RMB partners with Net 99 to expand affordable fibre access in underserved communities

Media Release

13 March 2026

RMB acted as Sole Initial Mandated Lead Arranger, Underwriter, Bookrunner and Sustainability Coordinator on R1.95bn of syndicated term facilities for Net Nine Nine Fibre Networks (Net 99). The transaction included a R1.3bn social loan facility  to support Net 99’s rollout of affordable fibre-to-the-home connectivity across South African township communities. The funding enables Net 99 to accelerate and scale its rollout, providing benefits of a world class fibre optic network to underserved communities .

Net 99 is a leading fibre network operator and internet service provider, focused exclusively on meeting the needs of underserved communities. Its model focusses on addressing current structural service gaps by delivering uncapped, high-quality fibre connectivity at affordable and accessible price points. Net 99’s business model offers a scalable, cost competitive rollout and service capability, which has been specifically designed and refined to address the high demand connectivity needs of underserved segments of the market.

This transaction further builds on RMB’s support for Net 99 from its initial conception, where RMB provided funding of R850m to facilitate its early development. Having laid a solid foundation, Net 99 is now well placed to scale rapidly, assisted by the latest funding package.

In South Africa, broadband access remains a challenge, with many lower-income communities having limited or no access to reliable internet, highlighting the importance of scalable fibre infrastructure solutions. Net 99 being welcomed into a community, has a significant and measurable positive social impact. By expanding access to affordable fibre, Net 99 supports improved access to education, direct and permanent employment opportunities for local community members in the construction, maintenance, marketing and operation of its networks. 

“Expanding access to reliable and affordable internet connectivity is critical to enabling economic participation and unlocking opportunity in underserved communities,” says Matthew Kroon, a senior transactor in the RMB Sponsor Client Group. “This transaction reflects our commitment to structuring innovative funding solutions that combine commercial success with meaningful social impact. By underwriting and leading this facility, we were able to provide funding certainty whilst supporting a client that is having real impactful benefit in the communities it serves.”

Key to these benefits is vastly improved access to online education and related resources.  This is further reinforced through Net 99 providing all schools in the communities they serve with a high-quality internet connection at no cost and  often for the first time. Community service buildings are also connected to support the provision of improved public services.  Other opportunities, such as entrepreneurial opportunities linked to the online economy, including being able to work from home, also become feasible for community members.  

As Sustainability Coordinator, RMB worked closely with the Net 99 team to structure the social loan funding, to align the funding with recognised social finance principles, reflecting the significant social benefits.

Albert Oosthuysen, the CEO and founder of Net99 added that “We are extremely impressed with the innovative, and collaborative approach of RMB to structure and underwrite a tailored capital solution for our business. The financing unlocks significant additional capital whilst broadening our access to the capital markets, giving the group substantial scope to expand and reach more communities on an accelerated basis. It means a great deal for the communities we work with because we almost exclusively use local labour, and a large portion of our capital spend goes directly into those communities. The additional funding will have an immediate impact, and by connecting communities to the internet with uncapped services, we are helping bridge the digital divide by giving access to everything the digital world has to offer – from marketplaces and education to AI and much more. We also look forward to a continued long-term partnership with RMB as well as working together with all the new financing partners that RMB has brought on board.”

“This transaction demonstrates how RMB can partner with private capital providers to provide innovative and bespoke solutions to  mobilise  significant resources to support both infrastructure growth and meaningful social outcomes. By combining funding support, innovative structuring and a substantial social loan component, RMB has supported Net 99 in  accelerating the expansion of affordable fibre connectivity into communities where access to reliable internet remains limited,” concludes Eric Mphohoni a senior transactor within the RMB Sponsor Client Group.