9mobile has said it has gotten a loan of $230 million from the African Finance Corporation (AFC) to fund a overhaul of its product offerings.
This was contained in a statement released on Sunday and signed by Abdulrahman Ado, 9mobile’s Executive Director for Regulatory and Corporate Affairs.
According to him, the telco, which is Nigeria’s fourth-largest telecommunications service provider, said the funds will be channelled to innovative product development.
9mobile said it will be divided into two tranches and will be used to repay historic vendor obligations, finance costs and an interest reserve account and payment towards quick-win CapEx initiatives.
On its part, Nasiru Bayero, the chairman of 9mobile’s board of directors, said “we can only express gratitude to the AFC for approving this loan facility that would not only help our business sustainability but also grow it to serve our teeming and loyal customers in Nigeria better,” he said.
“We have completely reviewed our operational, regulatory, financial and technical architecture to ensure we deliver quality services and this facility would go a long way in giving best-in-class services to Nigerians
“Our turnaround efforts are well and truly underway. We had promised when we took over that we would justify the confidence in our brand by making significant investments that will improve the value Nigerians get for using 9mobile.”
The company, which was formerly trading as Etisalat, became 9mobile in November 2018 after an acquisition by Teleology Nigeria Limited.