Kenya’s Poa Internet, a local internet service provider, has raised $4 million from Finnfund in a debt investment to expand its network and improve internet accessibility.
Poa Internet will use the debt financing to bridge the digital divide by providing affordable broadband internet to underserved communities in Kenya.
According to Andy Halsall, CEO of Poa Internet, “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.”
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.
The fund is betting on Kenya as the country’s economic growth is expected to strengthen to 5.5 per cent this year, supported by resilient performance in tourism and recovery in the agricultural sector. Lower inflationary pressure and robust remittances to Kenyan households will also bolster consumer spending, representing a key driver for growth over the next few years.
“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 also believes digital tools and technologies are key drivers of economic growth, boosting productivity, fostering innovation and opening new markets. Digitalisation enhances access to information and resources, empowering entrepreneurs and small businesses, especially in developing countries. E-commerce platforms, mobile payments and digital supply chains have already revolutionised the business landscape, allowing greater participation in the global economy.
The investment into Poa Internet is part of the EU’s Global Gateway, as Poa Internet brings 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.