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Kigali/Mauritius, 15 October 2025 – Paradigm Tower Ventures (“Paradigm”), a newly established sub-Saharan African towers platform, backed by a consortium of investors including Convergence Partners, British International Investment, and Proparco has made its maiden investment by closing the acquisition of IHS Rwanda Limited from IHS Holding Limited (NYSE: IHS). Rand Merchant Bank, a division of FirstRand Bank Limited, acted as mandated lead arranger, sole funder and financial advisor to Paradigm Tower Ventures.
Originally announced in May 2025, the transaction transfers ownership of approximately 1,467 tower sites across Rwanda to Paradigm, establishing the platform as Rwanda’s leading independent tower operators. The tower sites support the networks that enable 5.3 million Rwandans to access mobile money and other digital services.
The acquisition will enable better connectivity and lower cost of cellular services to mobile users in Rwanda and beyond. Research[1] shows a 10 percent increase in mobile penetration leads to increase of 2.5 per cent in GDP per capita in African geographies.
Rwanda offers a stable operating environment, clear policy direction and sustained demand growth for connectivity. Its long-term digital vision has positioned the country as an attractive base for scalable infrastructure platforms. Paradigm’s entry reflects the consortium’s confidence in Rwanda’s growth trajectory and its commitment to enabling efficient, future ready digital networks.
On top of this initial platform seed investment, Paradigm aims to build, invest in and operate more high-quality, carrier neutral tower assets. This enables mobile operators to expand coverage and accelerate digital inclusion beyond Rwanda and across the Continent.
Stephen Harris, co-founder and chairman of Paradigm, said: “We are delighted to be expanding into the Rwandan market where Paradigm can bring its expertise in the operation and construction of shared digital infrastructure to assist in meeting the growing demand for digital based services. Our focus is to improve existing infrastructure to be more efficient and environmentally friendly, alongside facilitating the improvement of mobile network coverage and connectivity.”
Andile Ngcaba, Founder and Chairman of Convergence Partners, added: “This investment represents the kind of opportunity where shared conviction, capable partners and sound fundamentals come together to create lasting value across the Continent. We are proud to be investing alongside some of our own investors and a deeply experienced team at Paradigm that has built and operated leading tower platforms across Africa. As this platform grows, we see it serving as a critical enabler supporting the expansion of data, cloud and emerging AI-driven services that will define the next decade of infrastructure investment across the Continent.”
“Our investment in Paradigm reflects our commitment to bridging the digital divide in Rwanda and across Africa. By enabling affordable, high-quality connectivity, we’re helping unlock opportunities for millions, whether it’s a student accessing online learning, a small business owner using mobile payments, or a healthcare worker connecting with remote communities,” commented Abhinav Sinha, Managing Director and Head of Technologies, Telecoms and Sustainable Industrials, at BII.
“This investment reflects Proparco’s commitment to increase digital coverage and inclusion in Africa as well as its trust and continued support to Convergence as long-standing partner in the digital space,” noted Djalal Khimdjee, Proparco’s Deputy Chief Executive Officer.
[1] e-Conomy Africa 2020 report by International Finance Corporation
