M-KOPA said it has expanded to Nigerian market to focus on offering millions of underbanked customers across Sub-Saharan Africa access to financial services.
To lead the Nigeria team, M-KOPA has named Babajide Duroshola as the new general manager.
The company recorded pilot sales of over 20,000 devices in Lagos, and is rapidly expanding into states across the country, including Oyo.
M-KOPA had earlier partnered with Airtel and Samsung to enable access to smartphones and broader digital connectivity. Through M-KOPA’s pay-as-you-go financing model, customers now have instant access to quality 4G smartphone handsets, while building ownership over time through flexible micro payments.
The chief commercial officer, M-KOPA, Mayur Patel, added that, “Nigeria is an exciting market for M-KOPA to be expanding into. It presents an opportunity for us to bring the power of our financing platform to serve more underbanked customers, who otherwise would not readily have access to smartphone devices.
“Additionally, through our strategic partnerships and end-to-end solution, we are best positioned to address mobile operators’ key challenge to convert consumers from 2G/3G networks to 4G.”
“We have had great success in our pilot by combining the best of what we’ve built as a multi-market company with a willingness to localise and adapt our offering to the unique needs of Nigerian consumers.
“As we scale our presence across the country, we are excited to welcome Duroshola on board. He is an exceptional leader with broad cross-functional experience and the ideal candidate to drive the growth of our team in Nigeria as we expand M-KOPA’s footprint on the continent.”
Speaking on his new role as general manager, Duroshola said: “already, we have seen first-hand in Nigeria how smartphone financing is a driver of business growth and by increasing access to life-improving devices, M-KOPA has been able to deliver enormous opportunities for innovation and tangible impact within the communities it works. It is a great honour for me to be joining and advancing M-KOPA’s mission in Nigeria and I look forward to being an integral part of such a talented global team.”