Our investment
Description of the investment.
Description of the investment.
We provided a $30 million anchor commitment to Axian Telecom’s public bond offering. The company is a fast-growing provider of telecoms services and infrastructure in Madagascar, Togo, Tanzania, Senegal, Comoros, Mayotte, Reunion and Uganda.
As of March 31st 2025, the Group served 40.8 million mobile customers, operating across markets with a total population of 130.7 million. By providing vital telecoms services and infrastructure, the company is increasing access to affordable mobile and data services for customers, including rural and lower-income populations.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
|---|
By anchoring this bond, we are supporting the development of capital markets typically characterised by high volatility and negative investor sentiment, while contributing to the expansion of information and communication services across African markets. This leads to digital inclusion and better quality of life. |
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How?
| Primary | Secondary |
|---|---|
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The African public bond market faces structural and macroeconomic barriers, all of which contribute to high uncertainty and limits the flow of commercial capital. As an anchor investor, we will support the mobilisation of institutional and commercial capital in underserved telecom markets. |
Our capital will support the financing of continued operations of telecom assets in existing markets, as well as acquisition of one new asset to expand network access. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Businesses |
Tanzania (36%), Madagascar (26%), Togo (20%), Senegal (13%), Comoros (3%) Pan Africa (2%) |
Target geographies are at different stages of capital market development. Broadly, African capital markets are highly volatile, characterised by negative investor sentiment, macroeconomic instability, and sovereign credit downgrades. Sub-Saharan Africa (excluding South Africa) accounts for less than 1% of the total global investible universe, limiting visibility and access to international capital. Very few telecom bonds have been issued in Africa. |
| Customers |
Tanzania: 26% of population with 4G network in 2025; 31.9% use the internet; mobile data/voice low-consumption basket 2.9% of GNI. Togo: 10% of population with 4G network in 2020; 24.9% use internet; mobile data/voice low-consumption basket 8.17% of GNI. Madagascar: 33.6% population with 4G in 2023; 20% using the internet; mobile data/voice low-consumption basket 7.32% of GNI. Other geographies exhibit similar trends. |
How much?
| Scale | Depth/Duration |
|---|---|
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$550-600 million bond sets a new benchmark in the market given the scarcity of large high yield corporate bonds; potential for repeat issuances across telecom and infrastructure sectors. DFI anchor of 25% of the bond will enable the mobilisation of 75% from commercial sources. There is also the potential to reach millions through network expansion across countries and in rural areas. |
The success of this issuance will continue to build track record to show that large-scale bond offerings are feasible in African markets. We expect this broad market-level impact to be sustained in the long-term. |
Risk
Evidence Risk;External RiskExternal risk: Broader market dynamics will continue to shape Africa’s bond market regardless of this issuance’s success, limiting the extent of our influence on market development. This risk needs to be tolerated. |
Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
Axian Telecom has made good progress in its management of E&S performance since BII's first bond investment. As part of this deal, BII will continue to work with Axian Telecom to drive improvements on health and safety in particular, and to fully implement its ESMS at project level.
Environmental and social risk
Medium-High
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- First published
:
When the investment was first published on the website database.
- September 2025
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D8539
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Africa, East Africa, West Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Africa, Comoros, Madagascar, Senegal, Tanzania, Togo
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Technology and telecoms
- Sub sector
:
The sub-sector that the investment is made into; this provides a more granular level of detail than the ‘sector’ information
- Wireless Telecommunication Services
- Investment policy :
- Growth
- Investment type :
- Debt
- Start date :
- June 2025
- Amount :
- $25m
- Currency of investment :
- USD
- Domicile
:
The company or investment fund’s place of incorporation.
- United Arab Emirates
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- First published
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Gender and climate finance facts
- 2X gender finance
:
Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.
- Fully qualified
- 2X qualification criteria:
:
2X Criteria the investment qualifies under. See 2X Criteria for more information.
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- Leadership — Senior Management
2X threshold 30%: Investee already meets threshold - Employment
2X threshold 35%: Investee already meets threshold - Product and Services
Investee already meets threshold
- Leadership — Senior Management
- 2X gender finance
Related investments made by BII into this company:
| Investment name | Commitment | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
| Investment 02 | $30m | Africa, East Africa, West Africa | Technology and telecoms | December 2025 | Active |
| Investment 03 | $10m | Africa, East Africa, West Africa | Technology and telecoms | December 2025 | Active |
