Firms Expand EV and Smartphone Financing for Underserved Africans - September 2025

M-KOPA, a fintech firm using pay-as-you-go financing, has surpassed 3 million active daily customers and deployed over $2 billion in credit to micro-entrepreneurs and gig workers across Africa. In its 2024 Sustainability Report, Watu announced it had financed 2,000 EVs and 1.4 million smartphones as part of its ESG initiatives. Meanwhile, Kenya's ARC Ride has secured a $10 million debt financing commitment from Mirova, an affiliate of Natixis Investment Managers. This funding is designated to deploy 600 battery-swapping cabinets and 25,000 batteries, significantly boosting Kenya's electric vehicle infrastructure.