This archive report was first published on 12 July 2021.
July 12, 2021, marked a significant milestone for M-KOPA, the solar system financing firm turned-asset financing platform, as it officially launched in Nigeria. The company plans to lend millions of smartphones, solar lighting, energy-efficient televisions, fridges, and digital financial services via its financing platform.
Having surpassed 20,000 devices in Lagos and Oyo in pilot sales in partnership with Airtel and Samsung, M-KOPA is now poised to expand its reach in the Nigerian market. According to Mayur Patel, M-KOPA’s Chief Commercial Officer, Nigeria presents an opportunity for the company to bring its financing platform to serve more underbanked customers.
Patel added, “Nigeria is an exciting market for M-KOPA to be expanding into. It presents an opportunity for us to bring the power of our financing platform to serve more underbanked customers, who otherwise would not readily have access to smartphone devices.”
M-KOPA Nigeria will be led by Babajide Duroshola, a former SafeBoda Nigeria country manager. As the new General Manager of M-KOPA, Babajide will drive the company’s broader expansion strategy, hiring, expanding partnerships, and scaling operations across the country.
Founded in 2011, M-KOPA pioneered and kick-started the wider pay-as-you-go solar market in Kenya. In 2019, M-KOPA launched smartphone financing and has since expanded to one of the world’s most advanced connected asset financing platforms. To date, the company has provided over $400 million in financing that has enabled over 1 million customers to access their products and services.
