Jesse Moore is the Chief Executive Officer and Co-founder of M-KOPA, a leading provider of connected financing to underbanked customers.
Since its commercial launch in 2012, M-KOPA has financed over 3 million customers across Africa with affordable solar home power systems, commerce enabling smartphones and electric motorcycles.
Jesse relocated to Nairobi in 2010 and has overseen the growth of the company from a startup to a staff strength of over 2,000 employees with 10,000 sales agents and offices in Kenya, Uganda, Ghana, and Nigeria, with a representative office in the UK.
Since then, it has gone on to win many other awards for impact and scale innovations by being named among the 50 Smartest Companies in the world by the MIT Technology Review, among the Fastest Growing Companies in Africa put together by the Financial Times, and among the Top 50 Companies Changing the World by Fortune.
Dratech International celebrates Jesse Moore as a giant in the industry, whose influence has resurfaced and rebounded the Fintech sector.
This article will shed light on Jesse Moore’s achievement and how he has influenced the financial technology space in Africa. Let’s dive into it.
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Jesse Moore`s Background
M-KOPA, which he cofounded in 2010, would offer low-cost energy solutions for Africa’s underbanked.
The groundbreaking pay-as-you-go financing model he developed has allowed millions of accesses to essential products such as solar energy systems and smartphones.
What makes Moore different is how he marries technology with social impact aimed at promoting financial inclusion, enabling customers to build credit profiles from the data of their payments.
During his leadership, M-KOPA has empowered over three million people, and he was named a World Economic Forum Young Global Leader.
He remains an inspiration through his vision as it innovatively changes the move of the continent into attaining the Sustainable Development Goals.
The Visionaries Behind M-KOPA: Founders’ Backgrounds and Motivations
In the year 2010, three visionaries converged upon Nairobi to start a journey that would change the lives of thousands: Jesse Moore, Nick Hughes, and a banker named Chad Larson.
Thus, they founded a startup that would later be called M-Kopa. The three shared a passion for leveraging technology in the effort to uplift and bring change among communities.
M-Kopa had early traction in 2011 with incubator Signal Point Partners in support and has since raised from a bunch of influential backers, including Richard Branson, Generation Investment Management, Blue Haven Initiative, and LGT Venture Philanthropy-the investment vehicle of the Princely Family of Liechtenstein.
These funding rounds stoked their growth and gave them the resources to eventually realize their rather ambitious vision. With such investors on board, M-Kopa finally launched commercially in 2012, with its headquarters in Nairobi.
M-KOPA, a Swahili word meaning “to borrow”, is a pioneering and global leader in Connected Asset Financing, unlocking millions of underbanked customers’ access to life-enhancing products.
The M-KOPA platform is a cutting-edge connected asset financing platform that leverages digital micropayments and IoT connectivity to make such products as solar lighting, televisions, fridges, smartphones, financial services, and others accessible.
Addressing the Needs of the Underbanked
M-KOPA has revolutionized the lives of underbanked individuals in Africa with the integration of digital payments into IoT technology. Its innovative platform has enabled more than three million consumers to acquire improved life-enhancing products since 2011.
M-KOPA’s disruptive model makes affordable smartphones-embedded with financial services-accessible to ‘Every Day Earners’, the wide majority of African adults who make daily income but cannot afford smartphones and generally do not qualify for conventional financial services.
According to the World Bank, it is estimated that 75% of adults in SSA are excluded from formal financial services. To date, M-KOPA has extended over US$1.5 billion of financing to its customer base.
Customers enter the digital economy, starting with smartphone access, made possible through an affordable daily repayment model with ease of fitting within daily income and cash flow.
Through rich payments data and proprietary AI-driven analytics, M-KOPA builds a credit record with each customer to form the foundation for a long-term financial relationship in low-cost digital loans, affordable data subscriptions, and medical insurance.
Global Recognition and Partnerships
M-KOPA is popularly known for its pay-as-you-go financing model, which gradually provides appliance ownership to customers through an initial deposit and a series of flexible micro-payments.
M-Kopa had already made its mark by empowering over 150,000 households with more affordable and reliable solar power solutions in Kenya, Uganda, and Tanzania.
