African digital infrastructure provider WIOCC Group has secured an additional $65 million in sustainability-linked debt financing from a consortium of development-focused institutions, marking the company’s third major capital raise in 2025 as it accelerates efforts to expand internet connectivity across a continent where only 38% of the population was online in 2024—far below the global average of 68%.
The financing package announced on December 15, 2025, comprises contributions from the International Finance Corporation (IFC) providing $20 million, the Private Infrastructure Development Group (PIDG) committing $15 million through its Emerging Africa & Asia Infrastructure Fund (EAAIF), France’s Proparco contributing $15 million, and investment manager Ninety One adding $15 million. This strategic investment will enable WIOCC to expand its extensive network of high-speed internet and digital infrastructure at a critical moment when improved digital connectivity is seen as vital for entrepreneurs, small businesses, and industries to drive economic growth and job creation across Africa.
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Africa’s Persistent Digital Divide Demands Urgent Infrastructure Investment
The significance of WIOCC’s expansion plans becomes clear when examining the stark realities of Africa’s connectivity challenges. According to the International Telecommunication Union’s (ITU) 2024 estimates, released in November, Africa continues to face a persistent digital divide between it and high-income countries, with the continent representing the region with the lowest internet usage rate globally.
The ITU’s State of Digital Development in Africa report reveals that while internet access has improved steadily over the years, vast numbers of Africans remain disconnected, primarily due to high service costs, limited digital literacy, and underdeveloped infrastructure—particularly in rural areas. While 85% of the population in Africa has access to at least 3G mobile broadband services, only 60% is covered by 4G services and a mere 11% is covered by 5G, compared to the global average of 51%.
Affordability remains one of the central barriers to digital inclusion across the continent. In 2024, the median price of an entry-level mobile broadband plan (2GB per month) stood at 4.2% of gross national income (GNI) per capita, down slightly from 4.6% in 2023, but still more than double the UN Broadband Commission’s affordability target of 2%, and the highest of any ITU region. The situation is even worse for fixed broadband, which carries a median price tag of 15% of GNI per capita, placing it well beyond the reach of most African households.
A deeper look into the numbers reveals inequalities within inequalities across the continent. In Africa, women are less connected than men—31% versus 43%—and girls are less connected than boys. For economies to succeed, young girls need to feel comfortable and confident in their ability to use the latest technology. Another startling statistic shows that 25% of people living in rural areas in Africa still have no possibility at all of connecting to the internet because of gaps in broadband infrastructure.
WIOCC’s Proven Track Record and Extensive Infrastructure Footprint
WIOCC Group, which was established in 2008 as the largest investor in the EASSy submarine cable system, has evolved into one of Africa’s leading providers of wholesale hyperscale digital infrastructure. Since its inception, WIOCC has deployed more than $750 million in digital infrastructure, including the linking of open-access data centers via hyperscale connectivity, fundamentally transforming the cost, reliability, and nature of communications across the continent.
The company currently operates an extensive network spanning more than 75,000 kilometers of terrestrial fiber and over 200,000 kilometers of submarine fiber-optic cable, connecting more than 550 locations across 30 African countries. WIOCC is also a key investor and partner in several major subsea cable systems linking Africa to global internet infrastructure, including EASSy (where it holds 28% ownership), WACS, Equiano where it serves as a fiber-pair investor and landing partner in Lagos, and 2Africa, the world’s longest subsea cable system.
Founded in 2008 and based in Mauritius, WIOCC operates as a wholesale-only, carrier-neutral provider of digital infrastructure. It serves hyperscalers, telecommunications companies, internet service providers, and cloud and content providers across the continent, connecting to over 800 cities worldwide through its comprehensive network. The company is jointly owned by a consortium of African telecom operators, the IFC, and African Capital Alliance, reflecting its pan-African character and developmental mission.
