AFC approves $230m loan for Nigeria's 9mobile

AFC approves $230m loan for Nigeria’s 9mobile

The Africa Finance Corporation has approved a $230 million loan for Nigerian Telecom Company 9mobile, the firm said on Sunday.

Emerging Markets Telecommunication Services Ltd. (EMTS), trading as ‘9mobile, is a Nigerian private limited liability company. EMTS acquired a Unified Access Service License from the Nigerian Communications Commission in 2007. 

AFC approves $230m loan for Nigeria's 9mobile

The company said that the money will be used to honor existing debts, finance its costs and invest in growth, a 9mobile statement.

9mobile, formerly called Etisalat Nigeria, is the country’s fourth-biggest telecoms operator and was operated by Abu Dhabi-based telecoms firm Etisalat until the local company defaulted on its debt, forcing lenders to step in to find new investors.

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Competition in Nigeria’s mobile telecoms market is intense, with the biggest operator, MTN, expanding its service through partnerships with banks.

AFC approves $230m loan for Nigeria’s 9mobile

The Africa Finance Corporation has approved a $230 million loan for Nigerian Telecom Company 9mobile, the firm said on Sunday.

Emerging Markets Telecommunication Services Ltd. (EMTS), trading as ‘9mobile, is a Nigerian private limited liability company. EMTS acquired a Unified Access Service License from the Nigerian Communications Commission in 2007. 

The company said that the money will be used to honor existing debts, finance its costs and invest in growth, a 9mobile statement.

9mobile, formerly called Etisalat Nigeria, is the country’s fourth-biggest telecoms operator and was operated by Abu Dhabi-based telecoms firm Etisalat until the local company defaulted on its debt, forcing lenders to step in to find new investors.