Kenya’s ICT firms get new financier

Kenya’s information and communication technology (ICT) companies that have been having a difficult time to raise money and grow financially, have a new financier.

Local businessmen have started a multi-million dollar fund to support investment in the sector, this is expected to help solve the debt problem financing on players.
Many ICT companies start-up with limited track records and this therefore makes it difficult for them to get financing from banks, which will help programes favor well-established companies with good financial track records.

The equity fund say it will specifically finance players in telecoms, media and internet sub-sectors to help connect the rural digital divide in Africa.

By IT News Africa staff reporter