- M-KOPA is set to expand to Nigeria.
- The company recently concluded a pilot project in Lagos.
- M-KOPA has sold over 1 million pay-as-you-go solar systems in Africa.
Nairobi-based lender M-KOPA has set its sights on expanding into the Nigerian market. The company, which offers underbanked customers access to finance to acquire solar lighting, smartphones, TVs and domestic appliances, recently completed a successful pilot project in Nigeria. The company recorded sales of over 20,000 smartphone devices in Lagos. This expansion represents M-KOPA’s first foray into West Africa as it currently operates in Kenya and Uganda.
. M-KOPA’s financing model offers customers instant access to everyday products/services while building ownership over time through micro-payment. The company, which started as a pay-as-you-go solar power provider in 2019, begun providing financing for smartphones. M-KOPA says it has provided over $400m in financing and sold over 1 million pay-as-you-go solar systems and 500,000 smartphones in Kenya, Uganda and Nigeria.
Mayur Patel, M-KOPA’s CEO, states: “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.”