Telecel group secures $20mn investment to expand operations in West Africa

Telecommunications company Telecel Group has recently secured a $20 million debt investment from the Africa Credit Opportunities Fund to fuel its expansion efforts across West Africa. The investment is aimed at accelerating network expansion and infrastructure development, specifically focusing on 4G expansion, fiber network expansion, and last-mile connectivity in urban centers within the region. Moh Damush, the Group Chief Executive Officer and Co-Founder of Telecel Group, highlighted the significance of this partnership, emphasizing that the capital injection will play a vital role in scaling operations and enhancing service delivery. The plan is to leverage the funds to rapidly extend Telecel's reach and improve connectivity for customers. Telecel Group currently operates in 27 countries as a service provider, with a telecom operator presence in six countries, including Liberia, Ghana, Central African Republic, and Congo DRC. The recent investment will particularly support the company's operations in Ghana, following the acquisition of Vodafone Ghana last year. Telecel intends to enhance the network infrastructure, expand 4G coverage, and bolster the fiber network in the country, ultimately aiming to provide superior service quality to its customer base. In light of the upcoming rebranding of Vodafone Ghana to Telecel, scheduled for completion by the end of the month, the company is poised to introduce improved services and innovative solutions to its clientele. The rebranding marks a strategic move towards enhancing connectivity and sustainability within the telecom sector. Looking ahead to the year 2024, Telecel Group is set to pursue a growth strategy centered around mergers and acquisitions, with a focus on expanding digital services, fintech, and e-commerce offerings for mobile customers. The company aims to drive digitalization among mobile money users and foster social impact investments across key markets in the region. Additionally, Telcel plans to invest in AI, research and development centers, as well as support startups and enterprises to drive innovation and digital transformation. As Telcel Group navigates the evolving landscape of Anglophone and Francophone Africa, the company remains committed to advancing connectivity and bridging the digital divide prevalent across the continent. The focus on innovative solutions, social impact initiatives, and strategic partnerships underscores Telecel's dedication to driving digital transformation and creating sustainable connectivity for its customers. In an exclusive interview with CNBC Africa, Moh Damush, Group CEO and Co-Founder of Telecel Group, shared insights into the company's expansion plans and vision for the future. The $20 million debt investment signals a new chapter in Telecel's journey towards enhancing telecommunications infrastructure and service delivery across West Africa.