Mastercard Is Providing Access To Inexpensive Energy In Africa
The global payments company is teaming up with solar energy company M-KOPA to provide affordable energy across the continent
Financial services company Mastercard has teamed up with M-KOPA, a Kenyan solar energy company, to provide low-cost electricity to African homes and businesses. M-KOPA, which is already providing safe energy to 3 million people in East Africa, will be implementing Mastercard’s Quick Response (QR) program in Uganda to lengthen the reach of its pay-as-you-go solar program.
M-KOPA provides customers with an opportunity to buy a solar system on credit while paying small daily payments that are less than the cost of kerosene lamps. With Masterpass QR, M-KOPA will be able to grow across Africa without additional technology investments.
In a press release, Kiki Del Valle, the Senior Vice President of Commerce for Every Device, Mastercard, pointed out the company’s hopes for this new partnership, “By using our digital payment capabilities, we want to make it easy for people to access reliable and regular sources of energy and become more economically resilient—earn a livelihood by working from home, keep shops and businesses open for longer and study after dark.”
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