Mauritius-headquartered telecommunications infrastructure operator Bandwidth and Cloud Services Group (BCS) is shifting from reliance on development finance institutions (DFIs) to commercial capital with a $47-million funding package from Rand Merchant Bank (RMB) .

RMB, which acted as joint mandated lead arranger, structurer and funder on the deal, has classified its portion of the funding as a social loan, recognising the direct societal benefits of BCS’s network expansion.

The transaction is part of a broader shift in which African digital infrastructure operators are increasingly accessing private capital to scale their networks and reach underserved communities.

BCS operates a rapidly expanding fibre network across East, Central and Southern Africa with over 80-million end-users and over 80 000 km of connectivity.

The funding will unlock additional capital that will support further rollout of critical wholesale telecommunications infrastructure, providing improved digital access to millions of users across the continent, including schools, hospitals and public institutions.

“By structuring it as a social loan, we are reinforcing our commitment to aligning capital with outcomes that improve education, healthcare and inclusion across underserved regions,” said RMB sustainable finance team member Beth Rivett-Carnac, noting that the transaction reflects a growing recognition that digital inclusion is fundamental to social equality.

RMB’s role also included active financial advisory support to assist BCS in managing the refinancing of existing DFI debt and restructure its capital base for scalable, sustainable growth.

“BCS has a compelling long-term vision underpinned by a strong operating model. We have worked closely with their team over the past four years and are well positioned to provide strategic input, guide stakeholder alignment and structure a fit-for-purpose capital solution to enable this next phase of growth.”

RMB debt financing solutions: client group lead for technology, media and telecommunications and retail Blessings Magagane added that the partnership was an important milestone in the bank’s journey as it continued to build the digital backbone of Africa.

“RMB brought sector insight, responsiveness and a problem-solving mindset throughout. We are pleased to have a long-term partner who understands the realities of our operating environment,” BCS Group MD Yonas Maru concluded.

The transaction includes a $42-million term loan that closed in June 2025, a $15-million uncommitted accordion to be used for fibre expansion in the Democratic Republic of Congo and a further $5-million short-term facility scheduled for finalisation in the coming months. It forms part of RMB’s broader strategy to support digital infrastructure on the continent and drive connectivity across Africa.