Cameroon’s Nexttel searching for new investors
Nexttel Cameroon is searching for new ‘strategic partners’ after its international investor Viettel exited the business.
The telco was launched in 2014 as a joint venture between Viettel Global Investment Joint Stock Company (a subsidiary of Vietnam military telecoms company - Viettel) and Bestcam, a local shareholder.
The partnership collapsed after shareholders squabbled over the running of the business. Bestcam -the local partner- also accused Viettel of employing Vietnam nationals ahead of Cameroonians.
The impasse severely impacted the mobile operator, as new investments in infrastructure were stalled, affecting the rollout of key projects such as Nexttel’s mobile money solution Possa.
Nexttel is now scouting for new partners and will soon be dispatching teams abroad to search for potential investors, says the company.
Further, Nexttel says it is keen on repositioning itself, and with the new partners, the telco intends to expedite network buildout to compete with peers MTN, Orange and Camtel.