What AXIAN does

AXIAN Group is a privately held, family-owned pan-African conglomerate founded in 2015 by brothers Hassanein and Amin Hiridjee (third generation of the Hiridjee entrepreneurial family), headquartered in Antananarivo, Madagascar. Operating across 19 countries in Africa and the Indian Ocean, the group is structured into five business clusters — AXIAN Telecom, AXIAN Energy, AXIAN Financial Services, AXIAN Digibank & Fintech, and AXIAN Properties — encompassing 22 brands and serving 42 million mobile subscribers, 24 million mobile money customers, 352,000 banking clients, and 800,000+ people served by solar mini-grids. Legal entity is AXIAN SUPPORT SERVICES (R.C.S. Antananarivo 2017 B 00272).

The company's revenue model is highly diversified across subscription-based mobile telecom (Yas brand in Madagascar, Comoros, Senegal, Togo, Tanzania), transaction fees on mobile money (MVola/Mixx processing $46 billion in 2024 transactions), banking NIM and fees (BNI Madagascar's 110-branch network), digital microfinance interest (KRED, 16,300 borrowers), insurance premiums (VIA Assurance, SANKO brokerage), solar PPAs and hardware sales (NEA, WeLight, MBalik), fuel distribution (Jovena, Eydon Petroleum), real estate sales and facility management (First Immo, SGEM), and venture investment returns (AXIAN Investment's 77-business portfolio across 28 countries). Underlying technology includes MVola mobile money platform, Silver Links (first African carrier with submarine/terrestrial cable networks), StellarIx data hosting, Oracle AI-powered ERP (May 2026 deployment), and proprietary solar mini-grid infrastructure. Group turnover reached $2.75 billion in 2024 with +52% EBITDA growth, supported by 9,200 staff across 43 nationalities.

The go-to-market is hybrid: direct retail through bank branches and telecom stores, agent networks (MVola Cash Points), self-serve mobile apps, enterprise direct sales for energy PPAs and infrastructure projects, and B2B partnerships (Mastercard, Ecobank, Oracle, EAIF, FMO, DEG, IFC, Proparco). AXIAN targets underserved African consumers, micro and small businesses (TPE/PME), rural communities, and national utilities/governments seeking infrastructure partnerships. Strategic priorities include financial inclusion via mobile money, rural electrification via solar mini-grids, renewable energy transition, and digital sovereignty through African-owned telecom and data infrastructure.

Name

AXIAN

Legal name

AXIAN SUPPORT SERVICES

Website

https://axian-group.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

AXIAN Group is a privately held, family-owned pan-African conglomerate operating across 19 African and Indian Ocean countries through five clusters — Telecom, Energy, Financial Services, Digibank & Fintech, and Properties — serving 42M mobile subscribers, 24M mobile money customers, and 800,000+ rural energy users via 22 brands.

Ownership category

akta.pro rank

Product category

Pan-African Conglomerate (Telecom, Financial Services, Energy, Real Estate)

NAICS

Miscellaneous Financial Investment Activities (523999), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940), Agents for Wireless Telecommunications Services (517122)

SIC

Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211), Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Cash-in/Cash-out (CICO) Agent Networks (FSAMAOAB)

akta.pro secondary industries

Intercompany & Consolidation Support (Eliminations, Group Reporting Support) (BPAAAGAG), Carbon Finance & Investment Advisory (Project Finance, Funds, SPVs) (EUABADAD)

Keywords

• Mobile money services
• Renewable energy solutions
• Telecommunications services
• Digital banking services
• Microfinance products

