Malagasy billionaire Hassanein Hiridjee’s AXIAN Telecom secures $197 million to drive expansion

Malagasy billionaire Hassanein Hiridjee has secured fresh backing from international lenders after AXIAN Telecom obtained a €170 million ($197.3 million) loan from the European Bank for Reconstruction and Development (EBRD) to support network expansion and digital infrastructure investments across Africa. 

The financing will help fund AXIAN Telecom’s multi-year capital expenditure program, including investments in telecom equipment, fiber-optic networks, software platforms and other digital infrastructure aimed at improving connectivity across its markets. 

According to EBRD project documents, the facility includes a potential Kenyan shilling-denominated tranche equivalent to as much as €20 million ($23.2 million). The local-currency component is designed to support capital spending in Kenya while helping reduce foreign-exchange risk. 

The latest funding adds to a series of recent investments secured by the telecom operator. Earlier this year, AXIAN received a $160 million facility from the African Development Bank (AfDB) and a $100 million investment from EIB Global, bringing its recent development-finance support to more than $450 million. 

AXIAN expands Africa’s digital infrastructure 

Headquartered in Mauritius, AXIAN Telecom operates across several African markets and serves more than 44.3 million mobile subscribers, 14.8 million data users and 17.7 million mobile financial services customers. 

The company has invested heavily in network upgrades, broadband expansion and mobile financial services as demand for digital connectivity continues to grow across the continent. 

AfDB documents show AXIAN is pursuing a multi-year expansion plan spanning Madagascar, Tanzania, Senegal, Togo, Uganda and the Democratic Republic of the Congo. The program includes broader 4G and 5G coverage, expanded broadband access and the construction of nearly 3,000 telecom towers, particularly in underserved areas. 

Alongside its telecommunications business, AXIAN operates mobile financial services platforms that provide digital payments and other financial products to millions of users. 

Founded by Hiridjee, AXIAN Telecom has built a presence across Tanzania, Madagascar, Togo, Uganda, the Democratic Republic of the Congo, Senegal, Réunion, Mayotte and Comoros through a combination of acquisitions and network investments since 2015.

Investor confidence grows 

The EBRD loan comes as development finance institutions increasingly view digital infrastructure as a critical investment area alongside energy, transportation and industrial development. 

Access to reliable internet services, mobile connectivity and digital payment systems is widely seen as essential for expanding financial inclusion, supporting businesses and driving economic activity across emerging markets. 

Investor appetite for AXIAN has remained strong. In July 2025, the company raised $600 million through a bond sale that was more than twice oversubscribed, attracting support from global development finance institutions and investment funds. 

AXIAN’s revenue climbs in Q1 2026

For Hiridjee, whose AXIAN Group has interests spanning telecommunications, fintech, energy, real estate and financial services, the latest funding strengthens the company’s position as it seeks to expand its digital infrastructure footprint across Africa. 

The group’s financial performance has also improved. In its first-quarter 2026 results, AXIAN Telecom reported revenue of $476.53 million, up from $373.71 million a year earlier, supported by growth in mobile, data and digital services. 

As competition intensifies among Africa’s telecom operators, continued support from international lenders underscores confidence in the sector’s long-term prospects and the growing demand for digital services across the continent.