FinDev Canada announces US$ 20 million commitment to M-KOPA to support connectivity and access to finance in Sub-Saharan Africa
Summary
FinDev Canada is happy to announce a commitment of US$ 20 million in convertible notes to M-KOPA, a leading fintech platform. M-KOPA helps underbanked customers in Africa to gain access to financial services and products that improve their connectivity and quality of life.FinDev Canadas commitment will add to the US$ 250 million in new financing recently secured by M-KOPA, to support its growth and expansion into new markets.In Sub-Saharan Africa, 85% of adults live on less than US$ 5 per day, and only 14% can access loans from financial institutions. At M-KOPA, we consistently work hard to develop innovative solutions to accelerate digital and financial inclusivity, in order to create positive change in our customers lives and the environment. We are proud to have unlocked over $1 billion in credit for more than 3 million underbanked customers to date, as well as established a unique business model that provides the opportunity for large scale job creation. Find out more about FinDev Canada here.The 2X Challenge was founded by the development finance institutions (DFIs) from the G7 as a call to action to shift more capital towards investments that empower women in developing countries to access entrepreneurship and leadership opportunities, quality jobs, and products and services that enhance their economic participation.