Now that seemingly everyone and his brother has a cellphone in developed economies, telecom providers are setting their sights on other markets. The growth opportunity in many of these markets could also be a growth opportunity in telecom exchange traded funds (ETFs), too.

Take Africa, for example.

Africa is one of the last business frontiers and telecommunications companies are trying to etch out their wireless grounds on the continent.

Last year, Bharti Airtel Ltd, an Indian cellphone company, acquired most of Kuwait’s Zain telecom holdings in Africa, and now Bharti wants the rest of Kenya’s cellphone market, reports Sarah Childress for The Wall Street Journal. South Africa, which accounts for half of sub-Saharan Africa’s telecom market, and Nigeria, the most populous country in sub-Saharan Africa, are also two hot spots for telecom providers on the continent.