Africell acquires $100 funding to rejuvenate business in Uganda

Africell Uganda secured over $100 million from the Overseas Private Corporation (OPIC). The finances aim to help the “Don’t be cheated” telecom company to kick-start its expansion plans in Uganda and other parts of Africa.

For most of its time in the market, large networks like MTN and Airtel have dwarfed Africell’s potential to expand. Most of its marketing campaigns that looked too good didn’t deliver as much success. This is because the competition has learnt to counter its succulent offers with equally sweet ones that lure customers away.

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A statement released by Africell Holdings Limited indicates a fresh dose of finances to rejuvenate Africell’s business. The telecom’s mostly cashes from its voice and internet business of 2G, 3G and 4G networks. We compared Africell’s 4G to other networks in the 4G showdown.

Africell has over 3.5 million subscribers in Uganda as of 2017. Africell will use the funds from OPIC to expand its voice and data business not only in Uganda but in the West and Central Africa.

The Ugandan telecom industry leader MTN recently celebrated 20 years and renewed its lisence. However, the new monies might shoot Africell’s business to new heights and possibly nullify some of this stiff competition. It’s all hands on deck on Africell’s side.