Grace Ashiru
M-KOPA, a fintech platform operating in Kenya and four other African countries, has obtained a USD 51 million loan from the U.S. International Development Finance Corporation (DFC) to enhance digital connectivity across Kenya.
This funding will enable the company to provide affordable smartphones to underserved communities, thereby expanding access to digital financial services for underbanked individuals. Additionally, the DFC announced its plans to open a regional office at the U.S. Embassy in Nairobi to support private sector development in Kenya and across Africa.
Last year, M-KOPA secured over USD 250 million in new debt and equity funding to expand its financial services offerings to underbanked consumers across Sub-Saharan Africa. Operating in Kenya, Uganda, Nigeria, and Ghana, M-KOPA is primarily recognized for its pay-as-you-go (PAYG) financing model, which enables customers to gradually build ownership of appliances by making an initial deposit followed by flexible micro-payments.
The asset financier also plans to extend its range of financial services and product sets and aims to reduce greenhouse gas emissions in Kenya and Uganda, where its solar products are more widely used.
