M-KOPA, the Kenyan firm known for providing pay-as-you-go financing solutions for solar systems and smartphones, has named Rajeev Suri as its new board chair, effective 1 December 2024.
Rajeev Suri, the former CEO of Nokia and Inmarsat, will succeed Elizabeth Littlefield, who has served in the role for the past six years.
Jesse Moore, the CEO and co-founder of M-KOPA, noted that Suri’s broad leadership background and experience with global corporations would be of huge importance as the company prepares for further expansion. “His proven leadership in steering international companies through periods of rapid expansion will be invaluable,” Moore stated.
In his new capacity, Rajeev Suri will drive further growth for M-KOPA, providing oversight and guidance to the leadership team. His wealth of experience from leading positions at global firms, including his current role as chairman of Digicel and board director at Singtel, will help in achieving M-KOPA’s mission, building on its recent successes.
The fintech firm, which provides solar power kits, smartphones, and electric bikes on a financing model, recently hit a milestone of five million users and has disbursed over $1.5 billion in credit across Kenya, Uganda, Nigeria, Ghana, and South Africa.
M-KOPA’s growth has seen rapid customer acquisition, with two million customers added in the past 15 months alone.
Despite its commendable growth, the company is also facing some challenges. In 2023, M-KOPA raised $255 million to support its expansion but now has hefty tax liabilities following a recent ruling by a Kenyan tax tribunal.
Nonetheless, the company is working to continuously provide financial and digital inclusion for underserved communities.
Suri is glad to join M-KOPA at such a sensitive moment. He acknowledged the firm’s prospects to positively impact financial services in emerging markets. He commended M-KOPA’s innovative use of technology to bridge the financial divide and highlighted its global relevance.
But there’s no success without competition. The company has firms such as D.Light, Sun King, and Aspira, all vying for the same market of low-income consumers. M-KOPA’s focus will likely involve strengthening its offerings and expanding its footprint, especially as it continues to attract investor interest, having secured over $590 million in funding across multiple rounds.
Littlefield, who will remain with the company as an independent board director, has been lauded for her leadership, helping M-KOPA scale up. Suri will now take over, expected to leverage his expertise to push the company forward through the next phase of its development.
