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Tagged ‘M-Kopa‘

Did Wrongdoings in Africa Force M-Kopa Solar to Rebrand? [B Team Africa, Gates, Generation Investment]

Cyprian Nyakundi

December 24, 2020

 

 

“The financial industry is undergoing rapid technological change… The increase in demand for digital services triggered by COVID-19 is turbo-charging this transformation.”

 

“Fintech’s potential to reach out to over a billion unbanked people around the world, and the changes in the financial system structure that this can induce, can be revolutionary.”

 

December 17, 2020, What is Really New in Fintech, IMF Blog

 

“Upon first glance, a person would assume this business is the selling of solar. Yet this assumption would be a mistake. The product is finance: “About a quarter of those who pay off their first purchase move on to others, the company says.” This is colonization in a 21st century new form. Colonization via debt made possible by the selling of Western values. Other vultures exploiting the impoverished and vulnerable under the guise of green and “clean energy for all” include iniquitous organizations, such as the Gates Foundation and Mastercard.”

 

January 28, 2019: An Inconvenient Case Study: M-Kopa Solar, Africa, [The Manufacturing of Greta Thunberg – for Consent: The Most Inconvenient Truth: “Capitalism is in Danger of Falling Apart”, ACT III]

 

 

US President Barack Obama visits M-KOPA stand at the UNEP offices in 2015

US President Barack Obama visits M-KOPA stand at the UNEP offices in 2015

 

B Team Africa's Jesse Moore, Photo by World Economic Forum

B Team Africa’s Jesse Moore, Photo by World Economic Forum

 

The B Team continues to grow and expand its coalition of corporate executives. In 2018, Indra Nooyi, chairman and former CEO of PepsiCo, joined the coalition. More recently, The B Team welcomed Ajay Banga, president and CEO of MasterCard. Another B Team leader is Andrew Liveris, chairman and CEO of Dow Chemical Company. Liveris also serves as a member of The Nature Conservancy’s Latin America Conservation Council, and the Concordia Leadership Council. ”

 

September 17, 2019, We Mean Business Co-founder – The B Team [The Manufacturing of Greta Thunberg – for Consent: They Mean Business, Volume II, Act IV]

 

Blacklock’s Reporter is a subscription service that monitors corruption in Canada and in the light of the WE Charity scandals, it has been one of the sites that has continued to give timely briefs.

The site has made a link between Jesse Moore, CEO of M-Kopa and Craig Kielburger, CEO of We Charity, another organization accused of siphoning off Canada taxpayer money in Kenya.

M-Kopa is described as a ‘money-losing door-to-door sales company in Nairobi that received millions in federal funding’ (funded by Canadian taxpayers).

Jesse Moore, a former Toronto child activist, earlier served in a youth leaders’ group with WE Charity co-founder Craig Kielburger.

WE Charity Scandal in Kenya

  1. We Charity forces whistle-blower to recant evidence of mistreatment
  2. WE Charity suspicious activities that should get the attention of Kenyan authorities
  3. We Charity shuts down Canadian operations after scandal

The link between We Charity’s Craig Kielburger and M-Kopa’s Jesse Moore

The issue was picked up by a Canadian MP in an interview with a Toronto radio station last Thursday (Last week) and it’s becoming an emerging scandal in Canada.

 

Kampala, Uganda – October 25, 2018 – “Mastercard in partnership with M-KOPA Solar and Centenary Bank, celebrated the first ‘pay-as-you-go’ QR transaction this week, officially launching the initiative, which provides a simple and inexpensive way to power the homes and businesses of Ugandans.”

"Pay-As-You-Go and the Internet of Things: Driving a New Wave of Financial Inclusion in the Developing World"

“Pay-As-You-Go and the Internet of Things: Driving a New Wave of Financial Inclusion in the Developing World”

 

January 22, 2020, World Economic Forum, Davos: "How are the pioneers of the Fourth Industrial Revolution shaping the future of society?"

January 22, 2020, World Economic Forum, Davos: “How are the pioneers of the Fourth Industrial Revolution shaping the future of society?”

 

Jesse Moore, CEO of M-Kopa. Moore is a shareholder and chief executive of M-Kopa Holdings Ltd., a Kenyan firm that sells home appliances, cellphones and household loans on the installment plan. M-Kopa was the first recipient of FinDev funding on a promise of “creating good quality jobs in East Africa.” M-Kopa laid off 150 employees two days after FinDev announced its initial share purchase in 2018. The company lost $51 million (Sh5.5 billion) over two years as taxpayer funds were spent on the company, according to financial records.

