M-KOPA, a pioneering Kenyan fintech company providing financing for smartphones and solar energy systems, has appointed Rajeev Suri, former CEO of Nokia, as its new Chairman of the Board. Suri will assume the position on December 1, 2024, succeeding Elizabeth Littlefield.
Jesse Moore, CEO and co-founder of M-KOPA, expressed excitement about the addition, emphasizing Suri’s proven ability to guide global companies through rapid growth phases:
“We’re delighted to welcome Rajeev to the board as we enter a new era of expansion. His leadership will be invaluable to us.”
Suri brings an extensive background in telecommunications and satellite communications, having served as CEO of Inmarsat and currently holding leadership roles at Digicel and Singtel. His appointment comes as M-KOPA is experiencing significant growth, having raised $255 million in funding in 2023 and expanding its user base to five million across multiple African countries.
Despite the company’s growth, it faces challenges such as a hefty tax liability in Kenya, while also contending with competition from new entrants like D.Light, Sun King, and Aspira. However, Suri is optimistic about M-KOPA’s future:
“M-KOPA is one of the most innovative fintech ventures globally, using advanced technology to drive digital and financial inclusion.”
Founded in 2010, M-KOPA has rapidly scaled its PAYGO financing model, enabling millions to access solar power, smartphones, and electric bikes with flexible payment plans. The company has secured over $590 million in venture capital, solidifying its position as a market leader in Africa’s fintech sector.
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