from MARIA MACHARIA in Nairobi, Kenya
Kenya Bureau
NAIROBI, (CAJ News) – STANDARD Bank has partnered with Safaricom, Kenya’s largest telecommunications provider, to provide funding of US$138 million as part of investment towards Safaricom Ethiopia (STEP).
The bank acted as the sole arranger, lender and facility agent on the term facility to STEP and played an advisory role.
Standard Bank’s financing facilitates Safaricom’s ongoing rollout of digital infrastructure and services in Ethiopia.
“We are honoured to have partnered with Safaricom again in enabling and supporting their on-going vision to drive digital transformation and inclusion in Ethiopia” said Anthony Ndegwa, Executive Vice President for Telecoms, Media and Technology at Stanbic Kenya’s Corporate and Investment Banking.
The two-businesses worked side by side in the development of the financial solutions that were bespoke to the business while responsive to the market’s needs.
“As a business, we are guided by innovation and strategic partnerships we aim to transform lives at scale—empowering youth, entrepreneurs, and underserved communities to fully participate in Ethiopia’s digital economy and realise the promise of shared prosperity by 2030,” said Peter Ndegwa, Safaricom Chief Executive Officer.
The telecommunications company acquired a licence to operate in Ethiopia in 2021.
Safaricom recently announced 10,1 million three-month active customers.
Taitu Wondwosen, Head of Standard Bank in Ethiopia, said they are dedicated to partnering with relevant parties to drive infrastructure development.
“Digital and financial inclusion in the African market has been one of the key objectives to break barriers and enable individuals, communities and businesses to access affordable financial products and services that meet their needs,” Wondwosen said.
– CAJ News