Photo | courtesy.
Finnish development financier Finnfund has signed a Sh516.8 million ($4 million) debt investment agreement with Kenyan internet service provider Poa Internet to expand its network and improve access to affordable broadband in underserved communities.
The investment, supported by the European Union (EU) and the European Fund for Sustainable Development Plus, aims to bridge Kenya’s digital divide by scaling up internet connectivity in low-income areas.
“We are excited to support Poa Internet in expanding its provision of high-speed internet to lower income areas in Kenya. At Finnfund, digital infrastructure is one of our strategic priorities,” said Kelvin Kiiru, Investment Associate at Finnfund.
“Improving digital connectivity through affordable broadband internet supports economic growth and enables inclusive access to remote work, financial services, education, healthcare, and provides possibilities for small businesses to connect with global value chains,” Kiiru added.
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Poa Internet has been at the forefront of providing low-cost broadband solutions in Nairobi’s informal settlements and peri-urban areas. The new financing will help the company extend its reach to more communities across the country.
“We are delighted to be partnering with Finnfund on our mission to bring internet access to every home in Africa,” said Andy Halsall, CEO of Poa Internet.
“Abundant broadband connectivity is a fundamental enabler for trade, education, healthcare and government services. Using Finnfund’s financing and Nokia’s fibre infrastructure we will be able to bring Poa’s highly affordable internet service to even more Kenyan communities and increase their digital inclusion,” he added.
Nokia has been named as Poa’s preferred fibre technology partner, while in May, Finland’s President Alexander Stubb and his spouse visited Kawangware in Nairobi to witness Poa’s work in connecting low-income households.
EU Ambassador to Kenya, Henriette Geiger, hailed the deal as part of the EU’s broader Global Gateway strategy.
“This investment in Poa Internet is bringing high-speed, affordable internet to more under-served neighbourhoods and vibrant communities in Kenya’s cities. It proves that human-centred digitalisation is not just a vision, but a reality one that empowers people, creates opportunities and strengthens social inclusion,” she said.
The deal is expected to accelerate Kenya’s digital transformation by boosting internet penetration and enabling access to essential online services in education, healthcare, commerce and governance.
