Nokia pushes for Africa investment

Growing demand for mobile phone-related services and improving infrastructure networks in Africa has prompted Nokia to invite more European firms to the continent, reports The Daily Monitor.

According to Esko Aho, Nokia executive vice-president of company relations, the high demand for cellphone-driven services like mobile money has created business opportunities for IT firms to expand into Africa as solution providers.

The International Telecommunications Union estimates that Africa has more than 400 million mobile users, up from about 246 million two years ago. The continent's mobile penetration rate is estimated at 550% compared to the world's average of 50% as of 2009.

Irish mobile communications company Altobridge has won a contract to offer mobile network technology across Africa, states Independent.ie.

Altobridge and Gateway Communications, a supplier of pan-African telecommunications services, have entered into a joint sales and marketing initiative, which will offer mobile network operators across Africa cost-effective mobile communications, the companies say.

The contract was secured with support from Enterprise Ireland's Africa market team, which brokered the introductions between Gateway and Altobridge.

Trading in shares of Egyptian conglomerate Orascom Telecom has been halted amid reports that the company is close to merging with Russian firm VimpelCom, says CBC News.

The Cairo Stock Exchange initiated the halt after multiple media reports suggested that Orascom is close to forming a new company with VimpelCom in which Orascom's CEO, Naguib Sawiris, would be a minority stakeholder.

A merger of the two companies' phone assets would be worth billions, as they boast more than 200 million cellphone customers worldwide, says the report. Orascom shares surged nearly 5% on the news.