Kigali saw a major step forward for Rwanda’s digital future this week. A group of local banks closed a big financing deal under Project Zorro. The move supports the takeover of 1,467 telecom towers and brings a new operator focused on stronger connections across the country and beyond.
This agreement marks real progress in how Rwanda builds the infrastructure millions rely on every day for calls, internet, and mobile money services.
Project Zorro Brings Banks Together for Tower Acquisition
The deal backs Paradigm Tower Ventures in its acquisition of IHS Rwanda Limited, now rebranded as Ishara Towers Rwanda Ltd. Bank of Kigali Plc led the effort as the main arranger. It worked with BRD, BPR, I&M Bank, Ecobank, and Access Bank to put the financing together.
These six banks represent more than 90 percent of Rwanda’s banking sector. Their coordination on one project stands out as rare and shows growing confidence in big, long-term investments.
The financing is largely in Rwandan francs. This matches the company’s revenue, which is about 90 percent in local currency. The alignment reduces risks and builds stability for the operator.
Dr. Diane Karusisi, CEO of Bank of Kigali, welcomed the transaction. She said it proves the financial sector can handle complex deals while strengthening the foundations for connectivity, innovation, and economic participation.
Gordon Porter, CEO of Paradigm Tower Ventures, called it one of the largest debt syndications of its kind in Rwanda. He noted the strong local participation from the start. “This transaction delivers exactly that,” he added, highlighting how the franc funding matches the business needs.
From Sale to Local Financing: The Tower Story
Paradigm Tower Ventures first acquired the assets from global player IHS Towers in late 2025. The enterprise value stood at around 274.5 million dollars. The deal closed in October after regulatory approvals.
The 1,467 tower sites form a critical part of Rwanda’s mobile network. They support everyday services that millions depend on, from mobile money transactions to business connectivity and access to government online platforms.
Ishara Towers Rwanda now operates these sites with plans to maintain and expand them. The new local financing from Rwandan banks deepens the roots of the business in the country and provides capital for future growth.
This structure reflects a shift in how infrastructure projects get funded here. Local banks are stepping up as partners rather than just lenders, combining their capacity with the long-term vision of international developers.
How Better Tower Networks Help Ordinary Rwandans
Telecom towers serve as the backbone for mobile services across Rwanda. With near-universal 4G coverage in place, the country has made impressive gains in recent years. Yet gaps remain, especially in rural areas where demand for reliable internet keeps rising.1
Here are key ways these towers make a difference:
- They enable mobile money services used by millions daily for sending money, paying bills, and running small businesses.
- They support internet access that helps students learn online, farmers check market prices, and health workers deliver better care.
- They power enterprise connections that let companies operate smoothly and create jobs.
- They form the base for future upgrades to faster 5G networks.
Rwanda still needs hundreds of additional towers to reach full nationwide coverage and close the usage gap. Many people have network access but lack affordable devices or the skills to use digital services fully.
This deal helps address that challenge. Stronger infrastructure means more people can join the digital economy. It opens doors for innovation, better government services, and inclusive growth that reaches every corner of the country.
Paradigm Tower Sets Sights on Regional Expansion
For Paradigm Tower Ventures, Rwanda serves as the foundation for bigger plans. The company aims to build a Pan-African telecom infrastructure platform. Porter mentioned potential moves into markets like Kenya, Ghana, and Mauritius in the coming years.
This first investment gives the new operator a solid base of well-maintained towers. The local bank support adds stability and shows trust from Rwandan institutions in the business model.
The focus stays on shared infrastructure. Tower companies allow mobile operators to share sites, which cuts costs and speeds up network rollout. That approach benefits everyone by making services more affordable and reliable.
Rwanda’s Digital Economy Gains Momentum
The timing of this deal fits perfectly with Rwanda’s broader goals. The country continues pushing hard on digital transformation through projects like the Digital Acceleration initiative and new fintech developments. Officials want to create a knowledge-based economy where technology drives growth in every sector.4
Investments in towers directly support these ambitions. Better connectivity helps digitize public services, expand e-commerce, improve education outcomes, and attract more tech investment.
Local banks playing such a visible role also signals maturity in the financial system. They are not only providing funds but partnering on projects that shape the nation’s future.
As Rwanda works toward even higher internet usage and prepares for advanced technologies, deals like Project Zorro keep the momentum going. They prove that combining local expertise with strategic international investment can deliver results that matter on the ground.
This agreement goes beyond numbers on a balance sheet. It represents real progress toward a more connected Rwanda where opportunity reaches further and daily life benefits from stronger digital tools. The towers standing across the hills and cities now have solid financial backing to keep serving communities for years to come.
