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Press release
March 13, 2018
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Canada’s new development finance institution, FinDev Canada, announces first transaction

Press Releases

US $10 million investment in M-KOPA will help bring solar power to a million more low-income African homes
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August 1, 2023
Abdulah Bakibisemyu

FinDev Canada announces US$ 20 million commitment to M-KOPA to support connectivity and access to finance in Sub-Saharan Africa

Press Releases

FinDev Canada is happy to announce a commitment of US$ 20 million in convertible notes to M-KOPA, a leading fintech platform.
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Stories

Jonathan Antwi

Customer in Accra, Ghana

”I use the M-KOPA phone to promote my business through digital marketing, and as a result, my business income has increased. I stay in touch with family too.”

Abdulah Bakibisemyu

Customer in Kampala, Uganda

"Once I got a smartphone, I could sign up for ride-hailing apps. I earn so much now I have bought my own bike and I’m saving for a second to rent to another rider!"

Maureen Mokay

M-KOPA Production Operator in Nairobi, Kenya

”I started working for M-KOPA when I left college. Through this job, I have had the advantage of learning the full assembly of a solar TV and how to repair and re-use smartphones so they don’t go to waste.”

Expected Development Impact

Market development

  • Creating good-quality jobs across Africa: The fintech company’s full-time staff more than doubled since 2019, with M-KOPA currently employing approximately 2000 staff. Additionally, M-KOPA sales agents have more than quadrupled since 2019, to approximately 15,000. 
  • Economic contribution: M-KOPA generates direct economic value in its markets through the payment of salaries to employees and commissions to sales agents. 
  • Domestic manufacturing supply chain development: In line with the ICT ministry’s plan to foster digital inclusion for all Kenyans, M-KOPA launched its first local smartphone assembly to provide affordable access to smart devices in Kenya, whilst enabling growth in jobs in its supply chain.  
  • Linkages with downstream service providers: M-KOPA leverages its partnerships with telcos and manufacturers to provide additional value for money for our customers. For example, phone customers in Kenya and Uganda get 50MB daily as part of their financing plan - that’s $50 of additional value at no additional cost to the customer. This makes the proposition compelling and ensures customers get an internet-enabled device and basic internet access.  

Improving the quality of life for the financially excluded

86% of customers report that the quality of their lives has improved because of M-KOPA.

Women's Economic Empowerment

  • Creating good-quality jobs for women: 47% of M-KOPA’s employees are women. M-KOPA employs a significant proportion of women in leadership (43%) which is expected to grow further over the coming 3-5 years. Women employees can access training opportunities and other benefits such as healthcare, pension, and maternity leave. 
  • Supporting digital and financial inclusion for women: 31% of women report as the primary user of an M-KOPA product. In Kenya, where the company has focussed on improving gender inclusion through implementing interventions to curb attrition among female sales agenda, the proportion of M-KOPA phone customers who are women has grown steadily from 30% to 37% over the past 3 years  

Climate Action

  • More than 3.5 million people are impacted by clean, modern energy. More than 1 million rural homes now live without the immediate health and safety threats of lanterns and have avoided 5 billion cumulative hours of breathing toxin-laden air. M-KOPA’s current fleet helps avoid over 2 million metric tonnes of CO2 and black carbon avoided from entering the climate and contributing to the reduction of kerosene use by households by introducing more than 300,000 energy-efficient appliances into previously off-grid homes 
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