This archive report was first published on 10 October 2019.
October 10, 2019, marked a significant milestone for M-KOPA, a Safaricom-backed solar products reseller, as it announced the sale of 850,000 solar panels in four African markets.
The company's credit-based pay-as-you-go model has been instrumental in driving sales, with 80% of the panels sold in Kenya. According to Jesse Moore, M-KOPA's chief executive, repeat buyers have been a significant factor in the company's success, with many upgrading their kits after completing their first purchase.
Speaking in Nairobi, Mr. Moore released the 2019 impact report, 'Upgrading Lives,' which highlighted the benefits of M-KOPA's solar kits. Beneficiaries reported significant savings on kerosene and mobile phone charging costs.
As part of its operations, M-KOPA sources solar panels from Naivasha-based manufacturer Solinc East Africa. The company has also refurbished 55,000 solar systems, selling them as used kits at a lower price to low-income households.
In 2018, M-KOPA restored 80% of the e-components returned, increasing the affordability of its starter product.
