earth rays


Optical Fiber (metro & inter-city, lit & dark), Sub-sea Cables and Ducts

Paucity of fiber and sub-sea capacity juxtaposed against projected demographic and economic growth portends massive supply/demand imbalance, increasing capacity utilization and appreciating valuation for data transmission assets.

Data Centers and Enterprise Services

Africa currently has one of the lowest densities of data center capacity in the world; enterprise data center services and adoption by corporate clients is still at an early stage. Hyperscalers such as Facebook, Amazon, Google and Microsoft are the primary anchor customers and are planning significant investments in data centers and supporting infrastructure to build a strong African presence. Data sovereignty and the nascent digitization of government, health and financial data create attractive demand extension opportunities.

Digital Spectrum and 4G/5G Towers

Upward trends in mobile, data and mobile financial service ARPUs, as well as rapid growth in mobile and smartphone penetrations from current levels will support rising values for tower portfolios and spectrum licenses in the African market.

Mobile Network Operators and Service Providers

Fast growing, youthful populations with some of the lowest mobile penetration rates in the world support strong subscriber growth and increasing interest in streaming content and services, such as e-sports, interactive e-gaming and mobile money underpin rising levels of ARPU and EBITDA as infrastructure platforms scale and broadband access points develop.

FinTech: eCommerce, mobile payments, micro-lending, BNPL, OTT apps

Low bank account penetration, lack of fixed line infrastructure and increasing coverage of data-led 4G networks is fueling demand for mobile internet-based financial applications and services. The landscape is particularly ripe for the success of online-to-offline (O2O) opportunities as was seen in Asia.

Favorable tailwinds and trends in Africa

- 11x growth in mobile data traffic (38% CAGR).

- 600M+ mobile users (larger than US or Europe) , 300M+ smartphone users.

- High upside from low mobile internet (28%) and smartphone (23%) penetration.

- Fastest-growing population and middle class in the world.

- High household consumption expenditure ($2Tn).

- GDP growth to exceed global GDP growth.

- Africa Continental Free Trade Area provides opportunities to offer regional and pan-continental services.

Growing investor interest in Africa

- $300Bn+ market cap of African firms on US exchanges.

- $25Bn+ invested in African private equity and venture capital.

- $10Bn+ value of African IPOs in the US (IHS, Jumia, Swvl).