March 22, 2022

Who Is Babajide Duroshola, The Ex-SafeBoda Executive, Who Joined M-KOPA To Lead Its Africa Expansion

M-KOPA, an African connected asset financing platform that provides underbanked customers in Africa to essential products including solar lighting, televisions, fridges, smartphones, and financial services, raised $75M after it clocked 2 million customers across four African markets.

The “growth equity round” highlighted by M-KOPA in its press statement is its fifth equity fundraise – it has raised similar rounds of debt, too and in total, its equity raise stands at $190 million.

It was previously backed by the CDC Group and Light rock took part in this round alongside LocalGlobe’s Latitude Fund and HEPCO Capital Management. Generation Investment Management and Broadscale Group led the growth equity round. 

M-KOPA was formed by co-founder and CEO Jesse Moore, its described as a pay-as-you-go (PAYG) financing model that allows customers to build ownership of appliances over time by paying an initial deposit followed by flexible micro-payments.

Last year Babajide Duroshola, ex-country head of SafeBoda Nigeria, stepped down from his role, By the time Duroshola left the company, a transportation and mobility firm, had onboarded 5,000 drivers and completed more than 1.5 million rides in a full year of operation.

Speaking about his departure in his blog, he said: “The journey wasn’t always easy and sometimes met with frustration, grit, and resilience but, nonetheless, it has been the most exciting journey of my professional career…Also excited that a replacement was found internally and trust he will continue to lead the company to groundbreaking heights.”

Less than a month later, the executive reportedly found a new role as general manager for Kenyan company M-KOPA.  His appointment coincided with M-KOPA’s broader expansion strategy, which includes a move to Nigeria.

But who is he?

Before he joined SafeBoda – he worked as a community manager focusing on technical talent for Andela, a global job placement network for software developers. 

His role focused on developing ecosystem engagement by defining community building and engagement strategy for the region and stimulating advocacy while overseeing production and delivering community engagement materials.

In 2019 when SafeBoda hired Duroshola, the Ugandan ride-hailing company was in the news for its imminent expansion to Nigeria. Duroshola and his on-the-ground team chose to stay away from one of Africa’s most viable tech ecosystems – Lagos – and launch in neighboring city Ibadan.

The launch was a success.

Alongside his role at M-KOPA he is a Limited Partner at Rally Cap Ventures, a global community of fintech-focused angel investors collaborating with an exclusive portfolio of early-stage emerging market venture funds (Africa, South America, etc.) via direct investment, co-investment and advisory services.

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Abbianca Makoni

Abbianca Makoni is a content executive and writer at POCIT! She has years of experience reporting on critical issues affecting diverse communities around the globe.