Oikocredit invests USD 5 million in M-KOPA to support growth of solar energy in Africa
With this loan, M-KOPA is able to provide electricity and mobile connections to 10,000 households in Africa
Social impact investor Oikocredit has provided a loan of USD 5 million to M-KOPA, Africa’s leading provider of pay-as-you-go off-grid solar power and smartphones to over 900,000 homes and small businesses.
With Oikocredit’s loan, M-KOPA will continue to empower people in Nigeria, Uganda and Kenya by giving them a path to ownership of off-grid solar power products that can be extended to fit the needs of the whole household.
An M-KOPA solar system provides energy for essential devices like lights and radios, while M-KOPA’s smartphones help connect people to one another. The access to electricity and mobile connection helps M-KOPA’s clients upgrade their living standards and increase earning potential.
Siebren Wilschut, Investment Officer at Oikocredit, said: “We’re very pleased to support M-KOPA in its expansion to ensure access to energy and other technology services across Africa. We’re proud to be partnering with M-KOPA, a game-changer in the industry, and that Oikocredit can support the company as it continues to scale and increase its social impact by helping people become healthier, improve their livelihoods and be better connected.”
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