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African telecom firm Africell announced its plans to spend $100m to expand its infrastructure and fintech services, such as mobile payments, micro-insurance, and micro-finance.
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Africell founder and chief executive Ziad Dalloul told Reuters the money would help fund infrastructure investments for its operations in Uganda, Democratic Republic of Congo, Gambia and Sierra Leone. Mobile money payments, pioneered in Kenya, have expanded rapidly in other African nations where many people do not have bank accounts.
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