Rajeev Suri, the former Nokia CEO, has been appointed as the new board chairperson at M-KOPA, an African fintech known for smartphone financing. Suri will officially step into the role on December 1, 2024. He aims to strengthen the company’s market presence while helping it expand. He takes over from Elizabeth Littlefield, who led the board for six years and will remain as an independent director.
Headquartered in Kenya, M-KOPA has earned a solid reputation by providing financing aid to underbanked consumers in Kenya, Uganda, Nigeria, Ghana, and South Africa. Their unique model allows low-income earners to purchase smartphones with an initial down payment followed by daily or weekly installments. This system enables customers, often excluded from traditional financial services, to build credit histories and access essential digital tools.
In September 2024, M-KOPA reached a milestone of over five million customers, disbursing more than $1.5 billion in credit. Notably, two million of these customers joined within the last 15 months, highlighting the company’s rapid growth in regions where financial inclusion remains a challenge. According to the World Bank, about 75% of adults in Sub-Saharan Africa are financially excluded.
Suri expressed his excitement about joining the fintech, stating, “M-KOPA represents one of the most exciting fintech propositions, not only in Africa but globally. Their use of cutting-edge technologies and AI to solve the critical issue of digital and financial inclusion is compelling, with the potential to change how we view consumers in emerging markets.”
What Suri brings to the table
With previous leadership experience at Nokia, Inmarsat, and board roles at Digicel and Singtel, Suri brings a wealth of expertise in guiding global tech companies through periods of growth. His appointment comes at a crucial time for M-KOPA, which is also dealing with a tax dispute in Kenya.
M-KOPA has raised over $590 million, including $255 million in 2023, to fuel its expansion. While smartphone financing remains its core offering, the company has also branched into providing solar power systems and electric bikes, all through its pay-as-you-go (PAYGO) model. However, competition in the fintech space is intensifying, with other companies targeting the same demographic.
The arrival of the former Nokia CEO signals M-KOPA’s intent to consolidate its leadership in the PAYGO market. Despite the company’s significant growth, the increasing competition requires strategic oversight, which Suri will provide. His experience will be instrumental in navigating the firm through its next phase of expansion and addressing any operational challenges.
This leadership transition reflects M-KOPA’s ambition to extend its reach to even more African consumers. With Suri at the helm, the fintech aims to maintain its momentum and stay ahead of the competition in the region.
