Owing to the challenging economic conditions across West Africa, Tizeti Network Limited, the region’s solar-powered fixed Internet service provider, has sustained profitability and set to distribute its third consecutive yearly dividend to shareholders for the fiscal year ending December 31st, 2023, at a rate of 0.03 kobo per share.
Tizeti claims its success stemmed from its innovative business model, characterized by capital-efficient tower costs, next generation fiber to the home, vertically integrated operations spanning from submarine cables to fiber connected solar-powered towers, seasoned leadership, direct and partner investments across West Africa and strategic partnerships with industry leaders like Microsoft, MainOne, and Cambium.
Leveraging these strengths, Tizeti said it has significantly expanded its coverage footprint profitably, including recent expansions into Francophone West Africa and deeper penetration into key regions of Ghana and Nigeria.
According to the firm, in the past year alone, it has extended its reach to new territories in Nigeria and broadened coverage in existing regions, addressing critical digital disparities and fostering economic inclusion across the continent.
With nearly 200 towers operational across West Africa, Tizeti delivers over 180TB of Internet data daily, a testament to its impact in bridging digital divides and stimulating socio-economic development. It also delivered 35,219 TB as at December 2023, amidst industry challenges.
The founder and CEO of Tizeti, Kendall Ananyi, said, “We’re thrilled to announce our third dividend for shareholders, especially significant because we are paying this during the toughest period for internet service providers and telecommunications companies in Africa. We continued our expansions throughout Nigeria and across three key regions in Ghana and Cote d’Ivoire, and our commitment to narrowing the digital gap through accessible broadband services is driving lasting change across West Africa, laying the groundwork for a thriving digital economy while also providing tangible financial returns to our shareholders. Our track record of profitability five out of the last six years underscores the strength of our business fundamentals.
We extend our sincere appreciation to our shareholders for their unwavering support and look forward to delivering even stronger financial results in the years ahead.”
Tizeti’s co-founder and Chief Operating Officer, Ifeanyi Okonkwo, echoed Ananyi’s sentiments.
“With consistent profitability over the last few years, we are well-positioned to drive our expansion and growth across underserved locations in Anglophone and Francophone West Africa. As we continue to invest in our network for future growth, we remain committed to supporting our employees for the challenges ahead. We are proud to say that we have consistently distributed bonuses for the past five years.”
