M-Kopa, a gadget financing company, expand its operations into the city of Abeokuta
M-Kopa, a gadget financing company, expand its operations into the city of Abeokuta
Abeokuta is the capital of Nigeria's Ogun State, and M-KOPA, a Kenyan startup that provides financing for underbanked customers to purchase solar lighting, smartphones, televisions, and other household appliances, has opened an office there.
In accordance with M-Nigerian KOPA's expansion strategy, this development means that the company now operates in three states: Lagos, Oyo, and the newly-acquired state of Ogun.
According to Babajide Duroshola, the company's country manager, the announcement was made via social media.
Earlier this year, Babajide was appointed General Manager of the Nigerian subsidiary. Upon his appointment, he was tasked with the responsibility of expanding M-Kopa throughout the country.
When the General Manager accepted the assignment, he expressed his excitement at the prospect of taking on a new challenge. As a result, he stated that he has already witnessed firsthand in Nigeria how smartphone financing drives business growth as well as the positive impact that a financing company can have on the communities where it operates.
In addition to establishing operations in its home country of Kenya and its neighboring country of Uganda, the startup is expanding into West Africa via Nigeria.
Approximately $400 million has been raised so far
M-Kopa is a Kenyan company that began operations in 2012 and is headquartered in Nairobi. The company was founded with the goal of expanding the pay-as-you-go (PAYG) solar market in the country.
Customers in Kenya, Uganda, and Nigeria can now purchase televisions, refrigerators, and other electronic appliances through the company's pay-as-you-go financing model, which has allowed the company to expand its product offerings.
A successful pilot project in Lagos, where the company sold over 20,000 smartphones, prompted the company's decision to expand into the country.
The company has partnered with Airtel and Samsung in order to broaden access to smartphones and other forms of digital connectivity in developing countries.
Kenyan company M-KOPA claims to have financed more than $400 million in sales and to have sold more than one million solar systems on a pay-as-you-go basis as well as 500,000 smartphones to customers in Uganda and Nigeria.
At the company's launch in Nigeria, Mayur Patel, the commercial officer for M-chief Kopa, emphasized the company's goal of serving more underbanked customers.
