network operators. It is a subsidiary of Axian Telecom, which also operates in Madagascar, the Democratic Republic of the Congo, and Uganda, where UBUNTU Towers Uganda has rebranded to TowerCo of Africa Uganda.
TOA Tanzania’s CEO, Innocent Mushi, highlighted that this financing will accelerate the company’s growth and help provide crucial telecom services to underserved areas. He also emphasised the company’s commitment to environmental sustainability, noting that the new sites will use renewable energy and follow responsible waste disposal practices.
The company plans to double the number of its sites by the end of its first year. This expansion is expected to support the government’s digitization efforts, increase financial inclusion, and create jobs.
In April 2024, BII also supported the UK-Tanzania Mutual Prosperity Partnership, aiming to unlock £1 billion ($1.27 billion) in investment in Tanzania over the next five years.
Tanzania’s telecom sector generated about $2.2 billion in revenue in 2023 and is projected to grow at an annual rate of over 4% until 2028. Mobile connections in the country rose to 67.72 million in 2024, up from 50.8 million in 2023.
Related Posts
Educatly plans MENA expansion after banking seed funding
Rubyx secures $440k loan from Proparco