Strategic Details of the $65 Million Financing Package
The $65 million facility announced in mid-December represents WIOCC’s third major fundraising round in 2025, bringing the company’s total capital raised during the year to over $400 million as it accelerates expansion across the African continent. This latest sustainability-linked financing will support WIOCC’s planned 2026 capital expenditures and help strengthen its ambitions to build a resilient, inclusive, and future-ready, carrier-neutral digital ecosystem across Africa, notably in South Africa, Nigeria, and the Democratic Republic of Congo.
The EAAIF’s $15 million contribution, managed by Ninety One, takes the form of a senior secured loan facility with a 10-year tenor. One particular focus for this investment is to support the rollout of fiber-to-home networks in Nigeria, where there is fast-growing demand for reliable, high-speed internet. The facility is structured as sustainability-linked debt, with key performance indicators including EDGE certification for new data centers—awarded to resource-efficient and zero-carbon buildings—as well as power usage effectiveness targets for operating facilities.
IFC’s Regional Industry Director for Infrastructure and Natural Resources, Africa, Sarvesh Suri, explained that the financing was structured across USD and ZAR (South African Rand) to help WIOCC optimize its capital structure, mitigate currency risk, and accelerate investment in resilient, open-access digital networks. “IFC is proud to deepen its long-standing partnership with WIOCC Group as they scale Africa’s digital infrastructure. Through a blend of USD and ZAR financing, we are supporting WIOCC Group in optimizing its capital structure, mitigating currency risk, and accelerating investments in resilient, open-access networks,” Suri stated.
Ninety One’s own $15 million commitment in the package takes the form of local currency funding to enable WIOCC’s subsidiary Open Access Data Centres to facilitate the building of a new data center in South Africa and expand existing facilities. Puleng Pitso, an investment specialist at Ninety One, emphasized the developmental impact of the investment: “Digital connectivity is one of the most powerful enablers of economic growth in Africa. By expanding access to high-speed internet, we are unlocking opportunities for entrepreneurs, small businesses, and industries to thrive in the digital economy. EAAIF and Ninety One’s investment in WIOCC Group will help strengthen the foundations for inclusive growth, job creation, and innovation across the continent.”
Proparco’s Long-Standing Partnership and Strategic Vision
Proparco, which is majority-owned by the French development agency AFD, has been a long-term partner of WIOCC since the company’s inception in 2007. The AFD Group has supported WIOCC’s expansion across Africa over the years, making this latest $15 million contribution part of a sustained commitment to the company’s growth trajectory.
Françoise Lombard, Proparco’s CEO, articulated the strategic importance of the investment: “Proparco is very proud to reinforce the long-standing partnership with this flagship African player at a time when it has successfully evolved into a diversified digital infrastructure platform. By supporting WIOCC’s expansion across terrestrial fiber, submarine cables and open-access data centers, Proparco is helping strengthen a leading network that carries an important part of Africa’s internet traffic. This new financing, arranged alongside IFC and Ninety-One, will contribute to accelerating resilient, energy-efficient connectivity solutions in markets where reliable digital services are essential for economic transformation.”
This new lending follows on from a $100 million debt package for WIOCC provided by Proparco ($60 million) and EAIF ($40 million) in 2020, demonstrating the sustained confidence of development finance institutions in WIOCC’s business model and strategic vision. That 2020 financing supported WIOCC’s corporate development program and involved capital spending of at least $379 million across Eastern and Southern Africa, contributing to the company’s emergence as a regional leader in the telecommunications industry.
PIDG’s Strategic Alignment with Sustainable Infrastructure Goals
PIDG’s commitment through the EAAIF aligns with its wider strategy to mobilize private capital for sustainable and inclusive infrastructure to drive economic growth and support the net-zero transition in emerging markets. PIDG is mainly funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia and Sweden, and Global Affairs Canada, reflecting the multilateral developmental support behind WIOCC’s expansion.
The EAAIF’s investment in WIOCC represents the fund’s continued focus on the African telecommunications industry as a critical enabler of economic development. According to EAAIF’s managers at Ninety One, WIOCC’s expansion will stimulate enterprise and strengthen Africa’s digital infrastructure, with growing communications infrastructure recognized as vital to the continent’s long-term economic development and recovery from various economic disruptions.
