he COP28 President-Designate and UAE Minister of Industry and Advanced Technology, Dr. Sultan Ahmed Al Jaber,
COP28 UAE President-Designate visits Kenyan fintech leader M-KOPA
… Meets with former Global High Schools category winner and CEO of Mazi Mobility
Conference of the Parties (COP28) President-Designate and UAE Minister of Industry and Advanced Technology, Dr. Sultan Ahmed Al Jaber, has highlighted the importance of small and medium-sized enterprises in creating technologies that create lasting positive change in vulnerable and remote communities, while helping to meet climate ambitions and keep 1.5C within reach.
The COP28) President-Designate stated this when he visited Kenyan-based M-KOPA, one of Africa’s leading fintech platforms.
M-KOPA, one of the fastest growing companies in Africa, is one of 106 past winners of the Zayed Sustainability Prize, the UAE’s pioneering award that recognises ground-breaking contributions across the fields of health, food, energy, water and climate action.
During a tour of M-KOPA’s facilities and a briefing by its Managing Director, David Damberger, Dr. Al Jaber, who helped establish the Prize and is its Director General, said: “Prize winners continue to address some of the most pressing sustainable development challenges we face today. They are providing quality healthcare, nutritious food, essential energy, and access to safe water—in short, a better world for us all.”
Dr Al Jaber is in Kenya for the Africa Energy Forum to prepare for the UAE’s hosting of COP28, which will take place in Dubai at the end of the year and marks the next step in global cooperation on fighting climate change.
The summit comes at the crucial halfway point between the landmark Paris Agreement of 2015 and the 2030 target for climate action, with the first global stocktake of emissions cuts providing a valuable opportunity to align global efforts.
This moment also shines a spotlight on the work of M-KOPA and other past winners of the Zayed Sustainability Prize, which have been addressing climate-related challenges in vulnerable countries around the world. In line with the UAE’s own priorities, they have been taking important steps to reform land use, transform food systems and ensure a pragmatic energy transition.
Since its founding in 2010, M-KOPA has reduced more than 2 million tonnes of carbon dioxide emissions, connected 400,000 first-time Internet users, and served over 3 million customers across sub-Saharan Africa.
To achieve this, the company has built one of the world’s most advanced connected financing platforms, deploying US $1 billion in credit to the financially excluded. The company has also provided extensive training and employment, generating more than US $180 million in extra income for its sales agents.
M-KOPA’s flexible credit model allows individuals to pay a small deposit and get instant access to everyday essentials, including electric motorcycles, solar power systems, smartphones and then graduate to digital financial services such as loans and health insurance.
Most recently, the company successfully closed over $200million in sustainability-linked debt financing to drive women’s financial inclusion and reduce greenhouse gas emissions in its East African markets by further developing its solar products offering, making a meaningful contribution to fighting climate change.
David Damberger, Managing Director of M-KOPA, said: “It was a privilege to receive His Excellency Dr. Sultan Al Jaber today and showcasing the remarkable impact we have made through our sustainable solutions.”
“Receiving the Zayed Sustainability Prize, marked a pivotal moment in our journey, and we are deeply grateful for the recognition,” he added. ” At M-KOPA, we have been driven by a deep-rooted commitment to empower underbanked consumers whilst combating climate change through our flexible credit model and clean energy solutions. We sincerely hope that our success serves as an inspiration for other small businesses and entrepreneurs across Africa to apply for the Prize, as it has the power to drive transformative change. Moreover, it is a testament to the UAE’s support of African small businesses and its humanitarian legacy, which continues to empower and uplift communities worldwide.”
During his visit, Dr. Al Jaber also met with former winner in the Prize’s Global High Schools category and current CEO of Mazi Mobility, Jesse Forrester, who updated the COP President-Designate on his e-mobility company, which operates a fleet of electric motorbikes and tuk-tuks.
