Nigeria's Tizeti Secures Major Investment for 15-state Broadband Network Expansion
- Tizeti has secured a long-term financing agreement from Chapel Hill Denham's NIDF
- The debt facility will be used to finance the rollout of its broadband network across 15 states
- It will also be deployed to purchase additional equipment to expand its services
Tizeti, a Nigerian solar-based internet service provider, has successfully obtained long-term debt financing to deploy its advanced broadband network across 15 states in West Africa.
Headquartered in Lagos, Tizeti provides wireless internet services, offering high-speed unlimited Wi-Fi access to residential and business customers through wide-area Wi-Fi technology.
The company's reach extends nationwide, and it has been actively expanding into other African nations, having successfully launched services in Ghana and Ivory Coast.
It would be recalled that Legit.ng earlier reported that Tizeti embarked on mass recruitment to fill new positions created by its expansion efforts in ten states.
Source: UGC
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
Tizeti's funding provided by Chapel Hill Denham's NDIF
According to The Guardian, the financing for the broadband network expansion has been secured from Chapel Hill Denham's Nigeria Infrastructure Debt Fund (NIDF).
Kendall Ananyi, the founder and CEO of Tizeti, expressed enthusiasm about collaborating with Nigeria's largest infrastructure debt fund for this initiative.
Ananyi said:
We see tremendous opportunity for domestic capital in addressing digital exclusion barriers in Nigeria and this partnership will hopefully be one of many.
We will use this to build last-mile digital infrastructure that will move internet capacity to other Nigerian states and catalyse sustained development, value creation, improved connectivity, and a deeper and wider digital inclusion net.
This will also increase our coverage from five states and make us the largest internet service provider in Nigeria by coverage.
Currently, Tizeti caters to a user base exceeding three million subscribers in Nigeria, encompassing residential establishments, businesses, and hotspot users.
This is made possible through the company's extensive network of solar-powered base stations spanning five states.
Tizeti will utilize the recently secured debt financing to construct new internet infrastructure and acquire additional equipment.
The primary objective is to broaden its service reach to include Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna.
Anshul Rai, the Chief Executive Officer of NIDF, expressed enthusiasm about the collaboration between Chapel Hill Denham and Tizeti in advancing the development of a swift and dependable broadband network throughout Nigeria.
10 Best Internet Service Providers Offering Unlimited Data, Plans, Subscription Costs
Meanwhile, Legit.ng reported that the ongoing competition within the telecom industry has resulted in a significant decrease in the cost of the service in the country as numerous providers vie for the attention of Nigerian consumers.
A substantial portion of the service providers in Nigeria rely extensively on subscription models, tailoring their services to cater to the demands of corporate clientele.
Presently, Nigeria hosts 225 internet service providers, with additional entrants poised to join the sector.
It's essential to note that ISP operators operate in a distinct landscape from mobile telephone operators, who also provide internet services to their subscriber base.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
