TowerCo of Africa

What TowerCo of Africa does

TowerCo of Africa (TOA) is a passive telecommunications infrastructure provider operating approximately 2,500 tower sites across four African markets — Madagascar, Uganda, Tanzania, and the Democratic Republic of Congo. The company was founded in 2011 as TowerCo of Madagascar through the carve-out of Telma's tower portfolio, expanded into Uganda via the 2021 acquisition of Ubuntu Towers, and was rebranded under the TowerCo of Africa identity in 2022–2023 to consolidate its pan-African operations. TOA is wholly owned by Axian Telecom, a pan-African operator serving approximately 36 million customers across nine markets, and is headquartered in Ebène, Mauritius with country offices in each market.

The company's product platform consists of five core services — Colocation, Built-to-Suit, Sale and Leaseback, In-Building Solutions (DAS-based), and Equipment Hosting — all built around shared passive infrastructure (towers, shelters, power systems) designed to support 4G and 5G deployment. Technology differentiation is concentrated in energy management for off-grid and rural sites: more than 60% of the portfolio runs on solar power, with additional pilots including vertical-axis wind turbine tower designs (developed with Wind-it), Jatropha-oil powered generators deployed at 10 Madagascar sites, and an in-house AI-based fuel management system that optimizes generator consumption across geographically dispersed locations.

Revenue is generated primarily through multi-year tower and energy lease contracts with mobile network operators, supplemented by sale-and-leaseback transactions, built-to-suit construction fees, in-building coverage deployments, and government universal-service projects such as the 262-site UCSAF rollout in Tanzania delivered for YAS. Sales run exclusively through direct B2B enterprise field teams in each country, targeting MNO procurement and network planning functions; colocation economics — where each additional tenant shares existing infrastructure at incremental margin — are the principal lever for revenue scaling on the existing footprint.

Name

TowerCo of Africa

Legal name

TOA S.A.

Website

https://towercoofafrica.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

TowerCo of Africa is a passive telecom infrastructure provider operating ~2,500 tower sites across Madagascar, Uganda, Tanzania, and the DRC. It leases shared tower and energy infrastructure to MNOs, ISPs, and government clients as a wholly-owned subsidiary of Axian Telecom.

Ownership category

akta.pro rank

Product category

Telecom Tower Infrastructure

NAICS

Commercial and Industrial Machinery and Equipment Rental and Leasing (5324)

SIC

Real Estate Operators (No Developers) & Lessors (6510), Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Macro Towers (Ground-Based & Rooftop) (HDAIAKAA)

akta.pro secondary industries

Tower Operations & Maintenance (Field Services) (HDAIAKAF), Telecom Tower & Mast Construction (Greenfield Builds, Foundations, Erection) (IMAFAIAC), Real Estate, Leasing & Colocation Management (Landlords/REITs) (HDAIAKAJ)

Keywords

• Tower infrastructure services
• Passive infrastructure leasing
• Telecom colocation solutions
• Built-to-suit towers
• Sale and leaseback

Headquarters

HQ city

Ebène

HQ country

Mauritius

HQ region

Africa

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Tower Leasing / Passive Infrastructure Rental: TOA builds, owns, and operates passive telecom infrastructure (towers, shelters, power systems) and leases space and guaranteed energy to mobile network operators and other telecom providers. Revenue is generated through long-term lease contracts with operators, with site sharing arrangements where additional tenants benefit from discounted rates. The model transforms operator capex into opex.
2. Built-to-Suit Services: Custom tower construction services where TOA handles site acquisition, permitting, construction, and ongoing operations and maintenance of passive infrastructure for clients. Comprehensive turnkey solution from planning through operation.
3. Sale and Leaseback: TOA acquires existing tower portfolios from operators who then lease back the space and energy. Provides capital release for operators while TOA takes ownership and management of the infrastructure.
4. In-Building Solutions (IBS): Internal coverage solutions for buildings such as hotels, offices, airports, and malls. TOA manages site acquisition, permitting, installation, and ongoing operation and maintenance with guaranteed power for indoor environments.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

TowerCo of Africa builds, owns, and operates passive telecom infrastructure (towers, shelters, power systems) and leases space and guaranteed energy to mobile network operators and other telecom providers. Revenue is generated through colocation, built-to-suit tower construction, sale and leaseback, in-building (DAS) solutions, and equipment hosting services under long-term contracts that transform operator capex into opex.

Product overview

TowerCo of Africa (TOA) is a next-generation TowerCo providing passive telecom infrastructure solutions across Africa. The company operates a platform of four interconnected core services: Colocation (shared infrastructure hosting), Built-to-Suit (custom tower development), In-Building Solutions (DAS-based indoor coverage), and Sale and Leaseback (portfolio acquisition and leaseback). These services are complemented by Equipment Hosting Services, enabling mobile network operators, ISPs, and government agencies to deploy network infrastructure without capex requirements. TOA's solutions share common elements including guaranteed power supply, passive infrastructure mutualization, and operational maintenance, all designed to minimize costs, optimize coverage, and reduce carbon footprint for telecom operators across emerging markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Colocation Passive infrastructure mutualisation solution where tenants lease space and guaranteed energy on existing tower infrastructure alongside other tenants. Enables cost optimization, coverage improvement, reduced carbon footprint, and faster time-to-market for MNOs and ISPs.
• Built-to-Suit Custom tower infrastructure development service where TOA handles site acquisition, permitting, construction, and ongoing operations and maintenance of passive infrastructure including the tower and guaranteed power, when the existing portfolio does not match the client's coverage requirements.
• In-Building Solutions Internal coverage solutions for buildings including hotels, offices, airports, and malls using Distributed Antenna System (DAS) technology. TOA manages site acquisition, permitting, installation, and ongoing operation and maintenance with guaranteed power for indoor environments.
• Sale and Leaseback Portfolio acquisition service where TOA purchases clients' site portfolios and leases back the space and guaranteed energy. Supports cost savings and infrastructure sustainability through site sharing and mutualization.
• Equipment Hosting Services Secure and efficient hosting solutions for telecommunication equipment on existing towers, coupled with attractive pricing plans. Enables MNOs and ISPs to expand network capacity without significant capital expenditure.

