The announcement was made during President William Ruto’s State Visit to Washington in May 2024.

The DFC’s new investments include substantial loans and grants to five Kenyan companies: M-KOPA, BasiGo, Mogo Auto, Roam Electric, and Pezesha Africa Limited.

These investments are part of DFC’s broader strategy to support technological advancement and sustainable development in Kenya.

M-KOPA, a Nairobi-based digital financing company that caters to underbanked Africans, received a $51 million loan.

This investment will help M-KOPA expand digital connectivity across Kenya and provide underserved communities with affordable smartphones.

The commitment was officially signed by DFC CEO Scott Nathan and M-KOPA Co-Founder and CEO Jesse Moore.

M-KOPA has already produced over 1 million smartphones locally. With the new funding and support from both DFC and the Kenyan government, the company plans to further expand its local production facility.

This initiative is expected to significantly enhance digital access for many Kenyans.

In support of President Ruto’s Africa Green Industrialisation Initiative, DFC provided a $10 million loan to both Mogo Auto Kenya and BasiGo.

Mogo Kenya, known for its specialization in used vehicle loans, logbook loans, and motorcycle loans, will use the funds to promote e-mobility. BasiGo, a manufacturer of electric buses, recently inaugurated its production line in Kenya and will use the loan to boost its operations.

Roam Electric, another key player in Kenya’s e-mobility sector, received a $10 million loan to assist in the design and development of electric motorcycles, buses, and charging stations.

This investment is expected to propel Kenya’s transition to electric vehicles, reducing carbon emissions and fostering sustainable transport solutions.

Pezesha, a digital financial enabler for small and medium-sized enterprises (SMEs), was awarded a $500,000 Technical Assistance grant. This grant will enable Pezesha to enhance its credit scoring algorithms using advanced computing technologies, thereby improving financial inclusion for Kenyan SMEs.

These investments were announced during President Ruto’s State Visit to the United States, where he was welcomed by President Biden.

The visit, which marked 60 years of official US-Kenya partnership, underscored the deepening ties between the two nations.

According to a US government report, ‘FACT SHEET: Kenya State Visit to the United States,’ the visit celebrated key investments in Kenya’s digital and renewable energy sectors.