The company has indicated that the new investment will grow its customer base, create a more competitive market, and contribute to downward pressure on wholesale and retail prices—critical factors in improving affordability and accessibility of internet services across Africa. WIOCC plans to support more than 200 direct jobs over the next five years and has committed to developing vocational IT training for women to further facilitate gender balance in its workforce, addressing one of the key inequality dimensions in Africa’s digital divide.
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Open Access Data Centres: Expanding Pan-African Data Infrastructure
A significant component of WIOCC’s growth strategy involves its subsidiary Open Access Data Centres (OADC), which was launched in 2021 and has rapidly emerged as Africa’s fastest-growing data center company. Part of Ninety One’s $15 million commitment in the current financing package will specifically enable OADC to facilitate the building of a new data center in South Africa and expand existing facilities, reflecting the critical role that data centers play in enabling digital transformation across the continent.
OADC has announced ambitious plans to invest up to $240 million to expand the capacity of its data center in Lagos, Nigeria, from 1.5MW to 24MW by 2027. The Tier-III data center in Lagos, which was launched at the end of 2022, will be expanded in two phases of 12MW each as part of OADC’s current $500 million investment plan announced in 2021 to build out data center infrastructure across Africa.
OADC CEO Ayotunde Coker explained that one megawatt capacity of a data center costs approximately $10 million, making the 24 megawatt Lagos expansion a massive investment of around $240 million. The first phase is scheduled to be completed within 18 months, though Coker cautioned that projects of this complexity typically take more than two years due to the intricacy of design and execution requirements.
The Lagos facility serves as the landing station for Google’s Equiano subsea cable in Nigeria and is positioned to become a data center hub for West Africa. The Tier III-certified facility is designed with a 33,000-volt power supply and an 11kV distribution network, ensuring dedicated transformers and power distribution rooms per phase. OADC’s Lagos facility is critical to Nigeria’s digital infrastructure, supporting cloud computing, AI workloads, and improved internet access across the region.
Apart from its flagship data center in Nigeria, OADC also owns and operates data centers in the Democratic Republic of Congo and South Africa, with facilities in Johannesburg, Durban, and Cape Town. The company’s rapid expansion reflects the growing demand for data center capacity across Africa, driven by cloud computing adoption, digital financial services, e-commerce growth, and the proliferation of technology platforms requiring local hosting and low-latency access.
2025: A Year of Unprecedented Capital Raising for WIOCC
The $65 million sustainability-linked financing announced in December represents WIOCC’s third major capital raise in 2025, demonstrating both the scale of opportunity in African digital infrastructure and WIOCC’s execution capabilities. Earlier in the year, WIOCC secured a $129 million partnership with Laser Light, a transaction that expanded the company’s international connectivity options and brought additional technical expertise into its operations.
These successive capital raises in 2025 reflect a maturing capital markets environment for African digital infrastructure. Development finance institutions like IFC and Proparco have long been active in this space, providing catalytic capital that helps de-risk projects and attract commercial investors. However, the involvement of private investment firms like Ninety One and specialized infrastructure funds like EAAIF demonstrates that commercial capital is increasingly viewing African digital infrastructure as an attractive investment opportunity with both developmental impact and financial returns potential.
Samuel Ndungu, CFO of WIOCC Group, commented on the significance of the latest financing: “This new financing underscores the continued confidence of our development finance partners in WIOCC Group’s long-term growth strategy and our role in driving Africa’s digital transformation. The additional capital enables us to further scale our network infrastructure, extend our data center footprint and enhance the resilience and capacity of our pan-African digital ecosystem. Through this, we remain steadfast in our commitment to enabling digital inclusion and making an enduring contribution to the development of Africa’s digital economy.”
The Broader Context: Africa’s Digital Infrastructure Revolution
WIOCC’s latest financing announcement should be understood within the broader context of Africa’s ongoing digital infrastructure revolution. The continent is experiencing a fundamental transformation in its connectivity landscape, driven by several converging trends that are reshaping the economics and possibilities of digital access.