Headquarters

HQ city

Antananarivo

HQ country

Madagascar

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Telecom Services (Yas Mobile): Mobile voice, data and SMS subscription plans across Yas-branded MNOs in Madagascar, Comoros, Senegal, Togo, Tanzania plus tower infrastructure services via TowerCo of Africa. Recurring monthly/usage-based tariffs across 42 million mobile subscribers.
2. Mobile Money Transactions (MVola/Mixx): Transaction fees and float income on $46Bn in mobile money financial transactions in 2024 across 24 million registered customers in Africa and Indian Ocean. Includes P2P transfers, bill payments, merchant payments, and international remittances.
3. Banking Services (BNI Madagascar): Corporate and retail banking fees, account servicing, lending margins and transaction-based income across 110 agencies and 352,000 clients. Largest community and corporate bank in Madagascar.
4. Microfinance (KRED): Interest and fees on digital microcredit loans extended to micro and small businesses (TPE/PME) in Madagascar; 16,300 people financed, half of whom are women.
5. Insurance Underwriting (VIA Insurance and VIA Assurance): Premium income from newly launched inclusive digital insurance products in Madagascar, with expansion planned to other underserved African markets. Marked as diversification beyond telecom, energy, real estate and fintech.
6. Insurance Brokerage (SANKO): Commission-based brokerage and risk management services (formerly IORS), helping clients improve insurance coverage across African markets.
7. Energy Sales (Solar IPP): Long-term Power Purchase Agreement revenue from utility-scale solar and storage projects, including 25-year PPA with Senelec for NEA Kolda (60MWp PV + 72MWh storage) in Senegal. Plus mini-grid tariff revenue from WeLight.
8. Solar Hardware (MBalik Kits): One-time hardware sales of domestic solar energy kits to households in non-connected areas.
9. Real Estate (First Immo / AXIAN Properties): Development, sale and rental of commercial and residential properties in Madagascar; property management fees via SGEM facility management.
10. Investment Income (AXIAN Investment): Returns from fund-of-funds portfolio and direct corporate venture capital investments in 77 businesses across 28 African countries (and globally), including stakes in Pula, MaxAB, Lipa Later, Djamo, Workpay, Cassbana, Jetstream, Chari, Bosta, Widebot, Curacel, Hamilton and others.
11. Facility Management (SGEM): Recurring facility management and technical building management fees for real estate infrastructure operation, maintenance and value enhancement.
12. Data Hosting (StellarIx): Recurring revenue from data hosting and infrastructure management services for enterprise clients across Africa.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels8 records

Core offering

AXIAN Group is a diversified pan-African conglomerate that delivers mobile telecommunications (Yas brand), mobile money and digital banking (MVola, Mixx), corporate and retail banking (BNI Madagascar), digital microfinance (KRED), insurance underwriting and brokerage (VIA, SANKO), renewable and hybrid energy (utility-scale solar, mini-grids, fuel distribution), real estate development and facility management (First Immo, SGEM), and infrastructure investments (AXIAN Investment CVC and fund-of-funds) across Africa and the Indian Ocean.

Product overview

AXIAN is a diversified pan-African conglomerate structured as a platform of five business clusters: AXIAN Energy, AXIAN Financial Services, AXIAN Digibank & Fintech, AXIAN Properties, and AXIAN Telecom. Each cluster operates multiple sub-brands and subsidiaries delivering infrastructure and services across digital, energy, financial, and real estate domains. AXIAN Telecom's mobile network operators operate under the Yas brand across Madagascar, Comoros, Senegal, Togo, and Tanzania, with telecom infrastructure handled by TowerCo of Africa and submarine/terrestrial cables by Silver Links. The fintech ecosystem is unified under AXIAN Digibank & Fintech, with MVola as Madagascar's first digital bank, Mixx by Yas as the mobile money solution for Togo, Senegal, and Tanzania, and a Decentralized Digital Financial Institution licensed in Comoros. AXIAN Financial Services encompasses BNI Madagascar (corporate bank), KRED (digital microfinance), and the newly launched VIA Assurance insurance underwriting platform alongside SANKO insurance brokerage. AXIAN Energy includes WeLight (rural solar mini-grids via joint venture with Sagemcom), NEA (New Energy Africa, including the 60MWp NEA Kolda solar-plus-storage project), Jovena fuel distribution, Eydon Petroleum, MBalik domestic solar kits, and acquired plants like Zambia's 54.3 MW Bangweulu Solar PV. AXIAN Properties covers First Immo (real estate development) and SGEM (facility management). Underpinning all clusters, AXIAN Investment operates a Corporate Venture Capital portfolio of 30+ African tech startups across insurtech, fintech, e-commerce, healthtech, logistictech, and cybersecurity, plus a Fund of Fund arm. Supporting functions include AXIAN University for cross-disciplinary training, StellarIx for data hosting, AITS for IT services, Connecteo for customer support, and Fondation AXIAN for philanthropic programs.

