Liquid Intelligent Technologies, part of the pan-African technology group Cassava Technologies, is set to boost its South African operations with a substantial R900 million investment. This funding, contributed equally by the International Finance Corporation (IFC) and Rand Merchant Bank (RMB), will propel the Eastern Cape Fibre Project aimed at enhancing broadband connectivity across the region.
Group Chief Executive Officer of Liquid Intelligent Technologies, Hardy Pemhiwa, expressed enthusiasm about the partnership, emphasizing its alignment with the company’s mission to improve broadband services and positively impact local communities. The investment will not only broaden the fibre network in the Eastern Cape but also focus on upskilling South Africans and generating employment opportunities. Pemhiwa regards this as a significant advancement in financing and developing digital infrastructure within the nation.
Sarvesh Suri of the IFC echoed the sentiment, highlighting digital connectivity as a cornerstone for economic development and societal enrichment. The IFC’s collaboration with Liquid South Africa is a concerted effort to bridge the digital divide in the Eastern Cape, facilitating internet access in regions that have traditionally been underserved.
Despite being one of the least connected areas in South Africa, with only 65% of households having internet access and a mere 5% with home access, the Eastern Cape’s digital landscape is poised for transformation. This figure falls significantly below the national average, where 10% have internet access at home, indicating a critical need for enhanced digital infrastructure.
Nana Phiri, Head of Corporate Client Group at RMB, shared the bank’s pride in co-arranging and funding the initiative, which aligns with their commitment to digital inclusion. RMB’s approach is to partner with clients invested in bridging the digital gap to mitigate the social challenges of digital exclusion. The bank anticipates engaging in similar ventures across Africa.
The Eastern Cape Fibre Project has already marked a transformative phase for Liquid South Africa, aligning with the government’s 2030 National Development Plan for 100% broadband coverage. With over R400 million invested, the project has connected more than 1,300 government buildings and created numerous jobs, fostering innovation and digital literacy even in remote parts of the province.
This significant expansion of high-speed internet infrastructure promises to drive job creation and stimulate economic growth. It extends beyond immediate benefits by reinforcing South Africa’s digital ecosystem, enabling e-government services, and reaching traditionally underserved communities.
Looking ahead, Liquid Intelligent Technologies anticipates the profound effects of this investment on South Africa’s digital infrastructure and societal advancement. This move marks a vital step towards achieving a fully connected African continent, underpinned by inclusive connectivity where everyone has access to the digital world.
The IFC’s investment is a part of a broader collaboration with Liquid, which focuses on elevating digital connectivity and fostering a thriving digital ecosystem across Africa.
