Finnish development financier Finnfund has invested €2 million (approximately R39.9 million) in the Fibertime Group, a South African company offering fast, uncapped, and time-based open-access fibre internet in townships. Fibertime aims to address the usage gap by providing affordable internet access to individuals sensitive to data costs. The company’s initiatives include the Kayamandi Fibre Project, a collaborative effort involving Nokia, Liquid Intelligent Technologies, and others. The project leverages Nokia’s technology to provide fibre-to-the-home connectivity to Kayamandi Township, near Cape Town, with a pay-as-you-go model and micro-payments using VulaCoin digital wallets.
Key Points:
- Finnfund, the Finnish development financier, has invested €2 million in the Fibertime Group, a South African company offering affordable and uncapped fibre internet in townships.
- Fibertime focuses on addressing the usage gap by providing reliable and affordable internet access to individuals sensitive to data costs.
- The company’s Kayamandi Fibre Project, launched in partnership with Nokia, Liquid Intelligent Technologies, and others, provides fibre-to-the-home connectivity to Kayamandi Township near Cape Town.
- The project involves a collaborative effort to offer free installation and routers to Kayamandi households, with vouchers for time-based internet access available in increments of R5.
- The Fibertime model includes a pay-as-you-go approach, allowing users to access uncapped internet on a time-based payment basis.
- Over 1,000 homes in Kayamandi have been connected to Fibertime, providing unlimited data with a pay-as-you-go model.
- Nokia’s technology, including fibre access nodes and modems, plays a crucial role in the Fibertime initiatives.
- Fibertime’s partnership with VulaCoin enables digital wallets for micro-payments, further supporting affordability and accessibility.
- The investment by Finnfund reflects a commitment to digital inclusion and supporting initiatives that provide essential services like affordable and uncapped internet access.
Analysis: Finnfund’s €2 million investment in the Fibertime Group underscores the importance of supporting initiatives that aim to bridge the digital divide and provide affordable internet access in underserved communities. Fibertime’s focus on townships aligns with the goal of addressing the usage gap and making reliable internet access accessible to individuals sensitive to data costs. The Kayamandi Fibre Project’s collaborative approach involving Nokia, Liquid Intelligent Technologies, and others demonstrates the potential for partnerships to drive impactful connectivity initiatives. Fibertime’s innovative model, combining pay-as-you-go and micro-payment approaches, contributes to making internet access more affordable and inclusive. The use of Nokia’s technology plays a crucial role in the success of Fibertime’s initiatives, emphasizing the importance of technology partnerships in advancing digital inclusion. Overall, Finnfund’s investment reflects a commitment to supporting projects that have a positive impact on local communities by enhancing internet connectivity and digital opportunities.
