Connected asset financing platform, M-KOPA, has announced its expansion to Nigeria. To lead the Nigeria team, M-KOPA has named Babajide Duroshola as the new General Manager.
A part of the tech company’s broader expansion strategy, the move into the Nigerian market signals M-KOPA’s focus on offering millions of underbanked customers across Sub-Saharan Africa access to life-enhancing products and services such as smartphones, solar lighting, energy-efficient televisions, fridges, and digital financial services via its financing platform.
The company recorded pilot sales of over 20,000 devices in Lagos and is rapidly expanding into states across the country, including Oyo. M-KOPA has partnered with Airtel and Samsung to enable access to smartphones and broader digital connectivity. Through M-KOPA’s pay-as-you-go financing model, customers have instant access to quality 4G smartphone handsets, while building ownership over time through flexible micropayments.
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. Additionally, through our strategic partnerships and end-to-end solution, we are best positioned to address mobile operators’ key challenge to convert consumers from 2G/3G networks to 4G.
Having worked across startups, technology, banking, and consulting for over a decade, Babajide joins M-KOPA from motorcycle ride-hailing platform SafeBoda Nigeria, where he was responsible for the overall business as Country Director. As Country General Manager, Babajide will be responsible for leading M-KOPA Nigeria with a rapidly growing team of 50 people, 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 and sold over 1 million PAYG solar systems and 500,000 smartphones to customers in Kenya, Uganda, and Nigeria.