A pioneer in the pay-as-you-go solar panel and smartphone markets in Africa has raised more than $200 million in funding. This solar funding would enable M-KOPA – which operates in Kenya, Uganda, Nigeria and Ghana – to expand its financial services to underbanked consumers in eastern Africa. The IFC said the funding represents its first sustainability-linked loan to a pay-as-you-go provider in sub-Saharan Africa. The gap is even greater for women, where GSMA estimates that women in sub-Saharan Africa overall are 30% less likely than men to own a smartphone. An independent survey done on M-KOPA customers found that 75% reported increased income when using its flexible payment model to obtain assets for businesses.

Source: The North Africa Journal May 19, 2023 07:56 UTC