Differentiator

Problem solved

Functional benefit

Brands

• AXIAN Energy: Renewable and hybrid energy operations including utility-scale solar, mini-grids, and rural electrification.
• AXIAN Financial Services
• AXIAN Digibank & Fintech
• AXIAN Properties
• AXIAN Telecom
• MVola
• Mixx by Yas
• Yas
• BNI Madagascar
• KRED
• VIA Assurance
• SANKO
• TowerCo of Africa (TOA)
• TowerCo of Madagascar (TOM)
• WeLight
• NEA (New Energy Africa)
• Jovena
• MBalik
• Eydon Petroleum
• Silver Links
• StellarIx
• First Immo
• SGEM
• Telma
• Togocom / Togocel
• Free Senegal
• AITS
• Connecteo
• NextA
• Alterra
• Green Energy Solutions (GES)
• Wananchi
• AXIAN Investment
• Fondation AXIAN
• AXIAN University

Products and services

• MVola Mobile Money Madagascar's first Electronic Money Institution (2018) and first digital bank (2021), MVola provides mobile money services including money transfers, savings, advances, and insurance to consumers in Madagascar and Comoros.
• Mixx by Yas Mobile Money Mobile money solution operating in Togo, Senegal, and Tanzania under the Yas telecom brand; enables money transfers, bill payments, mobile credit top-ups, merchant payments, cash advances, and Mastercard-powered physical and virtual cards (in Senegal).
• Yas Mobile Telecommunications AXIAN Telecom's mobile network operator brand across Madagascar, Comoros, Senegal, Togo, and Tanzania offering voice, data, SMS, and digital services to 42 million mobile subscribers across Africa.
• BNI Madagascar Banking Madagascar's leading community bank and corporate bank offering banking products and services for professionals and individuals through 110 agencies throughout Madagascar, serving 352,000 clients.
• KRED Digital Microfinance 100% digital microfinance brand of BNI Madagascar providing digital convergence between mobile and financial services for Malagasy micro and small businesses (TPE and SMEs), having financed 16,300 people (half of them women).
• VIA Assurance Insurance AXIAN Group's next-generation inclusive digital insurance company launched in 2026, providing accessible, responsive, and locally grounded protection for individuals, businesses, and institutions in Madagascar with planned expansion to other underserved African markets.
• SANKO Insurance Brokerage Insurance brokerage and risk management company (rebranded from IORS in 2023) helping clients improve insurance coverage and turn risks into opportunities across African markets.
• First Immo Real Estate Development Major real estate developer under AXIAN Properties delivering commercial and residential projects in Madagascar for over 20 years with emphasis on natural environments, innovative architecture, and high-quality materials.
• SGEM Facility Management Specialized facility management and building technical management service ensuring operation, maintenance, and enhancement of real estate infrastructure; also handles property rental management and condominium co-ownership administration. The No. 1 facility management solution in Madagascar.
• WeLight Solar Mini-Grids Joint venture with Sagemcom operating nearly 190 solar mini-grids across Madagascar and Mali serving 800,000+ people, dedicated to rural electrification in remote Sub-Saharan Africa. Africa's largest solar mini-grid operator; BCorp-certified.
• MBalik Domestic Solar Kits Domestic solar energy solution launched in 2019 offering accessible and reliable kits to power households with clean electricity, even in non-connected areas, to sustainably improve living conditions.
• TowerCo of Africa Telecom Infrastructure Telecom tower infrastructure operator in Madagascar and Africa (formerly TowerCo of Madagascar/TOM) operating telecom sites including biofuel-powered equipment; Top Employer-certified.
• Silver Links African Carrier Network First African carrier entity specialized in the development and operation of terrestrial and submarine telecom cable networks supporting Africa's digital sovereignty.
• StellarIx Data Hosting Company specializing in data hosting and infrastructure management in Africa, providing enterprise data center services across the continent.
• Jovena Fuel Distribution Fuel distribution company in Madagascar; combined with Eydon Petroleum operations in Senegal under unified branding aligned with the Jovena identity.
• AXIAN Digibank & Fintech Cluster AXIAN's unified fintech cluster offering money transfers, payments, and digital financial solutions including 24 million mobile money customers and processing $46 billion in financial transactions in 2024 via MVola, Mixx, and a Decentralized Digital Financial Institution licensed in Comoros.

