Metrofibre signs R5 billion deal with Standard Bank

Standard Bank will provide Metrofibre Networx with R5 billion in financing to facilitate its fibre roll-out and expand its connectivity into homes and businesses in underserviced communities across the country.

The bank said the financing is set to help increase Metrofibre’s network reach by an additional 500,000 households in South Africa.

Standard Bank’s executive for structured capital in its corporate and investment banking division, Nishel Ramgoolam, said the deal would help to empower South Africans through digital inclusion.

“Access to the internet is fundamental in closing the digital divide and giving individuals the opportunity to participate in the globally connected economy,” Ramgoolam said.

“This timely deal with a proudly South African digital infrastructure business supports our mission of driving positive, sustainable and truly embedded technological growth across the continent, and developing digital innovations that matter.”

Metrofibre Networx was established in 2010 and today ranks among the country’s top three fibre-to-the-home operators.

Its open-access network currently passes 350,000 homes in six provinces and hopes to reach an additional 500,000 residential homes by 2025.

It is a diversified network operator, a carrier-class Ethernet (CE 3.0) infrastructure company that today provides access to managed fibre optic broadband connectivity in South Africa.

Metrofibre Networx’s chief financial officer Wayne Edwards explained that the FNO plans to improve access to reliable telecommunications for most South African citizens.

He added that fibre would play an increasingly vital role in driving economic growth, increasing access to education, and providing myriad social benefits.

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Metrofibre signs R5 billion deal with Standard Bank