Togocom Secures $60.2 Million Investment for Internet Connectivity Enhancement
Togocom, a Togolese mobile operator and a subsidiary of AXIAN Telecom, has secured a €55 million ($60.2 million) loan from the International Finance Corporation (IFC) to boost digital transformation efforts in Togo. Société Générale Benin, through Société Générale Togo, and Ecobank Togo have also contributed to this financing initiative.
This financial injection aims to facilitate Togocom's modernization of infrastructure, improving the speed and quality of data traffic. The investment from IFC will play a pivotal role in supporting the Togolese government's Digital Transformation Strategy, specifically by expanding the mobile operator's 4G coverage and fiber network.
The broader objectives of Togo's Digital Transformation Strategy include fostering economic growth, promoting social inclusion, and creating employment opportunities. The strategy targets providing mobile and fixed broadband connectivity to 95% of the population, with a specific aim to have Internet connectivity available in 95% of public administration buildings, schools, and hospitals by the end of 2025.
Cina Lawson, Togo's Minister of Digital Economy and Transformation, emphasized the potential of digitalization to enhance citizens' daily lives, including improved access to education, healthcare, and targeted social services. Lawson expressed optimism about Togo's commitment to technological progress through collaboration.
Togocom, a subsidiary of AXIAN Telecom, serves approximately 38 million customers across eight countries, including Madagascar, Comoros, Réunion, Mayotte, Senegal, Togo, Uganda, the Democratic Republic of the Congo, and Tanzania. In November 2020, Nokia announced a three-year contract with Togocom to implement 5G technology, marking the first rollout of this technology in West Africa.
It's worth noting that in May 2021, the World Bank approved $11 million in financing from the International Development Association (IDA) to enhance connectivity and support the development of Togo's digital economy. The recent investment adds to the ongoing efforts to propel Togo into the realm of high-speed Internet connectivity.