Quantifiable outcome

• $2.75Bn Group turnover in 2024 with +52% EBITDA
• +8 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability2 records

Feature8 records

Partnerships

17 partnerships are on record, tiered flagship, core and minor.

• OracleflagshipTechnology or IntegrationAXIAN Group announced a strategic partnership with Oracle on May 22, 2026 to deploy an AI-powered unified ERP infrastructure across its African portfolio. Cloud-based transformation initially implemented in Tanzania with continental rollout, covering Yas, TowerCo of Africa, MVola, Mixx, STELLARIX, and zuku to enhance financial management, supply chain operations, and decision-making.
• MastercardflagshipStrategic or Co-development PartnerAXIAN and Mastercard formed a strategic collaboration (announced December 1, 2025) to launch digital payment solutions in five African markets: Madagascar, Comoros Islands, Senegal, Togo, and Tanzania. The partnership introduces virtual and physical cards and merchant solutions under AXIAN's Mixx and MVola brands, with features including real-time exchange rates, transaction monitoring and the ability to cancel transactions.
• SagemcomflagshipStrategic or Co-development PartnerAXIAN and Sagemcom created WeLight as a joint venture in September 2018 dedicated to rural electrification in remote areas across sub-Saharan Africa. WeLight currently operates nearly 190 solar mini-grids across Madagascar and Mali, serving more than 800,000 people in rural communities without national electricity access. The JV is raising €27M from IFC and founding shareholders to expand into Nigeria and the DRC.
• NorfundflagshipStrategic or Co-development PartnerNorfund (Norwegian government's investment fund for developing countries) co-founded WeLight alongside AXIAN Group and Sagemcom in 2018. WeLight operates nearly 190 mini-grids across Madagascar and Mali serving 800,000+ people and is expanding to Nigeria and DRC.
• Letshego GroupcoreStrategic or Co-development PartnerAXIAN confirmed a binding framework agreement with Letshego on April 27, 2026 to acquire selected East and West African financial services businesses. The acquisition expands AXIAN Digibank & Fintech's footprint into additional African markets.
• Senelec (Senegalese national electricity utility)flagshipChannel Partner/ Reseller/ DistributorSenelec is the offtaker under a 25-year Power Purchase Agreement for the 60MWp NEA Kolda solar-plus-storage project in Senegal, described as the largest solar-plus-storage plant in West Africa at financial close (€72 million financed by EAIF, FMO and DEG). Project will commission November 2026 and support Senegal's 40% renewables target by 2030.
• GreenYellowcoreStrategic or Co-development PartnerGreenYellow partnered with AXIAN's energy subsidiary Jovena in 2018 to create Green Energy Solutions (GES), a joint venture advancing clean energy solutions for commercial and industrial customers.
• Teyliom GroupcoreStrategic or Co-development PartnerAXIAN, alongside Teyliom Group and NJJ Capital, acquired Senegalese telecom operator Sentel/Tigo in May 2018, marking AXIAN's entry into continental Africa. The brand was subsequently rebranded as Free in 2019.
• NJJ Capital (Xavier Niel)coreStrategic or Co-development PartnerNJJ Capital co-invested with AXIAN to acquire Sentel/Tigo Senegal in 2018 and co-invested in Telco SA to operate the second telecom license in the Comoros.
• Iliad (Free, France)coreStrategic or Co-development PartnerIn 2015, AXIAN partnered with Iliad (France) to acquire the mobile operations of Outremer Telecom in Réunion and Mayotte, forming Télécom Réunion Mayotte (TRM).
• Ciel LTDcoreStrategic or Co-development PartnerCiel LTD partnered with AXIAN in 2014 to acquire BNI Madagascar, which is now AXIAN Financial Services' flagship banking subsidiary and Madagascar's leading community and corporate bank.
• EcobankcoreStrategic or Co-development PartnerEcobank partnered with AXIAN to enable Mixx Senegal to facilitate seamless payments through both physical and virtual Mastercard bank cards, supporting financial inclusion for individuals and businesses.
• Global Infrastructure Facility Advisory Council (World Bank Group)coreOthersAXIAN Group joined the Global Infrastructure Facility Advisory Council in 2026, joining other leading global infrastructure players to shape the agenda for sustainable infrastructure development in emerging markets.
• École 42 (42 Network)coreStrategic or Co-development PartnerAXIAN and École 42 announced a partnership in 2023 to open a 42 campus in Antananarivo by Q4 2023. Madagascar became the second African country to join the world's largest network of free, innovative, open-access IT schools with no degree or age requirements.
• United Nations Global Compact, GABI and Africa Business Leaders CoalitioncoreOthersAXIAN is a signatory of the UN Global Compact, a member of the Global Alliance for Building a Better Future (GABI), and a member of the Africa Business Leaders Coalition (ABLC), actively engaging in advancing sustainable development goals and climate commitments.
• Jumia Technologies AGcoreStrategic or Co-development PartnerAXIAN Group CEO Hassanein Hiridjee was elected to Jumia's Supervisory Board (announced May 28, 2026). Jumia held its Annual General Meeting on May 15, 2026 and elected five board members targeting adjusted EBITDA breakeven in Q4 2026 and full-year profitability in 2027.
• GSMA IntelligenceminorOthersAXIAN's telecom brands participated in GSMA Intelligence's fourth edition report on energy efficiency of mobile networks (March 24, 2025), benchmarking network energy consumption and sustainability practices across 16 operators in 73 countries serving over 1.7 billion connections.

