Afrobility: Africa Tech and Business #60: M-Kopa - How the asset financing platform is providing access to consumer products across Kenya & Africa
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Jan 19, 2023 Explore M-Kopa's journey as an asset financing platform that’s transforming access to consumer products in Africa. Delve into the challenges of electricity access across the continent and Kenya's progress. Discover the founders' backgrounds, innovative product strategies, and early fundraising efforts. Learn how M-Kopa's pay-as-you-go solar solutions evolved and expanded into smartphones and insurance. The discussion also highlights competition, exit strategies, and consumer benefits alongside the industry's risks.
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Asset Financing Started With Pay-As-You-Go Solar
- M-Kopa is a connected asset-financing platform that began as pay-as-you-go solar to serve underbanked consumers.
- The company evolved into financing phones, TVs and fridges across East and West Africa using mobile payments integration.
Two-Layered Electricity Problem In Africa
- Rural Africa faces two layered electricity problems: lack of grid connection and unreliable grid supply where connected.
- Solutions must consider whether off-grid solar or grid expansion best fits each area's long-term needs.
Founders Met Through Oxford And Safaricom
- Founders Jesse Moore, Nick Hughes and Chad Larson met via Oxford and Safaricom connections and formed M-Kopa in 2011.
- Their criteria: use mobile tech, solve huge poor-people pain points, and aim for a billion-dollar business.