Quantifiable outcome

• Up to 600,000 people to benefit from enhanced connectivity through Tanzania BII-financed expansion of 200 new telecom sites
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Wind-it Tower InitiativecoreTechnology or IntegrationPartnership to develop telecommunications towers integrating vertical axis wind turbines. This cutting-edge design enables autonomous energy production, substantially reduces reliance on fuel generators, and combines wind power with mini solar installations to decrease carbon footprint while delivering best-in-class uptime for MNOs.
• Axian Telecom (Parent)coreOthersTOA is a fully owned subsidiary of Axian Telecom, a pan-African telecom and mobile financial services champion operating in nine markets and serving approximately 36 million customers. Axian Telecom is the strategic parent providing capital, direction, and operational synergies across the group.
• YAS (YAS Tanzania)coreStrategic or Co-development PartnerTOA serves as the infrastructure implementation partner for YAS Tanzania under the Universal Communications Service Access Fund (UCSAF) rural connectivity initiative. TOA delivered 262 telecom sites for YAS — the largest UCSAF lot awarded — ahead of schedule, setting benchmarks for execution and sustainability in Tanzania's rural digital inclusion program.
• MTN UgandacoreStrategic or Co-development PartnerStrategic partnership with MTN Uganda to strengthen connectivity across Uganda, including the West Nile region. TOA provides tower infrastructure and energy solutions supporting MTN's network expansion, with joint community engagement initiatives including solar energy for education programs and connectivity drives.
• Airtel UgandaminorStrategic or Co-development PartnerTOA Uganda partnered with Airtel Uganda as a bronze sponsor at the Kabaka Birthday Run 2026, a national public health event attracting 130,000+ participants focused on HIV/AIDS awareness. The partnership demonstrates TOA's community engagement and telecom ecosystem collaboration.
• Youth Go Green (YGG)minorStrategic or Co-development PartnerTOA Uganda partnered with Youth Go Green as the main coordinating organization for the National Green Schools and Restoration Campaign in Uganda, planting over 13,000 trees across Kitubulu Forest Reserve and 16 pilot schools, engaging over 3,000 students and teachers.
• UCSAF (Universal Communications Service Access Fund)coreStrategic or Co-development PartnerTOA partners with UCSAF, a government-led initiative in Tanzania to extend telecom services to underserved rural communities through public-private partnerships. TOA completed 262 UCSAF sites for its client YAS under the largest awarded lot, ahead of schedule, as part of Tanzania's digital inclusion strategy supported by the World Bank and Tanzanian government.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Helios Towers: LSE-listed pure-play African tower operator with ~15,000+ sites across Tanzania, DRC, South Africa, Senegal, and other markets. Direct competitor for MNO tower leases in Tanzania and DRC where TOA also operates, with similar business model and target customers.
• IHS Towers: One of the largest independent tower operators globally with ~40,000+ sites across Africa (Nigeria, Côte d'Ivoire, Cameroon, Rwanda, Zambia, etc.), Latin America, and the Middle East. Closest comparable to TOA in business model and emerging-market tower focus.

Broad incumbents

• American Tower Corporation (ATC Africa): NYSE-listed global tower REIT with significant African operations (acquired Eaton Towers' Africa portfolio). Competes in MNO tower leasing and represents the larger-scale incumbent that TOA must compete against for major MNO contracts.
• SBA Communications: Global tower REIT with a substantial portfolio across the Americas, Africa, and Asia. Less direct Africa presence but operates under a similar landlord-style business model for MNOs, providing valuation and operational benchmarks.
• Cellnex Telecom: Europe's largest independent tower operator with growing African exposure. Operates the same passive-tower-sharing business model targeting MNOs, providing relevant benchmarking on towerco economics and capital structures.

Others

• TowerCo of Madagascar (historical entity): Predecessor brand of TOA (rebranded in 2023). Included as a reference for the company's own historical scale and operational trajectory rather than as a separate peer.

Regional players

• Liquid Intelligent Technologies (Liquid Telecom): Pan-African fiber and infrastructure operator with wholesale connectivity offerings across multiple African markets. Overlapping geographic footprint with TOA and serves similar enterprise/wholesale customers, though focused on fiber rather than towers.
• Hotspot Network Limited: Nigerian tower company providing shared telecom infrastructure to MNOs. Similar tower-leasing model but geographically concentrated in Nigeria rather than across East/Central Africa where TOA operates.

Emerging players

• Africa Mobile Networks (AMN): Specialist in building telecom base stations for MNOs in rural Africa, often using solar power. Comparable in target geography (rural African sites) and energy profile (renewable-powered) but typically operates smaller, single-tenant sites versus TOA's multi-tenant portfolio.
• Tower Vision India: Indian independent towerco serving MNOs with colocation and built-to-suit services. Operates under similar structural business model (tenancy-based colocation economics) in an emerging-market context, useful as a financial benchmark.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/towerco-of-africa

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TowerCo of Africa