Scale indicators21 records

Recent moves11 records

Expansion highlights8 records

Direct peers

• Safaricom: Kenyan mobile operator and M-Pesa operator, the dominant African mobile money platform. Comparable as integrated telecom + financial services franchise and a benchmark for AXIAN's mobile money scaling ambitions.
• Liquid Intelligent Technologies: Pan-African fiber optic and digital infrastructure operator with terrestrial fiber across multiple African countries. Comparable to AXIAN's Silver Links (terrestrial/submarine cables) and Wananchi fiber acquisitions.
• Econet Wireless: Pan-African diversified telecom, fintech (EcoCash), energy (Distributed Energy Africa), and digital infrastructure group founded by Strive Masiyiwa. Closest direct peer given multi-sector African conglomerate structure with family ownership.
• Helios Towers: Africa-focused telecom tower infrastructure operator with operations across multiple sub-Saharan African markets. Comparable to AXIAN's TowerCo of Africa (TOA) subsidiary and shares the multi-country African infrastructure operator profile.
• Sonatel (Orange Africa): West Africa's leading integrated telecom operator with mobile money (Orange Money), banking services, and fixed broadband across Francophone Africa. Directly comparable to AXIAN's Yas/MVola/Mixx franchise in Senegal and the broader WAEMU region.
• Airtel Africa: Pan-African mobile network operator with mobile money (Airtel Money) and operations across 14 African markets. Direct competitor to Yas in multiple markets and similar mobile money + telecom business model.
• MTN Group: Largest pan-African mobile operator with MTN Mobile Money (MoMo) across 16+ markets. Comparable as multi-country African telecom + fintech platform with overlapping presence in Madagascar, Comoros, and other AXIAN markets.

Emerging players

• Letshego Group: Pan-African inclusive financial services group with microfinance, lending, and insurance across 11 African markets. AXIAN's announced acquisition target for select East/West African operations; serves overlapping unbanked/underbanked customer base.
• M-KOPA: African pay-as-you-go solar home systems and connected asset financing provider serving off-grid households. Comparable to AXIAN's MBalik domestic solar kits and WeLight mini-grids in serving unelectrified African customers.

Broad incumbents

• Africa Finance Corporation: Pan-African multilateral development finance institution investing in infrastructure across Africa. Comparable institutional overlap with AXIAN Energy's DFI-backed renewable energy portfolio and both serve as enablers of African infrastructure build-out.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AxianGroup
• YouTubeyoutube.com/@axiangroup
• Facebookfacebook.com/axiangroup
• LinkedInlinkedin.com/company/axian-group
• Instagraminstagram.com/axiangroup
• TikToktiktok.com/@axiangroup

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries36 records

Funding overview

Funding rounds4 records

Investors5 records

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

M&A

Investments13 records

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

Frequently asked questions about AXIAN