Nick Hughes, a well known entrepreneur and financial genius has created another ground breaking business that is going to change the world of finance, once again. This business is called M-KOPA. M-KOPA has connected more than 400,000 homes in Kenya, Tanzania, and Uganda to solar power with nearly 550 new homes being added each and every day. M-KOPA is providing solar power to thousands of individuals who not too long ago, did not even have any sources of power; and now they have solar power. This company alone created 2,500 employment opportunities in East Africa.
M-KOPA sells solar kits for around $200 to customers who pay as they go, and eventually after payments are complete, will own the solar kits. This process usually takes about one year. Each kit is implanted with a SIM card, which is connected to a mobile network that the uses can top off every month. If the customer does not pay their monthly bill, then the services will be turned off. After the customer pays for their solar kit in full, they can remortgage the solar kit to buy other items from M-KOPA that would otherwise be far too expensive to obtain. These items include low-wattage TVs, water tanks, and even smart phones. So far, 60,000 M-KOPA customers have refinanced and taken advantage of these items.