Exactly one year ago Axian made the headlines when it launched its pan-African consumer brand “Yas” for mobile services in Madagascar, Comoros, Senegal, Togo and Tanzania, and “Mixx by Yas” for fintech services. This time, the Malagasy group is under the spotlight for getting its hands on Wananchi, a Kenyan-based telecom group focused on fixed broadband, fiber infrastructure and pay TV services. After several key acquisitions (Tigo Senegal in 2018, Togocom in 2019, Tigo Tanzania in 2022) targeting mainly the mobile segment, this move is the latest example of the group’s strategy to identify under-valued or struggling players, allowing it to enter new markets and quickly expand its footprint through acquisition. From a strategic standpoint this move has multiple implications for Axian. First, the group takes over the Zuku operations on both pay TV and fixed broadband segments. The latter will strengthen Axian’s presence in Tanzania, along with giving it immediate access to two fast–growing under-developed broadband markets, Kenya and Uganda, without having to build new fibre networks. Uganda’s fixed broadband market has quadrupled in the last two years to reach 196,000 subscribers in Q3 2025, though household penetration remains below 2%. In Kenya, where fixed broadband penetration is at 15%, the number of subscriptions grew by 39% year-on-year. Zuku is the third-largest fixed operator locally with a 12.5% market share and 275,000 subscribers. In a Sub-Saharan African market where changes in market structure rarely happen and new entrants are few, Axian will capitalize on this operation to enter top 10 fixed broadband actors with almost 400,000 subscribers at the end of Q3 2025, largely driven by Zuku’s scale in Kenya. On the pay TV segment, Zuku is also a mid-size regional operator in Eastern Africa with close to 280,000 subscribers split between DTH and cable services. This could allow Axian to strengthen its offerings in this part of Africa through bundled broadband and TV offerings and further expand its revenue diversification. Axian reported 20% year-on-year revenue growth in Q3 2025, fueled by strong customer additions in Tanzania, its largest revenue market since 2025, and a 19% increase in active data users across its operations. The group’s expansion has been further supported by its ability to secure significant financing backed by development funds, including a US$600 million bond in 2025 and a US$420 million debut bond in 2022, which it has used to transform underperforming operators into growing businesses. Axian intends to realize a similar operation with the Wananchi deal. One question remains: who will be next?