Submarine cable capacity serving Africa has exploded in recent years. As recently as 2008, only three fiber-optic submarine cables connected the African continent to the global internet. Today, there are over 30 operational submarine cable systems, with several more under construction. This dramatic expansion has fundamentally changed the economics of international connectivity, reducing wholesale bandwidth costs by orders of magnitude and enabling the provision of higher-quality services at more affordable prices.
Major global technology companies are making substantial investments in African infrastructure beyond simply using services. Companies like Google, Meta (Facebook), Microsoft, and Amazon Web Services are not only building data centers but also investing directly in submarine cable systems that serve the continent. Google’s Equiano cable, which lands at WIOCC’s Lagos facility, and Meta’s 2Africa cable, the world’s longest subsea cable system, exemplify how hyperscalers are taking direct ownership stakes in critical connectivity infrastructure.
Terrestrial fiber networks have also expanded dramatically across the continent, connecting landlocked countries to submarine cable landing stations and creating regional connectivity rings that enhance resilience and reduce costs. WIOCC’s extensive terrestrial network of over 75,000 kilometers plays a crucial role in this ecosystem, linking coastal cable landing points to major population and commercial centers across more than 30 countries.
The Economic Imperative of Digital Connectivity
The economic case for expanding digital connectivity in Africa is compelling and multifaceted. Digital infrastructure serves as an enabler for virtually every sector of modern economies, from financial services and healthcare to education and agriculture. Chris Wood, CEO of WIOCC Group, emphasized this fundamental point: “Digital connectivity is key to economic growth across Africa. This financing enables us to build resilient networks and expand access to high-speed internet, supporting Africa’s growth and digital inclusion.”
For entrepreneurs and small businesses, reliable internet connectivity opens access to global markets, digital payment systems, cloud-based tools, and online customer bases that would otherwise be inaccessible. E-commerce platforms, digital financial services, and technology-enabled business models all depend on affordable, reliable connectivity as a foundational requirement.
Large industries are increasingly dependent on digital connectivity for supply chain management, logistics optimization, real-time monitoring systems, and integration with global production networks. The growth of cloud computing, digital financial services, e-commerce, and technology platforms is driving exponential increases in bandwidth demand across the continent, creating sustained need for infrastructure investment.
Education and healthcare sectors stand to benefit enormously from improved connectivity, enabling remote learning, telemedicine, access to specialized expertise, and integration with global knowledge networks. The COVID-19 pandemic dramatically illustrated both the potential and limitations of digital connectivity for enabling remote work, online education, and virtual healthcare delivery.
Sustainability and Environmental Considerations
A notable aspect of WIOCC’s latest financing is its sustainability-linked structure, reflecting growing attention to environmental considerations in digital infrastructure development. The facility includes key performance indicators tied to EDGE certification for new data centers and power usage effectiveness targets for operating facilities.
EDGE (Excellence in Design for Greater Efficiencies) certification recognizes resource-efficient and zero-carbon buildings, addressing the significant energy consumption associated with data centers and telecommunications infrastructure. As OADC CEO Ayotunde Coker explained, “It’s a massive investment with huge capital requirements. We were among those who announced sustainability-linked financing. Meeting sustainability targets allows us to access additional funding, which keeps us accountable.”
The sustainability-linked debt structure creates financial incentives for WIOCC to achieve environmental performance targets, aligning the interests of lenders, the company, and broader sustainability objectives. This financing mechanism has become increasingly common in infrastructure finance, particularly for projects supported by development finance institutions committed to addressing climate change and promoting sustainable development.
Data centers are significant consumers of electricity, both for powering computing equipment and for cooling systems necessary to maintain optimal operating temperatures. By implementing energy-efficient designs, renewable energy integration, and waste heat recovery systems, data center operators can substantially reduce their environmental footprint while also lowering operating costs over the long term.
