Nigerian solar-based internet provider Tizeti has announced that it is set to expand its operations within Nigeria and Ghana, and into new neighboring countries Cote d’Ivoire and Togo. The company is also considering listing its Nigerian Subsidiary.
With over 2.8 million subscribers on its platform, a revenue of over $26.3-million over 10 years, and no debt, the firm is exploring an Initial Public Offer (IPO) in the stock market for investors/shareholders while setting its eyes on expanding its footprints across the Francophone and Anglophone countries in West Africa.
Speaking at the second edition of Tizeti’s annual event tagged ‘NeXTGEN 2.0: The Next Frontier’, the founder and CEO of Tizeti, Kendall Ananyi stressed that the broadband gap in Africa is still very high and operators like Tizeti must expand to ensure that more Africans have access to reliable, affordable internet.
According to him, Tizeti has been providing affordable unlimited internet service in Nigeria and Ghana using solar tower. The unique nature of the company’s solar-powered internet has brought about 30-50 percent cost savings on data cap plans, giving the brand an advantage against its competitors.
“This expansion is very strategic for us and for the continent. We have grown significantly within the last few years, being profitable in three out of the last four years and paid our first dividend this year. We currently have over 3884 hotspot locations and built 1 tower every month since we started, with 2.8 million users in Nigeria,” Ananyi said.
Speaking on the Francophone expansion, the co-founder and co-CEO of Tizeti, Ifeanyi Okonkwo highlighted the increased submarine cable investments in Africa to date, and the absence of middle-mile and last-mile infrastructure that moves the capacity where it is needed.
With Tizeti’s new infrastructure build-out across West Africa, Tizeti plans to bridge the digital divide and bring more Africans online via its unlimited service offering.
“We believe that Africa offers the most significant potential demand for broadband expansion, and we have looked at their populations, their relative contributions to GDP, the prevalence of higher and tertiary institutions, and other pool factors,” said Okonkwo.