The International Finance Corporation (IFC) is investing Sh619mn (US$6mn) into Africa’s Talking, an African mobile technology provider.
The Nairobi-based start-up offers bulk SMS, short code and premium SMS, in addition to customised mobile messaging solutions for its customers.
As a member of the World Bank, the IFC is the largest global development institution focused exclusively on the private sector in developing countries.
The funds have been earmarked for the expansion of Africa’s Talking, with the IFC aiming to help it utilise more markets than the current seven countries where it already has a notable presence.
“What we are looking for is to continue expansion into Africa and to expand our product offering,” said Chief Operating Officer of Africa’s Talking, Bilha Ndirangu, speaking to Business Daily.
The stake that IFC will be acquiring in Africa’s Talking in return for its investment is yet to be disclosed, with talks on this matter still undergoing.
IFC will become one of a number of Africa’s Talking’s investors, as company already has a number of shareholders, including Samuel Gikandi, Eston Kimani, Bilha Ndirangu, and Better Ventures.
The company’s presence was also recently given a huge boost in Nigeria through its partnership with the country’s fourth largest telecommunication service provider, 9mobile.