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Smile Telecoms raises $365m to firm Africa business, plans DR Congo entry

A subscriber browses the Internet on a smartphone. Telecoms and Internet companies are expanding in Africa to take advantage of the growing demand for data heavy services as more affordable smartphones encourage consumers to browse the Internet, stream videos and download applications. FILE PHOTO | NATION MEDIA GROUP

African mobile Internet firm Smile Telecoms has raised $365 million to fund the expansion of high-speed broadband networks, it said on Tuesday, the latest firm to jockey for a position in the continent's fast-growing mobile consumer market.

Telecoms and Internet companies are expanding in Africa to take advantage of the growing demand for data heavy services as more affordable smartphones encourage consumers to browse the Internet, stream videos and download applications.

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