M-Kopa appoints ex-Nokia CEO Rajeev Suri as new chairman
The fintech announced that Suri will take up the position on December 1.
Suri has served in leadership roles in the technology and communications sectors around the world – he served as the CEO of Nokia from 2014 to 2020, got appointed CEO of UK satellite telecommunications company Inmarsat in 2021.
He is chairman of the Digicel Group and director of Singtel, a Singaporean telecommunications company, and American internet provider Viasat. “His deep knowledge and expertise will be central to our strategy as we enter a phase of immense growth and continue to expand our presence and influence in new markets,” said M- Kopa on Monday.
For the past six years,Elizabeth Littlefield has led M-Kopa’s board and the startup announced that she will take on the role of independent director and head of ESG and the Committee. Impact of M-Kopa.
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Founded by Nick Hughes, Chad Larson and Jesse Moore in 2010, the startup offers amazing products such as lighting systems, televisions, refrigerators, smartphones and digital banking services to underserved consumers in Africa. .
M-Kopa’s product uses an Internet of Things (IoT) approach to integrate digital micro-payments, providing consumers – many with limited current financial identities and security means – early access to “productive assets”..
Through the credit model, people can afford to pay small monies and access everyday products such as electronics, before transitioning to digital financial services like cash or health insurance.
Buyers will pay lower prices over time.
The British company claims to have more than 5 million customers across Kenya, Uganda, Nigeria, Ghana and South Africa and it states that it has given more than $1.5 billion in loans to today.
Suri joins the M-Kopa board just a few months after the firm received $51 million from the US International Development Finance Corporation in May.The firm raised $250 million in debt and equity in May last year.
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