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Safaricom Ethiopia has finalised a $257 million deal with the International Finance Corporation (IFC). The IFC will loan the telecom $100 million and invest $157.4 million in exchange for 7.25% equity. More in #TCDaily.
Safaricom Ethiopia has finalized on its investment funding from two members of the World Bank Group; IFC and MIGA.
Amid dropping profits, Safaricom is still keen in venturing into VC funding should shareholders approve the move.
As Safaricom’s mobile calls and short message revenue lines stagnate due to an increasingly saturated Kenyan market, Kenya’s biggest telco has grown reliant on mobile money, M-Pesa.