In a significant move to bolster its leadership and guide its growth strategy, M-KOPA, a leading emerging markets fintech company, has appointed Rajeev Suri as the Chairperson of its Board, effective December 1, 2024. Suri brings with him a wealth of experience in the technology and telecommunications sectors, having held top executive roles in companies such as Nokia and Inmarsat. His new role with M-KOPA marks a major milestone for the company as it prepares for its next phase of innovation and market expansion.
Suri’s appointment comes at a crucial time for M-KOPA, a company known for providing financed smartphones to underbanked, everyday earners across Africa. Through its use of AI-powered credit analytics and smartphone apps, M-KOPA is building an ongoing financial relationship with its customers. The fintech has rapidly scaled, amassing over 5 million customers and deploying more than $1.5 billion in credit across five markets.
Jesse Moore, the CEO and Co-Founder of M-KOPA, expressed excitement about Suri’s arrival. “We are thrilled to welcome Rajeev to the board as we enter this next phase of growth for the business,” said Moore. “His proven leadership in steering international companies through periods of rapid expansion will be invaluable.”
Rajeev Suri is no stranger to the demands of leading large-scale global businesses through dynamic periods of change. As the former CEO of Nokia, Suri is credited with transforming the telecommunications giant during his tenure. He also held a similar leadership role at satellite communications firm Inmarsat and is currently chairperson of Digicel as well as a board director at Singtel, a major telecom operator in Asia. This deep portfolio of board and executive-level experience positions Suri as a well-suited leader to help guide M-KOPA’s ambitions in the fintech space.
In a statement regarding his new role at M-KOPA, Suri shared his enthusiasm for the company’s mission. “M-KOPA represents one of the most exciting fintech propositions, not only in Africa but globally,” he said. “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 the way we think about consumers in emerging markets. I am excited to join this team and look forward to driving impactful solutions together.”
Accelerating financial inclusion
M-KOPA’s business model is built around providing access to digital products and financial services for underbanked individuals in emerging markets, particularly in Africa. The company’s use of AI-driven credit analytics allows it to assess the creditworthiness of customers who have little or no formal banking history. By financing smartphones, M-KOPA opens a gateway for millions of users to not only access the internet but also build a credit profile, thereby integrating them into the formal financial system.
As digital and financial inclusion becomes a key focus for emerging markets, fintech solutions like M-KOPA’s are seen as crucial to driving socio-economic development. The company’s ability to harness AI technology and its innovative business model has garnered attention beyond Africa, as it positions itself as a global player in the fintech space.
Suri’s leadership is expected to propel M-KOPA into its next chapter of growth, particularly as the company looks to deepen its market penetration and expand its offerings. His global experience, especially in scaling companies across diverse markets, will be instrumental in guiding M-KOPA’s strategy to reach new customer bases and navigate the complex regulatory environments in different regions.
Suri’s appointment follows the tenure of outgoing board chair, Elizabeth Littlefield, who will continue to serve as an independent board director and chair of the Environmental, Social, and Governance (ESG) and Impact committee. Littlefield’s leadership over the past six years has been pivotal in transforming M-KOPA from a startup to a fintech powerhouse with millions of customers.
Moore expressed his gratitude to Littlefield for her contributions, saying, “We are deeply grateful to Elizabeth for her outstanding leadership over the past six years. She and the board have guided M-KOPA through significant transformation and remarkable growth. While she will be stepping down as chair, we are fortunate to have her continue with the board as an independent director.”
Looking ahead
With Suri stepping into the role of chairperson, M-KOPA is positioned to build on its already impressive achievements. The company is entering a new era, where digital financial services are becoming increasingly critical for economic development in emerging markets. M-KOPA’s innovative approach to financing and its focus on leveraging technology to serve underbanked populations put it in a strong position to continue driving financial inclusion and setting the stage for sustainable growth.
As fintech continues to transform access to financial services globally, M-KOPA’s unique business model and strong leadership team are expected to play a key role in shaping the future of financial inclusion in Africa and beyond. With Suri at the helm, the company looks poised for even greater success in the coming years, navigating both the opportunities and challenges that come with rapid expansion in emerging markets.
