Telecom major Bharti Airtel said it will invest $25 million for development of 3G network and introduction of Airtel Money services in African country Malawi.
"Our investment of $25 million in the development of the 3G network and introduction of Airtel Money are a clear demonstration of our commitment to deepen our network and bridge the digital divide," Bharti Airtel CEO and Joint MD Manoj Kohli said in a statement after meeting Malawian President Joyce Banda. Airtel Money platform allows consumers to send and receive money, directly pay utility bills, provide access to their bank accounts and top up their phones with air time.
"Airtel is committed to ensure Airtel Money services are within arm’s reach of the Malawian people," Kohli who heads the African operations of the company said. Kohli said 3G network will contribute significantly towards meeting the growing demand for high speed internet and wireless entertainment for large corporates, small and medium businesses and the youth in Malawi.
The company will also invest $10 million in green energy in Malawi by the end of the current financial year, the statement added. The telecom major has over 53.1 million customers across 17 African countries.
For the quarter ended 31 March, 2012, Airtel Africa had a loss of Rs 340.6 crore, while revenues stood at Rs 5,387.4 crore during the period.