M-Kopa, a Gadget Financing Company, launches in Abeokuta as a part of its expansion plan

M-KOPA is a Kenyan startup that provides financing to customers who are not banked to purchase solar lighting, smartphones, televisions, and other household appliances. It has opened operations in Abeokuta (the capital of Ogun State), Nigeria.

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M-KOPA now has a presence in three states, Oyo, Lagos and Ogun, as part of an expansion plan to Nigeria.

Babajide Duroshola, the country manager of the company, made this announcement via his Twitter handle.

Remember that Babajide was made the General Manager for the Nigerian arm in July. He was given the responsibility of pushing M-Kopa’s expansion throughout the country upon his appointment.

The GM accepted the charge and expressed excitement for the challenge ahead. He stated that he had seen firsthand in Nigeria the benefits of smartphone financing for business growth, and the positive impact it can have on the communities where it operates.

After having established operations in Kenya and Uganda, the startup will now venture into West Africa using Nigeria as its base.

So far, $400M in financing

M-Kopa was founded in 2012 and is located in Nairobi, Kenya. It was initially a larger pay-as you-go (PAYG), solar market in Kenya.

The company has expanded its product offerings over the years to include TVs, refrigerators, and other electronic appliances for customers in Kenya, Uganda, and Nigeria through its pay-as-you-go financing model.

After a pilot program, the company saw sales of more than 20,000 smartphones in Lagos.

To enable smartphones and greater digital connectivity, the company has partnered up with Airtel and Samsung.

M-KOPA claims that it has sold more than 1 million smartphones and solar systems to customers in Kenya and Uganda, and over $400m in financing.

Mayur Patel, chief commercial officer at M-Kopa stressed the startup’s mission of serving more underbanked customers during its initial entry into Nigeria.

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