Standard Bank, Africa’s biggest bank by assets, has partnered with Safaricom Telecommunications, Kenya’s largest telecommunications provider, to provide funding of $138 million as part of investment towards Safaricom Telecommunications Ethiopia PLC (STEP).
The bank acted as the sole arranger, lender, and facility agent on the term facility to STEP and played an advisory role. Standard Bank’s financing facilitates Safaricom’s ongoing rollout of digital infrastructure and services in Ethiopia. “We are honored to have partnered with Safaricom again in enabling and supporting their on-going vision to driving digital transformation and inclusion in Ethiopia” says Anthony Ndegwa, Executive Vice President for Telecoms, Media & Technology at Stanbic Kenya’s Corporate and Investment Banking.
The two-businesses worked side by side in the development of the financial solutions that were bespoke to the business while responsive to the market’s needs.
“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 realize the promise of shared prosperity by 2030,” says 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,” adds Ndegwa.
The telecommunication company acquired license to operate in Ethiopia in 2021, and Standard Bank was one of the advisors and financiers who worked with them as they deployed services and built the network in the country.
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