Paradigm Tower Ventures, a newly established sub-Saharan African towers platform backed by a consortium of investors including Convergence Partners, British International Investment (BII), and Proparco, has made its first investment by closing the acquisition of IHS Rwanda from IHS Holding.

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.”

Originally announced in May 2025, the transaction transfers ownership of approximately 1,467 tower sites across Rwanda to Paradigm, positioning the platform as one of the leading independent tower operators in the country. These sites support networks that enable around 5.3 million Rwandans to access mobile money and other digital services.

The acquisition is expected to improve connectivity and reduce the cost of cellular services for mobile users in Rwanda and beyond. Research¹ shows that a 10% increase in mobile penetration correlates with a 2.5% increase in GDP per capita in African regions.

Rwanda offers a stable operating environment, clear policy direction, and sustained demand growth for connectivity. Its long-term digital vision has made the country an attractive location for scalable infrastructure platforms. Paradigm’s entry reflects the consortium’s confidence in Rwanda’s growth prospects and its commitment to supporting efficient, future-ready digital networks.

In addition to this initial investment, Paradigm plans to develop and manage more high-quality, carrier-neutral tower assets to help mobile operators expand coverage and accelerate digital inclusion across Rwanda and the broader continent.

“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,” said Andile Ngcaba, Founder and Chairman of Convergence Partners.

“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,” added 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.

Rand Merchant Bank, a division of FirstRand Bank, acted as mandated lead arranger, sole funder, and financial advisor to Paradigm Tower Ventures.