Pembani Remgro Infrastructure Fund II (PRIF II), a South Africa-based private equity fund, is poised to acquire a 35% equity stake in Mawingu Networks, a Kenyan internet service provider. This strategic investment will grant PRIF II a controlling interest in Mawingu, marking a significant milestone in the fund’s expansion into East Africa’s digital infrastructure sector.
The transaction is currently undergoing regulatory scrutiny by the Comesa Competition Commission (CCC), which oversees fair competition across the Common Market for Eastern and Southern Africa. The CCC announced on Wednesday that it will evaluate the potential impact of the acquisition on market dynamics within the region. While the Commission noted that there are no direct overlaps between PRIF II and Mawingu’s operations, it emphasized that the review will assess whether the deal could “substantially prevent or lessen competition in the Common Market.”
This development follows Mawingu’s successful $15 million debt financing round completed eight months ago. That round was led by an $11 million loan from the Africa Go Green Fund, and was aimed at expanding Mawingu’s fixed wireless and fibre internet services in underserved rural areas of Kenya. The funds also supported Mawingu’s acquisition of Habari, a Tanzanian ISP headquartered in Arusha, signaling the company’s regional growth ambitions.
Founded in 2013 by Joakim Vincze and Farouk Ramji, Mawingu initially leveraged unused television white space frequencies to deliver internet connectivity to remote communities. Over time, the company transitioned to more scalable technologies, including fibre and fixed wireless, enabling it to extend services to rural and peri-urban areas in western and northern Kenya—regions often neglected by larger telecom operators.
As of March 2025, Mawingu holds a 3.2% share of Kenya’s fixed internet market, ranking sixth among service providers. Its subscriber base has grown significantly, from just over 16,000 in 2022 to nearly 59,000, driven by strong backing from development finance institutions (DFIs) and early supporters such as Microsoft and the U.S. International Development Finance Corporation. To date, Mawingu has raised approximately $29 million across six funding rounds, attracting capital from a mix of DFIs and venture capital firms, including E3 Capital, FMO, Aster, Africa Go Green Fund, and Kepple Africa Ventures.
PRIF II, managed by Pembani Remgro Infrastructure Managers, is supported by a consortium of global development finance institutions, including the African Development Bank, European Investment Bank, British International Investment, and the Coalition for Human Rights in Development. Since its inception, the fund has invested in 11 companies across Kenya, Ethiopia, Uganda, Madagascar, and the Democratic Republic of the Congo, and has successfully exited four of those investments. The proposed acquisition of Mawingu underscores PRIF II’s commitment to enhancing digital connectivity in Africa and reflects growing investor interest in the continent’s rapidly evolving internet infrastructure landscape.
