The FEI Off-Grid Energy Access Fund team visited M-KOPA, the leading distributor of solar home systems in East Africa, in Nairobi yesterday. M-KOPA has leveraged its fintech platform to provide low-income customers with Pay-As-You-Go smartphones.
M-KOPA built the first smartphone assembly line in Kenya in 2022, and has been distributing “Made in Kenya” smartphones for over a year, assembling up to 10,000 units per day. Locally assembled smartphones are exempt from VAT and import duties which enables M-KOPA to sell more affordable devices. A very impressive operation to 'unlock progress' from our investee!
OGEF, managed by Cygnum Capital, invested USD 10 million in M-KOPA in 2022 to support energy and digital access in Kenya and Uganda.