M-Kopa Nigeria’s General Manager, Babajide Duroshola has been awarded the “Technology Personality of The Year” by Eko Innovations. The award was announced on Thursday at the Art of Technology Lagos (AOT) 6.0, an annual tech event that brings together visionaries, innovators, policymakers, and tech enthusiasts.
Eko Innovation Centre, a leading innovation hub in the country, is created to foster the growth and development of start-ups and entrepreneurship in Nigeria. It has empowered start-ups from concept to commercialization such as the Lagos Smart Meter Hackathon, and Art of Technology Lagos among other laudable initiatives in partnership with the Lagos State government.
Announcing the award on his X account, Babajide stressed that the award signifies the countless efforts of his M-KOPA team across the digital and financial space. “I am honoured to be recognized with the “Technology Personality of The Year” by @EkoInnovation and @followlasg. This recognition reflects not just my personal achievements, but the collective efforts and innovations of the entire @mkopanigeria team in advancing digital financial inclusion across the State,” he said.
He also stressed that the recognition is a testament to the financial platform’s role in transforming technology for a better life.
“The award acknowledges our commitment to leveraging technology to provide accessible financing solutions and our significant contributions to the fintech ecosystem in Lagos and Nigeria,” he added.
For the award, Babajide was initially nominated with other leading tech brain builders such as Seye Bandele – the Co-founder/CEO of PaidHR, Damilola Teidi – CEO/Co-founder of GoMyWay Africa and Benjamin Oladokun – Co-founder of Shekel Mobility.
Meet Babajide Duroshola
Babajide Duroshola has been serving as General Manager at M-KOPA Nigeria since 2021, bringing extensive experience in business management, startups, technology, banking, and consulting.
Before joining M-KOPA, Babajide was the Country Director at SafeBoda Nigeria – a transportation and mobility firm, where he worked for two years and played a pivotal role in driving the overall growth of the business. By the time Duroshola left the company, he had onboarded 5,000 drivers and completed more than 1.5 million rides in a full year of operation.
When SafeBoda hired Duroshola in 2019, 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 the neighbouring city of Ibadan.
His diverse experience also includes serving as the Community Manager for Technical Talent at Andela, where he led community efforts and contributed to building the organization’s brand, attracting new community members and fellows.
Babajide has a background in computer science and technology and holds a bachelor’s degree from the Bells University of Technology, Otta. He is also a certified PDA Personality Development Analyst.
In addition to his professional commitments, Babajide actively engages in community building and social intervention through volunteering. He serves as a program assistant with the Young Professionals Program (YPP), contributing to community improvement initiatives at Covenant Nation, a faith-based group to which he belongs. His multifaceted experiences and dedication to community development underscore his role as a dynamic and impactful leader.
With a career spanning over 10 years, he has held key positions that reflect his proficiency in business operations, management, strategy, marketing, and community engagement.
M-KOPA’s increasing growth across Africa
Amidst the harsh African economic condition, the Kenyan digital financial services company announced it is approaching an annual revenue rate (ARR) of $400 million by year-end. The company which ended last year with 4 million customers and $248 million in ARR tagged the development as a major milestone.
In addition, in its recently released 2024 Impact Report, the company announced it has now crossed 5 million customers in Kenya alone. According to the report, the fintech company has provided more than 16,000 jobs to workers in Kenya, thus helping to reduce unemployment. M-KOPA currently serves over 5 million underbanked Africans.
The company’s chief commercial officer (CCO), Mayur Patel explained that the fintech company has kept a low loss profile during the inflationary macro stunts. “Our loss rates have been remarkably stable over the last 4 years as the company has rapidly scaled, regardless of changes in the macro environment. This is a testament to the fact that financed phones are a productive asset in people’s lives and a key part of how everyday earners generate their income and participate in the digital economy,” he said.
Patel added that M-KOPA’s revenue growth and profitability are due to several factors. First is the improved pricing and expansion into higher-value markets with stronger local currencies such as South Africa. Second, the company has reached more underbanked individuals with the addition of 1 million users in the last six months and 2 million over the past 15 months.
Following a deployment of $1.5 billion cumulative credit, M-KOPA’s financial approach depicts its role in expanding Africa’s credit market.
Through various financial institutions such as Sumitomo, Standard Bank, and others, the company raised $250 million last year. This includes $200 million in debt financing. Earlier this year, it secured an additional $15 million in debt. Its $400 million run rate places it among the largest fintechs in Africa by revenue.
Read More: M-KOPA to hit $400m revenue by year-end, now disbursed over $1.5 billion in credit.
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