Zephyr Management was one of the first private equity investors in Africa. One of its earliest investments in its pan-African series of private equity funds was Celtel International, a private, pan- African owner and operator of mobile telecommunication networks. Founded by Mo Ibrahim, Celtel was a provider of low cost telephony to populations of Africa. Celtel offered the largest contiguous GSM cellular network in terms of geographic coverage in sub-Saharan Africa. At the time of the Zephyr fund investment in December 2004, the Company had licenses to operate wireless networks in 13 African countries. It expanded greatly and merged into another cell phone operator which operates the "Airtel" brand.

What was once an object of luxury and privilege, the mobile phone has become a basic necessity in Africa, providing much-needed connectivity to the most remote parts of the Continent.

Mobile phones can provide valuable information to farmers to help them make better decisions and improve their earnings. Cell phones replaced the bicycle and the radio as the most prized possession of many Africans.

By making communication easy and affordable, cell phones positively impact society and the economy by creating opportunities in business, education, entertainment, disaster management, agriculture, health, etc.

Celtel was a provider of low cost telephony to Africans. Cell phones provided up-to-date business information useful to farmers and small merchants.