Challenges and Opportunities Ahead
Despite the progress represented by WIOCC’s expansion and the broader growth of Africa’s digital infrastructure, significant challenges remain in achieving universal, affordable connectivity across the continent. The urban-rural divide remains particularly stark, with internet usage in cities reaching 57% in 2024 compared to just 23% in rural areas—the widest gap among all ITU-designated regions.
Affordability continues to be a major constraint, particularly for lower-income populations and rural communities. While wholesale bandwidth costs have declined dramatically due to increased submarine cable capacity, retail prices for end users remain high in many markets due to factors including limited competition, high operational costs, taxation, and limited purchasing power. Innovative business models, regulatory reforms, and continued infrastructure investment will all be necessary to bring costs down to levels that enable truly universal access.
Digital literacy represents another significant barrier to connectivity adoption. Even where infrastructure exists and services are nominally affordable, many potential users lack the skills and confidence to effectively utilize internet services. WIOCC’s commitment to developing vocational IT training for women represents recognition that infrastructure investment alone is insufficient—human capacity development must accompany physical infrastructure expansion.
Regulatory and policy frameworks play a crucial role in shaping the investment environment for digital infrastructure. According to the ITU, only 18% of African countries have reached the highest standard of ICT governance (G4), compared to a global average of 38%. Improvements in digital governance, including frameworks for digital identity, cybersecurity, data protection, and digital skills coordination, are essential for maximizing the benefits of infrastructure investment.
The Path Forward: Building Africa’s Digital Future
WIOCC’s achievement in raising over $400 million across three separate transactions in 2025 demonstrates both the scale of opportunity in African digital infrastructure and the company’s execution capabilities. The involvement of development finance institutions like IFC and Proparco alongside commercial investors like Ninety One reflects the maturation of this investment opportunity and the blending of developmental and commercial objectives.
As WIOCC deploys this capital to expand its network infrastructure, extend its data center footprint, and enhance the resilience and capacity of its pan-African digital ecosystem, it is directly enabling the digital transformation that will shape Africa’s economic future. Every data center that comes online, every fiber route that is activated, and every redundant connection that is established makes African businesses more competitive, African consumers better served, and African entrepreneurs more able to participate in the global digital economy.
The company’s open-access, carrier-neutral business model is particularly significant for promoting competition and efficiency in African telecommunications markets. By operating exclusively as a wholesaler serving telecommunications companies, internet service providers, and other infrastructure providers rather than competing with them for end customers, WIOCC enables multiple players to access world-class infrastructure while limiting upfront capital requirements and operational complexities.
When multiple subsea cables failed in 2024, WIOCC rapidly deployed 2.5 Tbps restoration capacity across 100 circuits, ensuring connectivity for more than 30 major wholesale clients. This response highlighted the company’s network redundancy, design resilience, and operational strength—critical attributes for infrastructure that underpins so much economic activity.
Looking ahead, the successful deployment of the latest $65 million in financing will contribute to WIOCC’s mission to be Africa’s leading carriers’ carrier, providing flexible, open-access hyperscale infrastructure with tailored support and long-term partnerships. As Chris Wood emphasized, the company remains “steadfast in its commitment to enabling digital inclusion and making an enduring contribution to the development of Africa’s digital economy.”
With internet penetration in Africa still dramatically below global averages, the opportunity for continued growth remains substantial. Every percentage point increase in connectivity translates to millions of additional Africans gaining access to digital services, educational resources, economic opportunities, and connections to the broader world. The infrastructure that WIOCC and other providers are building today will serve as the foundation for Africa’s participation in the global digital economy for decades to come.
The challenge now lies in maintaining momentum, continuing to attract investment capital at the scale required, implementing supportive regulatory frameworks, developing human capacity to match infrastructure expansion, and ensuring that the benefits of connectivity reach all segments of African societies—not just urban elites or coastal regions, but also rural communities, women and girls, and economically marginalized populations who stand to gain the most from digital inclusion.
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By: Montel Kamau
Serrari Financial Analyst
19th December, 2025
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