Maxcom Africa has announced its plant to opening branches in 10 different countries in Africa by 2020. The company will soon float its 25 per cent shares to raise capital for its expansion drive into the African continent.

Executive Director of the Tanzanian owned firm Ahmed Lusassi told Members of Parliament here yesterday that the firm was finalising its Initial Public Offer (IPO) prospectus before offloading shares.

“Ours is a local company and we need it to be under Tanzanians. We have managed to expand the company to Kenya, Uganda, Rwanda and Burundi and now we want to go beyond the East African market,” he said.

With the final prospectus draft near complete, the information communication and technology firm will seek to raise at least Tshs 22 billion in its IPO. Pointing to “negative altitude” as a challenge facing the local investor, the executive director said that Maxcom Africa is the firm behind dozens of electronic payment systems in the country.

“We are supporting the government and its institutions in tax collection, we have supported financial inclusion by integrating financial institutions and mobile money facilities and we are helping to develop a number of technologies in the area of health, agriculture and finance,” said Mr Charles Natal, Maxcom Africa Country Director.

Figures show that Tanzania Revenue Authority (TRA) collections through Maxcom have increased from Tshs 9 billion per month in August 2013 to Tshs 13 billion in May 2017. Fine as result of traffic offence also increased from Tshs 600 million to Tshs 2.2 billion during the period under review.

MPs lauded the firm, urging it to consider tapping into technological innovations that will help to address challenges facing wananchi. Ilala legislator Azzan Mussa Zungu (CCM) (pictured) urged the company to consider investing into a strong broadband 5 generation speed to meet the market demand of higher speed.

“You need also to expand your services to give investors’ confidence of their return after investing in the shares,” he noted.