Emerging markets fintech company M-KOPA has named Rajeev Suri as its new Board Chairperson, effective December 1. The appointment comes as the comany seeks to capitalize on its recent growth and expand its innovative financial services platform.
Suri, a seasoned technology executive, brings a wealth of experience to the role. His previous positions include CEO of Nokia and Inmarsat, and he currently serves as chairperson of Digicel and board director at Singtel. This extensive background in global technology and telecommunications is expected to provide valuable guidance as M-KOPA journeys to its next phase of development.
M-KOPA has established itself as a major player in the fintech space, offering financed smartphones and AI-driven credit analytics to underbanked consumers in developing markets. The company has reached over 5 million customers and deployed more than $1.5 billion in credit across five markets.
CEO and Co-Founder Jesse Moore expressed enthusiasm about Suri’s appointment, stating, “We are thrilled to welcome Rajeev to the board as we enter this next phase of growth for the business. His proven leadership in steering international companies through periods of rapid expansion will be invaluable.”
Suri’s appointment comes at a critical juncture for M-KOPA. The company’s innovative approach to financial inclusion has garnered attention in the fintech world, and Suri’s expertise is expected to help drive further innovation and expansion.
Commenting on his new role, Suri said, “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 the way we think about consumers in emerging markets.”
M-KOPA’s business model revolves around providing affordable smartphones embedded with financial services. The company uses a financing model based on daily repayments, which aligns with the cash flow patterns of many underprivileged individuals who earn their income daily. By leveraging payment data and AI-driven analytics, M-KOPA builds credit records for its customers, forming the foundation for long-term financial relationships.
The transition in board leadership also sees outgoing chair Elizabeth Littlefield continuing her involvement with M-KOPA as an independent board director and chair of the ESG and Impact committee. Moore acknowledged Littlefield’s 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.”
