Kenya’s pay per use solar project M-KOPA has announced that it has received $20 million in funding to enable it to reach one million homes by 2018.
M-KOPA says it has connected 50,000 homes in the last 15 months thus far.
The concept involves users buying the M-KOPA solar pack and paying for its via Safaricom’s mobile money service M-Pesa.
The payments, which amount to $0.58 daily, are divided into small portions so that even poor families can afford it.
M-KOPA is therefore targeted as a substitute for kerosene lamps used for lighting at night by Kenyans in rural areas.
“We know Kenyans spend over $1 billion a year on kerosene. We also know Kenyans would prefer brighter, healthier and safer alternatives. We’ve developed our technology and business model precisely to meet that consumer need,” said Jesse Moore, co-founder and managing director for M-KOPA Solar said.
“At the heart of our business is our patented technology platform that combines embedded GSM with mobile payments to revolutionise asset financing,” he added.
The funding includes $10 million raised by THE Commercial Bank of Africa, Bill & Melinda Gates Foundation, LGT Venture Philanthropy, Imprint Capital, and the Netri Foundation.
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