M-KOPA Secures $51 Million Loan for Digital Connectivity in Kenya
Kenyan fintech platform M-KOPA has successfully secured a $51 million loan from the U.S. International Development Finance Corporation (DFC). The funding aims to enhance digital connectivity across Kenya, with a focus on providing affordable smartphones to underserved communities.
Expanding Access to Financial Services and Reducing Emissions
M-KOPA, which operates in Kenya, Uganda, Nigeria, and Ghana, has gained prominence for its innovative pay-as-you-go (PAYG) financing model. Through this model, customers can gradually build ownership of appliances by making an initial deposit followed by flexible micro-payments. The company’s solar products have been particularly successful in Kenya and Uganda.
In addition to expanding its financial services offerings, M-KOPA is committed to reducing greenhouse gas emissions. The recent loan will enable the company to further its mission of bridging the digital divide and promoting sustainable energy solutions in the region. As part of its growth strategy, M-KOPA plans to open a regional office at the U.S. Embassy in Nairobi, supporting private sector development not only in Kenya but also across Africa.
With this infusion of capital, M-KOPA is well-positioned to continue its impactful work, empowering underbanked individuals and contributing to a more connected and environmentally conscious future. 🌍💡📱