On the company’s cloud platform, M-Kopanet, users were transacting some 10,000 mobile payments daily. Revenues had rocketed to over $40 million in real proof that their business model was finally working.
They were proudly celebrating another milestone, connecting over 300,000 homes in East Africa to solar power with a range of such products as solar-powered TVs, of which they had sold an impressive 30,000 units to the market in Kenya alone.
As the firm observed that Internet access was not only vital but also included providing options to connect to its subscribers for the reduction of the digital divide.
Under the auspices of its CEO, Jesse Moore, this company was in the process of nurturing local ‘manufacturing facilities’ for creating much-needed employments in that particular region.
Other successes reached by MKOPA were that it is able to connect over half a million houses, whereas it has managed to retail around 90,000 solar rechargeable television sets, of which it made sure always to be current in innovation towards clean energy alternatives.
M-KOPA is therefore proud to be unveiling the introduction of Nigeria, its newly found market into the plan of its vision, thereby continuing its mission to energize life with sustainable options.
Jesse Moore’s Leadership Style: Transformative Strategies in Fintech
As CEO and co-founder of M-KOPA, Moore pioneered connected financing that lets low-income consumers buy basic products like solar power systems, smartphones, and electric motorcycles on a pay-as-you-go basis.
His vision is about the use of technology to bridge the financial gap for millions of Africans who need to have these life-enhancing products and services.
Under Moore’s leadership, M-KOPA has expanded exponentially, scaling operations across several African countries. He has, therefore, focused more on scalability, ensuring that business reaches rural and undeserved communities.
Through the integration of affordable financing with cutting-edge technology, Moore has made M-KOPA a leading force in promoting financial inclusion and sustainable development.
His strategic foresight continues to position M-KOPA as a transformative company that empowers millions while driving economic growth across Africa.
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The Future of M-KOPA: Expansion Plans and Strategic Vision
The impact Jesse Moore has made in Africa’s tech ecosystem exceeds the success of M-KOPA: at the forefront of innovation in the field of connected financing, he reshaped how underserved communities get crucial products by using technology to solve some of the big socioeconomic problems.
He has given affordable financing to more than 3 million customers for solar home systems, smartphones, and electric motorcycles that greatly improve their quality of life.
His approach catalyzed the growth of PAYG financing models, impacting the fintech startups across Africa to adopt similar strategies.
This model also drove the technological innovation in developing mobile money and digital payment systems to create financial inclusions for millions of Africans who remained unbanked or underbanked.
Because of Moore’s influence, M-KOPA has emerged as a role model amongst social enterprises to inspire others in leveraging technology in pursuit of profit and impact.
His vision continues to be part of the overall growth of Africa’s burgeoning tech ecosystem, in support of sustainable development and wider access to financial services across the continent.
FAQs
What is Jesse Moore’s key contribution to fintech in Africa?
Jesse Moore co-founded M-KOPA, pioneering connected financing for underbanked customers in Africa, offering affordable solar home systems, smartphones, and electric motorcycles to over 3 million customers.
How does M-KOPA promote financial inclusion?
M-KOPA uses a pay-as-you-go (PAYG) financing model, allowing underserved customers to access essential products and build credit, driving financial inclusion across Africa.
What recognition has Jesse Moore received for his work?
Jesse has been named a Young Global Leader by the World Economic Forum and recognized by MIT Technology Review and Fortune for innovation and impact.
Which countries does M-KOPA operate in?
M-KOPA operates in Kenya, Uganda, Ghana, Nigeria, and has an office in the UK.
Conclusion
M-KOPA has emerged as one of the key drivers of financial inclusion and technological innovation across Africa.
Connected financing for millions of underbanked customers not only helps extend access to basic services but also empowers people to work their way out of poverty.
M-KOPA’s pioneering pay-as-you-go model has created a blueprint for sustainable business growth in emerging markets, fostering positive social impact.
As the company scales, Jesse is building a future of Fintech in Africa and showing how technology can help spur inclusive finance toward community upliftment and economic progress.
References
Fintech platform M-KOPA hits 5mn customers, $1.5bn in credit
