M-KOPA, a Kenyan fintech specializing in financing solar systems, smartphones, and electric bikes, has named former Nokia CEO Rajeev Suri as its new board chairman. Suri will assume the role on December 1, 2024, succeeding Elizabeth Littlefield.
Jesse Moore, M-KOPA’s CEO and co-founder, highlighted Suri’s leadership expertise, emphasizing its value as the company embarks on a new growth phase. Suri, who also served as CEO of satellite communications firm Inmarsat and currently chairs Digicel’s board and sits on Singtel’s board, praised M-KOPA’s innovative approach to tackling digital and financial inclusion in emerging markets.
The appointment comes as M-KOPA expands its presence across Africa. By September 2024, the company reported five million users and over $1.5 billion in credit disbursed across Kenya, Uganda, Ghana, Nigeria, and South Africa. However, it faces challenges, including a recent Kenyan tax tribunal ruling that leaves the company with millions in back taxes.
Founded in 2010, M-KOPA has shown remarkable growth, adding two million customers in just 15 months. The fintech leads the Pay-As-You-Go (PAYGO) sector, though competition is intensifying with players like D.Light, Sun King, and Aspira vying for market share.
M-KOPA has raised more than $590 million in funding across seven rounds, including a $51 million debt financing in May 2024. Suri’s appointment signals the company’s intent to strengthen its leadership as it navigates both opportunities and challenges in the rapidly evolving fintech and energy markets.
