Madagascar billionaire Hassanein Hiridjee secures €170 million as AXIAN expands African telecom networks

Madagascar billionaire Hassanein Hiridjee has secured another major vote of confidence from international financiers after AXIAN Telecom landed a €170 million ($196 million) loan from the European Bank for Reconstruction and Development (EBRD), extending a funding streak that has attracted hundreds of millions of dollars into the fast-growing African telecom operator.

• AXIAN Telecom has secured a €170 million ($196 million) loan from the EBRD.
• The financing will support network expansion and digital infrastructure investments across Africa.
• The deal follows $160 million from AfDB and $100 million from EIB Global secured in 2025.
• AXIAN has now attracted more than $450 million in recent development-finance backing.

The financing will support AXIAN Telecom’s multi-year investment programme across Africa, helping the company expand and modernise network infrastructure, including telecom equipment, fibre networks, software systems and other digital infrastructure.

According to EBRD project documents, the facility includes a potential Kenyan shilling-denominated tranche equivalent to up to €20 million ($23 million), allowing the company to fund local capital expenditure in Kenya while reducing foreign exchange risks.

The latest financing follows a $160 million facility from the African Development Bank (AfDB) and a $100 million investment from EIB Global secured in 2025, taking AXIAN’s recent development-finance backing to more than $450 million and highlighting growing international confidence in Africa’s digital infrastructure sector.

Why investors keep backing AXIAN

Headquartered in Mauritius, AXIAN Telecom has emerged as one of Africa’s fastest-growing telecommunications groups, serving more than 42.9 million mobile subscribers, 11.4 million data users and 15.2 million mobile financial services customers across several African markets.

The company has spent the past few years investing aggressively in network upgrades, broadband connectivity and mobile financial services as demand for digital services rises across the continent.

AfDB project documents show AXIAN is pursuing a multi-year expansion strategy spanning several African markets, including Madagascar, Tanzania, Senegal, Togo, Uganda and the Democratic Republic of the Congo.

The expansion programme includes wider 4G and 5G deployment, increased broadband coverage and the construction of nearly 3,000 telecom towers designed to improve connectivity in underserved communities.

Beyond telecommunications, the group also operates mobile financial services platforms, positioning itself at the centre of Africa’s growing digital economy and financial inclusion drive.

Africa’s telecom investment race intensifies

The EBRD financing comes at a time when development finance institutions are increasingly treating digital infrastructure as a strategic investment area, alongside energy, transport and industrial development.

Reliable internet access, mobile connectivity and digital payment systems are increasingly viewed as critical tools for boosting productivity, expanding financial access and supporting economic growth across emerging markets.

AXIAN’s expansion strategy has already attracted significant support from international investors.

In July 2025, the company completed a $600 million bond issuance that was more than twice oversubscribed, drawing participation from several global development finance institutions and investment funds.

For Hiridjee, whose AXIAN Group has built interests across telecommunications, fintech, energy, real estate and financial services, the latest financing reinforces the company’s ambition to become one of Africa’s leading digital infrastructure platforms.

As competition for Africa’s fast-growing telecom market intensifies, the willingness of international lenders to continue backing AXIAN suggests investors see substantial long-term growth opportunities in the continent’s digital transformation story.