Finnfund, a Finnish development financier and impact investor, invested €2 million in Fibertime Group, a South African telecoms business, on Monday.
Fibertime’s fibre internet service will connect up to 1.8 million homes in rural areas, bridging the digital divide.
Finnfund’s Investment and digital inclusion
Finnfund has invested in Fibertime Group to bolster digital infrastructure and solutions in developing nations.
Tuomas Vaulanen, Investment Associate at Finnfund, expressed satisfaction with Fibertime’s rapid growth, stating, “Finnfund is very pleased with Fibertime’s rapid growth and expansion enabling more townships in South Africa to get access to the internet. As a Finnish development financier and technology-driven impact investor, we are, of course, proud that Nokia’s technology plays such a vital role in making this happen.”
Using technology to improve digital inclusion is demonstrated by this partnership with Nokia.
Fibertime Group, through its subsidiaries fibertime™ and VulaCoin, provides digital wallets for micropayments and unlimited data on a time-based pay-as-you-go pricing model.
South Africa needs this strategy, where 80 per cent of houses lack fast, inexpensive broadband internet. Wireless networks using Nokia fibre access nodes and modems enable safe, economical internet access.
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The impact of Fibertime Group
With the increased investment, Fibertime Group will expand to additional townships, connecting more homes and promoting digital inclusion. About 65,000 South African township families have been online since Finnfund’s 2023 investment.
Alan Knott-Craig, Founder of fibertime™, noted, “Finnfund doubling down is a vote of confidence in Fibertime and South Africa. Our country is attracting foreign direct investment, and those funds are going towards building physical infrastructure in townships so that all South Africans can have access to affordable uncapped fibre internet.”
This investment boosts Fibertime’s economic growth by creating jobs and improving education and employment.
Toni Pellegrino, Nokia’s South Africa Managing Director, highlighted the company’s commitment to driving digital goals in South Africa by bridging the connectivity gap. Nokia’s technology is integral to Fibertime’s mission to provide secure, affordable, and abundant data to densely populated areas.