This new funding will support Fibertime’s efforts to connect up to 1.8 million homes, focusing on communities that currently lack fast and affordable internet.

The project uses advanced fibre internet technology from Nokia and a flexible, pay-as-you-go pricing model designed by Fibertime Group.

This approach makes it easier for people in underserved areas to access the internet without paying high upfront costs.

Currently, about 80% of households in South Africa do not have access to fast and affordable broadband.

Fibre internet is mostly available in wealthier areas, leaving many townships behind and widening the digital divide.

In addition, high transaction fees make it difficult for many people to make small payments online, leading to a preference for cash.

With support from Finnfund and Nokia, Fibertime is working to bridge this gap and promote digital inclusion.

Since Finnfund’s first €2 million investment in 2023, Fibertime has already connected around 65,000 township households to the internet.

The new investment will help the company expand into more areas and reach more people.

Fibertime Group, along with its subsidiaries Fibertime and VulaCoin, offers unlimited data through a time-based pay-as-you-go model and digital wallets for easy micropayments.

“Finnfund is very pleased with Fibertime’s rapid growth and expansion, enabling more townships in South Africa to access the internet,” said Tuomas Vaulanen, Investment Associate at Finnfund.

“We are proud that Finnish technology, through Nokia, is playing a key role in this progress.”

Alan Knott-Craig, founder of Fibertime, welcomed the investment, saying:

“Finnfund’s continued support shows strong confidence in Fibertime and South Africa. It’s encouraging to see foreign investment being used to build infrastructure in townships, ensuring affordable fibre internet for everyone.”