Digital services provider Liquid Intelligent Technologies has invested around R1 billion ($55.1 million) to expand its fibre optic network in South Africa over the past four years, the company’s CEO Deon Geyser (pictured) revealed in a recent interview with local media outlet ITWeb on the sidelines of the Africa Tech Festival 2024 in Cape Town.

According to Mr Geyser, the company is looking to provide fibre coverage in underserved areas of South Africa, particularly in the Western and Eastern Cape provinces. It has secured a R900 million loan from the International Finance Corporation (IFC) and Rand Merchant Bank (RMB) in 2023 to continue its expansion.

These investments come against a backdrop of sustained growth in the fibre optic market in South Africa. According to the Independent Communications Authority of South Africa (ICASA), the number of fibre optic internet subscriptions has increased from 1.02 million in 2019 to 1.48 million in 2023, an increase of 45.1%. Fibre optics now accounts for 83.62% of the 1.77 million fixed broadband internet subscribers in the country.

At the same time, Internet service providers (ISPs) such as Fibertime and Net Nine Nine are strengthening their infrastructure to meet growing demand. Telecoms operator Telkom recently changed its mind about selling a minority stake in its fibre optic subsidiary Openserve. The company has even decided to make it a pillar of its future growth. In addition, Vodacom is trying to acquire a 30% stake in infrastructure group Maziv, but the deal has been blocked by the Competition Tribunal.

Source: Agency EcoFin