9Mobile gets USD230m loan from Africa Finance Corporation

27 Aug 2019

Africa Finance Corporation has approved a USD230 million loan for Nigerian mobile operator 9mobile, Reuters reports. 9mobile stated that the money will be used to honour existing debts, finance its costs and invest in growth. 9mobile, which went through debt restructuring in 2017/18 following defaults, had around 9.3% of mobile subscribers in Nigeria at end-June 2019 according to TeleGeography’s GlobalComms Database, making it the country’s fourth largest cellco.