M-Copa
Former Nokia CEO Rajeev Suri joins M-KOPA as Chairman of the Board to lead Africa’s largest smartphone finance company with over 5 million customers across five markets.
Rajeev Suri, former CEO of Nokia, has been appointed Chairman of the Board of M-KOPA, Africa’s top fintech company specializing in smartphone finance. His appointment, scheduled for December 1, 2024, is key to strengthening the company’s market position while expanding into other markets. Mr. Suri will succeed Elizabeth Littlefield, who served as Chair of the Board for six years, and will continue as an independent director.
Headquartered in Kenya, M-KOPA has built a reputation for providing financing to underbanked consumers in Kenya, Uganda, Nigeria, Ghana and South Africa. This allows low-income earners to make a down payment and then purchase a smartphone with small daily/weekly payments. This model helps customers who are often excluded from traditional financial services build credit history and gain access to digital tools.
In September 2024, M-KOPA reached over 5 million customers and disbursed over $1.5 billion in credits. Two million of these users have joined in the past 15 months, demonstrating growth even as financial inclusion remains a major challenge. According to the World Bank, three-quarters of adults in sub-Saharan Africa are economically excluded.
“M-KOPA is one of the most exciting fintech propositions, not just in Africa but globally. Their efforts to leverage cutting-edge technology and AI to solve critical challenges of digital and financial inclusion is compelling and has the potential to change the way we think about consumers in emerging markets,” said Suri.
Suri has experience as a leader in the telecommunications industry. Previously, he held positions as CEO of Nokia and Inmarsat and as a director of Digicel and Singtel. His experience leading global technology companies through periods of growth will help M-KOPA navigate its next phase of expansion. Suri also appeared as the company is managing a tax dispute with the Kenyan government following a tax court ruling that could affect its business.
M-KOPA has raised more than $590 million to fuel growth, including $255 million in 2023. The company’s core business remains smartphone financing, but it also offers solar power systems and electric bicycles, all on a pay-as-you-go basis (PAYGO). Competition in fintech is fierce. Companies like D.Light, Sun King, and Aspira target the same low-income demographic.
Mr. Suri’s participation signals the company’s intention to strengthen its leadership in the PAYGO market. Although the company has experienced significant growth, competition is increasing as more companies enter the market with similar solutions. Suri will provide strategic oversight and ensure M-KOPA continues to expand while addressing operational challenges.
This change in leadership reflects the company’s ambition to reach more African consumers beyond its comfort zone. For now, the company is focused on staying ahead of the competition and leveraging Suri’s expertise to maintain its momentum as a leading fintech company in the region.
