Paradigm Towers Ventures Takes Over IHS Rwanda’s 1,467 Tower Sites
Paradigm Tower Ventures has made its maiden investment by closing the acquisition of IHS Rwanda Limited from IHS Holding Limited, backed by a consortium of investors including Convergence Partners, British International Investment, and Proparco.
Rand Merchant Bank, a division of FirstRand Bank Limited, acted as mandated lead arranger, sole funder and financial advisor to Paradigm Tower Ventures, according to a statement on Wednesday.
Originally announced in May 2025, the transaction transfers ownership of approximately 1,467 tower sites across Rwanda to Paradigm, establishing the platform as Rwanda’s leading independent tower operator. The tower sites support the networks that enable 5.3 million Rwandans to access mobile money and other digital services.
The acquisition will enable better connectivity and lower cost of cellular services to mobile users in Rwanda and beyond, Paradigm said.
On top of this initial platform seed investment, Paradigm aims to build, invest in and operate more high-quality, carrier neutral tower assets, according to the statement.
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.”
Andile Ngcaba, Founder and Chairman of Convergence Partners, added: “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.”
“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,” commented 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.
