Telecel Group and ACOF Partner to Invest $20 Million in Telecel Global Services

Telecel Group and ACOF Partner to Invest $20 Million in Telecel Global Services

By Staff Writer, 10 February 2024

The private credit fund Africa Credit Opportunities Fund (ACOF) and the African telco operator Telecel Group have partnered to invest $20 million in Telecel Global Services.

Expanding Telecel Global Services' activities in West Africa is the goal of this agreement, which is a part of a bigger initiative to improve connectivity, encourage innovation, and close the digital divide in Africa.

Introduction to ACOF

Gateway Partners and the Fund for Export Development in Africa (FEDA), an investment platform with a development impact under the African Export-Import Bank, have announced the creation of the Africa Communications Opportunities Fund (ACOF), a ground-breaking move.

The goal of this joint venture is to create jobs, advance technology, and boost the continent's economy by revolutionizing the African telecoms industry.

The collaboration between Gateway Partners and FEDA signifies a significant step towards accelerating innovation and progress within Africa's telecommunications industry.

By pooling resources and expertise, the partners are poised to address critical challenges and unlock new opportunities in the rapidly evolving digital landscape of the continent.

Expressing his enthusiasm for this partnership, Moh Damush, CEO of Telecel Group, hailed it as a "transformative venture" with far-reaching implications for Africa's digital future.

He noted that the investment underscores Telecel's potential for expansion and its commitment to building a more connected and inclusive digital economy across Africa.

Andrew Bainbridge, CEO of ACOF, underscored the financial viability of the investment while highlighting its broader implications for digitalization and eCommerce in Africa.

He reiterated the continent's dedication to driving progress and leveraging technology to enhance socioeconomic development.

The formation of ACOF represents a pivotal moment in Africa's telecommunications landscape, signaling a concerted effort to harness the power of innovation for the benefit of all stakeholders.

As the partnership takes shape, expectations are high for its potential to drive lasting positive change and propel Africa towards a brighter digital future.

Source: Abdullah Ajibade / TechPoint Africa

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