France Telecom still sees Africa as a lucrative frontier market despite the global financial crisis.

"The growth in Africa will remain high despite the economic crisis…It will perhaps be more difficult in next year, but the growth is there because the demand is there." Executive Vice President for the Middle East and Africa, Marc Rennard told the media.

France Telecom has said it would concentrate on acquisition opportunities in emerging markets in Asia and Africa in order to expand its global presence.

Africa is one of the world's fastest growing telecommunications regions, with about 235 million people already using cell phones in sub-Sahara alone, and operators scrambling to connect an estimated 500 million potential customers.

Meanwhile, Canada's Nortel announced this week it planned to open an office in Lagos to meet rising demand in West and Central Africa.

A consortium led by France Telecom bought a 51 percent stake in Telkom Kenya, the country's landline monopoly, late in 2007 for $390 million. Rennard said France Telecom wanted to build on that purchase to expand in Africa.