M–KOPA, a connected asset financing platform, has finally expanded its operation into the Nigerian market.
M-KOPA’s Nigeria launch, according to an earlier report by TechMoran, follows a successful pilot test which saw it sell over 20,000 smartphones in Lagos. The firm sees opportunity and a growth potential for both solar products and it’s new devices or asset finance products such as smartphones.
The company was launched in 2012 in Nairobi Kenya as a pay-go solar systems firm, then added products to it’s portfolio.
Right now M-KOPA is a fully FinTech firm with a bid to provide underbanked customers in Africa access to essential products including solar lighting, televisions, fridges, smartphones & financial services.
M-KOPAs innovative ‘Pay-As-You-Go’ financing model allows customers to get instant access to products from day one, while building ownership over time through flexible micro-payment.
M-KOPA has partnered with Airtel and Samsung to enable access to smartphones and broader digital connectivity.
Mayur Patel, M-KOPA’s Chief Commercial Officer, 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.
Mr Mayur said that through strategic partnerships and end-to-end solutions, they are best positioned to address mobile operators’ key challenge to convert consumers from 2G/3G networks to 4G.
Mr Mayur also announced the appointment of Babajide Duroshola as the new General Manager expected to spear head the growth of the team in Nigeria, expanding partnerships and scaling operations across the country.
Mr Babajide joins M-KOPA from motorcycle ride-hailing platform SafeBoda Nigeria, where he worked as Country Director.
Babajide said: “Already, we have seen firsthand in Nigeria how smartphone financing is a driver of business growth, and by increasing access to life-improving devices, M-KOPA has been able to deliver enormous opportunities for innovation and tangible impact within the communities it works. It is a great honour for me to be joining and advancing M-KOPA’s mission in Nigeria, and I look forward to being an integral part of such a talented global team.”