Standard Bank has partnered with Safaricom Telecommunications to fund $138 million for expanding digital infrastructure in Ethiopia. The deal supports Safaricom's rollout of network services across the country.
Standard Bank has announced a partnership with Safaricom Telecommunications Ethiopia PLC (STEP), providing $138 million in funding to support digital transformation and inclusion in Ethiopia. The bank served as the sole arranger, lender, and facility agent for the term facility, while also offering advisory services. This financing enables Safaricom's continued expansion of digital infrastructure and services nationwide.
"We are honoured to have partnered with Safaricom again in enabling and supporting their on-going vision to driving digital transformation and inclusion in Ethiopia," said Anthony Ndegwa, Executive Vice President for Telecoms, Media & Technology at Stanbic Kenya’s Corporate and Investment Banking.
The two companies collaborated closely to develop tailored financial solutions that address business needs and market demands. "As a business, we are guided by innovation and strategic partnerships we aim to transform lives at scale—empowering youth, entrepreneurs, and underserved communities to fully participate in Ethiopia’s digital economy and realise the promise of shared prosperity by 2030," stated Peter Ndegwa, Safaricom Plc Chief Executive Officer.
"Through this partnership we are given the opportunity to pursue this goal and grow further to digitally enable Africa," Ndegwa added.
Safaricom obtained its operating license in Ethiopia in 2021, with Standard Bank acting as an advisor and financier during the initial service deployment and network build-out.