Finnfund closed a 4 million US dollar debt investment with Kenyan Poa Internet to expand affordable broadband
Finnfund closed a 4 million US dollar debt investment with Poa Internet Kenya Ltd. (“Poa Internet”), a Kenyan internet service provider, to expand its network and improve internet accessibility. The investment aims to support Poa Internet in bridging the digital divide by providing affordable broadband internet to underserved communities in Kenya.
“We are excited to support Poa Internet in expanding its provision of high-speed internet to lower income areas in Kenya. At Finnfund, digital infrastructure is one of our strategic priorities. Improving digital connectivity through affordable broadband internet supports economic growth and enables inclusive access to remote work, financial services, education, healthcare, and provides possibilities for small businesses to connect with global value chains. This new investment, supported by the European Union and the European Fund for Sustainable Development Plus, underscores our commitment to fostering digital inclusion and economic growth across the continent,” says Kelvin Kiiru, Investment Associate at Finnfund.
Finnfund is acting in a broader Finnish-Kenyan context with Nokia serving as preferred fibre technology partner for Poa Internet. Furthermore, earlier this year in May the President of the Republic of Finland Alexander Stubb, and his spouse Suzanne Innes-Stubb visited Kawangware in Nairobi to learn about Poa Internet’s operations in the area, including affordable residential internet services and the transformative impact of connectivity in low-income communities.
“We are delighted to be partnering with Finnfund on our mission to bring internet access to every home in Africa. Abundant broadband connectivity is a fundamental enabler for trade, education, healthcare and government services. Using Finnfund’s financing and Nokia’s fibre infrastructure we will be able to bring Poa’s highly affordable internet service to even more Kenyan communities and increase their digital inclusion,” says Andy Halsall, CEO of Poa Internet.
“As part of the EU’s Global Gateway, this investment in Poa Internet is bringing high-speed, affordable internet to more under-served neighbourhoods and vibrant communities in Kenya’s cities. It proves that human-centred digitalisation is not just a vision, but a reality—one that empowers people, creates opportunities, and strengthens social inclusion. The private sector is a crucial partner in this journey, helping us bridge the digital divide and ensure that everyone can participate in and benefit from the digital economy,” says Henriette Geiger, EU Ambassador to Kenya.
More information
Kelvin Kiiru, Investment Associate, Finnfund
kelvin.kiiru@finnfund.fi, tel. +254 704 469 903
Media contacts
Terhi Elomaa, Communications Manager, Finnfund
terhi.elomaa@finnfund.fi, tel. +358 40 194 0281
This investment is made with support from the European Union and the European Fund for Sustainable Development Plus (EFSD+), one of the financing tools of Global Gateway, promoting sustainable investments in the EU’s partner countries. Finnfund has utilized an EFSD+ guarantee under the Africa Connected program, which supports investments into rural connectivity solutions, access to data, and digital solutions in sub-Saharan Africa. For more information, please visit finnfund.fi.
Finnfund in brief
Finnfund is a Finnish development financier and impact investor. Finnfund builds a sustainable future and generates lasting impact by investing in businesses that solve global development challenges with Finnish added value. Each year, we invest 200–250 million euros in 20–30 companies in developing countries. Our focus is particularly on digital infrastructure and solutions, clean energy, forestry, agriculture, and on providing funding for small and medium-sized enterprises through financial institutions. Today, Finnfund’s investments, commitments, and investment decisions total about 1.3 billion euros. The company has about 100 employees based in Helsinki and Nairobi. For more information, please visit https://www.finnfund.fi/en
