In October 2025, Paradigm Tower Ventures finalised a $274.5 million acquisition of IHS Rwanda’s 1,465 telecom towers, marking the exit of IHS Towers from the nation and the entry of a brand new, formidable participant. For Paradigm, co-founded by business veteran Stephen Harris, Rwanda is the launchpad for a broader African infrastructure enlargement technique.
“We’ve been in discussions with IHS for about 18 months,” Harris advised TechCabal in an interview on Monday. “After they publicly introduced their plan to boost half a billion {dollars} by means of asset disposals, it opened the door for us to maneuver in. Rwanda stood out due to its high-quality property, sturdy regulatory setting, and manageable working challenges in comparison with many different African markets.”
Based in 2019, Paradigm has already operated in Tanzania however sees Rwanda as the primary market underneath its newly structured investor platform. Backed by British Worldwide Funding (BII), Proparco, and Convergence Companions, Paradigm’s technique is to make use of the Rwandan operation as a base to increase throughout Sub-Saharan Africa.
For Harris, Rwanda affords a uncommon mixture of alternative and stability. “In comparison with different markets, Rwanda doesn’t have the identical energy provide and safety challenges,” he stated. “90% of the towers are grid-connected, and grid reliability is round 96%. That’s a robust basis for operational effectivity.”
Paradigm plans to construct not less than 250 new towers over the following few years to satisfy rising demand, notably in underserved rural areas. “We’ve had productive discussions with the regulator,” Harris stated. “They’re dedicated to enhancing connectivity and repair high quality, and we’re aligned with that imaginative and prescient.”
Financing and investor confidence
The acquisition was structured by means of a mixture of fairness and debt financing. Rand Service provider Financial institution (RMB) acted as the only funder, mandated lead arranger, and advisor on the transaction, whereas BII, Proparco, and Convergence Companions joined Paradigm as fairness buyers.
In line with Harris, the choice to work with RMB was strategic. “Not all worldwide banks can lend into Rwanda,” he defined. “We structured the financing in order that, over time, among the debt can be refinanced by means of native Rwandan banks. That helps hedge in opposition to overseas alternate threat since our revenues are in native foreign money.”
BII’s Managing Director and Head of Applied sciences, Telecoms, and Sustainable Industrials, Abhinav Sinha, described the deal as a part of BII’s long-term dedication to digital infrastructure on the continent.
“We’ve labored with Stephen for years,” Sinha advised TechCabal. “We see Paradigm as one of many few firms positioned to increase the place others have slowed down. Towers are the spine of digital connectivity, and Rwanda affords a strong nucleus from which to develop.”
Sinha added that the funding is designed not solely to make sure industrial success but additionally to bridge Africa’s connectivity gaps. “There’s a protection hole, sure, but additionally a top quality hole,” he defined. “Our function as DFIs is to catalyse personal capital, present early confidence, and make sure the enterprise stays viable and impactful.”
Why IHS exited and why Paradigm believes It might probably win
IHS Towers’ exit from Rwanda wasn’t attributable to underperformance. “They offered Rwanda not as a result of it was weak, however as a result of it was sturdy,” Harris stated. “It was a worthwhile asset they may divest to boost capital effectively.”
Nonetheless, Rwanda’s small market dimension — simply over 14 million folks with about 5.5 million broadband connections — presents financial limitations. Paradigm believes it might probably overcome these by means of environment friendly operations and strategic enlargement.
“Whereas Rwanda isn’t as giant as Nigeria, it has sturdy digital development,” Harris defined. “The federal government is progressive, information consumption is rising, and we see loads of headroom for development. Plus, the know-how panorama has developed; photo voltaic and battery improvements now make it viable to serve beforehand uneconomic rural areas.”
Harris added that the corporate is exploring solar-hybrid energy techniques for off-grid enlargement and smaller, extra cost-efficient tower designs. “The economics of shared infrastructure have improved. Gear is extra power-efficient, and batteries are cheaper. This enables us to roll out economically even in low-density areas.”
Whereas Harris is tight-lipped about particular new markets, he confirmed that Paradigm is assessing a number of Sub-Saharan African international locations for entry. “Now we have a transparent funding criterion,” he stated. “We search for markets with sturdy rule of regulation, viable cellular operators, and an enabling regulatory framework. If we are able to’t compete ethically or function transparently, we gained’t enter.”
He additionally emphasised the significance of working inside markets that worth the function of unbiased tower firms in decreasing operators’ capital burdens. “Our mannequin removes one of many greatest limitations for operators; passive infrastructure prices. That allows quicker rollouts and broader connectivity.”
Affordability and the digital divide
As the biggest tower firm in Rwanda, Paradigm inherits each accountability and alternative. With broadband penetration at 38%, affordability stays a significant barrier to digital inclusion.
“There are a number of layers to affordability,” Harris stated. “Smartphones have gotten cheaper — now you can purchase one for $30 — however we additionally want to make sure the networks that help them are cost-efficient. That’s why we’re investing in renewable-powered towers and smaller builds that decrease working prices.”
Sinha echoed the sentiment, highlighting how infrastructure funding feeds into financial development. “Connectivity is a job creator,” he stated. “We’ve seen folks use cellular web for commerce, logistics, and entry to data. Governments are beginning to see digital entry as a coverage device for financial improvement.”
For Paradigm and its buyers, success can be measured each financially and socially. “If Paradigm can enhance operational effectivity, improve tower tenancy, and increase sustainably into new international locations, that’s an enormous win,” stated Sinha.
Harris’s personal benchmark for achievement is in twofold; “to satisfy buyer demand by constructing new websites the place operators want them and to increase protection to rural areas that stay unconnected. It’s about making connectivity common, reasonably priced, and sustainable.”
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