Ex-Nokia CEO to lead board of Africa’s biggest smartphone financer
Former Nokia CEO Rajeev Suri joins M-KOPA as board chair, leading Africa's largest smartphone financing firm with over 5 million customers across five markets
Rajeev Suri, ex-CEO of Nokia, has been named board chairperson at M-KOPA, a top smartphone financing-focused African fintech. His appointment, set to begin on December 1, 2024, is key to strengthening its market position while expanding into other markets. Suri succeeds Elizabeth Littlefield, who chaired the board for 6 years and continues as an independent director.
HQ'd in Kenya, M-KOPA has built repute providing financing to underbanked consumers across Kenya, Uganda, Nigeria, Ghana, and South Africa. It allows low-income earners to purchase smartphones with down payments followed by tidbit daily/weekly installments. This model helps customers often excluded from legacy financial services build credit histories and gain access to digital tools.
In September 2024, M-KOPA reached over five million customers and disbursed more than $1.5 billion in credit. 2 million of these users joined in the last 15 months, showing growth where financial inclusion remains a major challenge. Per the World Bank, three-quarters of adults in Sub-Saharan Africa are financially excluded.
“M-KOPA represents one of the most exciting fintech propositions, not only in Africa but globally. Their use of leading-edge technologies and AI to solve the critical challenge of digital and financial inclusion is compelling and has the potential to change how we think about consumers in emerging markets,” Suri stated.
Suri has telecoms leadership experience; his previous roles as CEO of Nokia and Inmarsat, as well as board positions at Digicel and Singtel. His experience guiding global tech companies through growth periods would help M-KOPA navigate its next expansion phase. Suri comes when it is also managing a tax dispute with the Kenyan government following a ruling by a tax tribunal that could impact its operations.
M-KOPA has raised over $590 million, including $255 million in 2023, to fuel its growth. Its core business remains smartphone financing, but it also offers solar power systems and electric bikes, all on a pay-as-you-go (PAYGO) basis. Fintech has seen increased competition; firms like D.Light, Sun King, and Aspira target the same demographic of low-income earners.
Suri’s joining signals an intention to consolidate leadership in the PAYGO market. While the firm enjoys significant growth, competition intensifies as more firms enter the market with similar solutions. Suri will provide strategic oversight, ensuring M-KOPA can continue scaling while addressing operational challenges.
The leadership transition also reflects its ambition to move beyond its comfort zone and reach even more African consumers. For now, the focus is beating the competition and leveraging Suri’s expertise to maintain its momentum as a leading fintech company in the region.
