The European Bank for Reconstruction and Development is providing up to €270 million in financing to pan-African telecommunications group Yas to expand digital infrastructure in Senegal and Kenya. The transaction will support 4G, 5G and fibre investment while introducing the EBRD’s first local-currency financing and first A/B loan structure in sub-Saharan Africa.
Key Overview
The financing represents the EBRD’s first investment in Senegal and one of its most significant early transactions following its expansion into sub-Saharan Africa. A committed facility of up to €170 million will fund Yas’ capital expenditure programmes in Senegal and Kenya, while an additional uncommitted facility of up to €100 million could support future acquisitions and eligible investments in other EBRD countries of operation in the region.
The transaction also gives Yas access to long-term institutional capital as the company expands fixed and mobile connectivity across some of Africa’s fastest-growing digital markets.
Financing Combines Euro and Kenyan Shilling Funding
According to the EBRD’s investment announcement, the committed €170 million facility includes a €100 million EBRD A-loan, a B-loan of up to €50 million to be syndicated to institutional investors and a local-currency facility equivalent to as much as €20 million in Kenyan shillings.
The structure is significant because it marks both the EBRD’s first local-currency financing in sub-Saharan Africa and its first A/B loan in the region. Amsterdam-based impact private credit investor ILX Fund is expected to participate in the B-loan.
Local-currency financing can be particularly valuable for infrastructure operators that earn revenue domestically because it can reduce the currency mismatch created when revenues are generated in local currency while debt repayments are denominated in euros or dollars.
The additional uncommitted facility of up to €100 million could be used for eligible future acquisitions by Yas and further capital expenditure in selected sub-Saharan African markets where the EBRD operates.
Senegal Funding Targets 4G, 5G and Fibre Expansion
In Senegal, the financing will support the expansion and modernisation of Yas Senegal’s active 4G and 5G networks, improvements to core telecommunications infrastructure and accelerated fibre deployment.
The investment is expected to strengthen network capacity and improve the quality and availability of digital services as data consumption rises.
The transaction also represents the EBRD’s first investment in Senegal. Kenya and Senegal became EBRD shareholders in July 2025 and subsequently became countries of operation as the institution began expanding its investment activities in sub-Saharan Africa.
For the EBRD, the Yas financing illustrates its strategy of using private-sector investment to address infrastructure gaps, stimulate competition and support long-term economic development in its newer African markets.
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Kenya Investment Builds on the Wananchi Acquisition
In Kenya, the financing will support the modernisation and expansion of fibre infrastructure following Yas’ acquisition of Wananchi Group.
The transaction was completed in October 2025, with AXIAN Telecom acquiring 99.63% of Wananchi Group through its fibre subsidiary. The acquisition added operations associated with brands including Zuku and SimbaNET and expanded the group’s exposure to fixed broadband and enterprise connectivity.
According to the acquisition announcement, the deal was intended to strengthen Yas’ position in African fibre connectivity while combining Wananchi’s regional network with the wider group’s investment capacity and operational scale.
The new EBRD financing is expected to help improve service quality, operational performance and broadband availability in Kenya’s highly competitive telecommunications market.
Yas Expands Its Pan-African Digital Infrastructure Footprint
Yas is owned by AXIAN Telecom and operates across 11 countries in Africa and the Indian Ocean. Its activities span mobile and fixed telecommunications, fintech services and digital infrastructure, including fibre networks, towers, backbone infrastructure and data centres.
The wider group reported 43.8 million mobile customers at the end of 2025, alongside more than 19,500 kilometres of backbone infrastructure.
The EBRD financing comes as Yas continues to expand through both acquisitions and organic network investment. Hassan Jaber, Group CEO of Yas, described the transaction as the largest financing the group has raised and said it would accelerate 4G, 5G and fibre investment in Senegal and Kenya.
Digital Inclusion and Competition Form Part of the Deal
Beyond network expansion, the financing includes commitments linked to workforce inclusion. Yas has agreed to increase female representation across its workforce and management teams while introducing initiatives aimed at supporting women’s participation in the digital economy through targeted skills development.
The investment is also intended to strengthen competition by giving Yas additional capacity to expand and modernise its services.
For consumers and businesses, greater infrastructure investment could improve network reliability, broadband availability and access to digital services. For the EBRD, the transaction demonstrates how its entry into sub-Saharan Africa can combine direct lending, institutional capital mobilisation and local-currency financing.
The €270 million package therefore represents more than a conventional telecoms loan. It gives Yas substantial financial capacity to expand its African networks while establishing new financing structures for the EBRD in a region where demand for reliable digital infrastructure continues to grow.
Sources: European Bank for Reconstruction and Development / AXIAN Telecom
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