Liquid Telecom has reached an agreement with CDC Group Plc, UK’s development finance institution, to invest $180 million (Ksh18 billion) with the company.
In a statement to newsrooms, the company says that the investment will enable it to expand its broadband connectivity to some of the most underserved communities across the African continent.
This comes a few days after Telcom’s award-winning Cape to Cairo terrestrial fibre link was completed.
The link runs from Cape Town, through all the Southern, Central, and Eastern African countries, and has now reached Sudan and Egypt.
“We welcome CDC Group’s investment of $180 million with Liquid Telecom since it will enable us to accelerate expansion along our Cape-to-Cairo route and further into Central and Western Africa. Once completed, it will bring significant economic and social benefits – from providing access to online educational resources to supporting national economies, creating more jobs and driving the adoption of new technologies,” said Nic Rudnick, Group CEO, Liquid Telecom.
“Digital infrastructure is still a major problem for Africa’s governments, people and its businesses, so improving access to affordable and quality internet is central to Africa’s development and economic growth,” said Nick O’Donohoe, CEO, CDC Group Plc.
“CDC’s capital will enable Liquid Telecom to reach more countries in the continent, helping to connect millions more people and businesses. Africans have benefited hugely from the local mobile phone industry that CDC backed twenty years ago and we have similar hopes for our investments in Africa’s growing digital infrastructure.”
Recently, Liquid Telecom partnered with cyber security consultancy Serianu to bring a new service targeting local savings and credit cooperative societies (saccos) help them mitigate possible losses from internal and external fraudsters.
Known as SIEMaaS, an acronym for Security Information and Event Management As A Service, it provides a technical solution to identify and qualify cyber security risks faced by the sacco. According to Liquid Telecom, SIEMaaS builds technical controls to protect access to sacco members’ personal data and funds. The technical controls are then monitored and any fraudulent access is alerted on and acted upon to prevent loss.
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