The company aims to extend its footprint in Nigeria outside its presence in Lagos and Oyo in 2022, Duroshola says in Lagos. Expansion may take place in Port Harcourt, Ogun and eastern Nigeria, though no final decisions on the areas to be targeted have yet been reached, he says. Duroshola joined M-KOPA in July.
M-KOPA was founded in Kenya 2011 and helped the country’s pay-as-you-go (PAYG) solar market to expand. The company, which also operates in Uganda, has sold more than 1 million PAYG solar systems and expanded its finance offer to include televisions and fridges. It launched smartphone financing in 2019, with loans designed to help people who can’t afford to buy outright and may not be able to borrow from a bank.