Also FinDev admitted giving another US$ 2 million (Sh218 million) in 2019, after the firing of the 150 software developers became public news.
In the past, FinDev, a federal agency bought $15.4 million (Sh1.7 billion) in shares in M-Kopa Holdings Limited.

FinDev has confirmed it was aware Moore held shares in the company. The agency has an observer on the M-Kopa board, but would not comment on salary and benefits approved for the chief executive.

“FinDev has an observer status that allows us to be informed about M-Kopa’s business developments,” said Shelley Maclean, a spokesperson for the agency. “Following its investment in M-Kopa, in January FinDev was made aware of certain employee share purchases that took place.”

Moore is a former director with CARE Canada and a 2006 Fellow at Action Canada, a federally-subsidized “leadership development” program for students. Kielburger was also a 2006 Fellow in the program.

In the article, the predatory M-Kopa is refusing to cooperate.

On other note, M-Kopa has told staff it is exiting the solar business in Uganda and will focus on its 26,899/- A11 phones (https://m-kopa.com/kenya/products/) on an extreme high-interest payment plan ( you can get same phone on Jumia for 13,500 ).

At the same time it has taken the word “Solar” out of all of its brand identity- https://m-kopa.com/ does not have the old M-Kopa Solar logo anymore. In Kenya they are telling staff that solar will reduce as they become a pure predatory phone finance company.  https://androidkenya.com/2020/01/samsung-m-kopa-phone/  And they are only selling phones, not solar, in Nigeria and Ghana.

 

"Stay Entertained"

“Stay Entertained”

 

 

Listen: Making Money Off of Green Debt: Cory Morningstar Finds Corporate Wolves Behind Environmental Sheep

Listen: Making Money Off of Green Debt: Cory Morningstar Finds Corporate Wolves Behind Environmental Sheep

Ghion Journal

October 4, 2019

By Stephen Boni

“Listen: Making Money Off of Green Debt: Cory Morningstar Finds Corporate Wolves Behind Environmental Sheep”

 

 

Building through the privatization-friendly Reagan-Bush era of the 1980s, ramping up significantly with Bill Clinton’s signing of the North American Free Trade Agreement (NAFTA) in the 1990s, and solidified through the de facto repeal of the post-Great Depression separation between investment and commercial banks at the end of Clinton’s scandal-plagued final term in office at the turn of the millenium, the United States went through a very noticeable shift in how its economy functioned. Even people who didn’t pay attention to such things could feel it.

While the fundamentals of large-scale state capitalism remained—in which the U.S. government used debt and taxpayer dollars to provide the corporate sector with expensive research and development (the internet, for example), and offered crucial patent protection, favorable interest rates, extra cash in the form of subsidies, a wonderfully loophole-ridden tax code, near nonexistent enforcement of antitrust and environmental law, suppression of trade unions, and the stacking of government jobs and judicial appointments with pro-corporate professionals—the actual physical manifestations of the U.S. economy that those structures support were abandoned in ways they never had been before.

No longer did large investment firms or the stock market spend their time rewarding companies that invested in their own development, equipment, channels of distribution, growth and productivity of their workforces, etc. NAFTA, with its incentive to move jobs to other countries (particularly Mexico, which has even fewer environmental protections and drastically lower labor costs), made much of that boring, analytical work unnecessary.

So what was the newly unleashed finance sector of the economy supposed to make real money off of? Sure, they could preside over the mammoth corporate mergers and acquisitions that Reagan had freed up. That brought in some cash. The newly released internet offered speculative benefits as well. But the real money turned out to be, ironically, in the absence of money. It turned out to be in debt. Corporate debt, which could be packaged up into securities and sold to investors, but even more, the debt (mostly mortgage-related) that regular citizens were racking up to maintain their lifestyles in a less welcoming economy. Now that….oh wow, the transmogrification of that shaky debt into securities was the true windfall.

All of this fiddling around with debt was the hallmark of an economy that now focused much of its energy on finance and imaginary “products” that had no real physical presence in the real economy. We all know what came of that in 2008. One of the best explainers of how and why our economy—and indeed the world economy—blew apart was Matt Taibbi who, in a colloquial and hilariously sarcastic series of articles in Rolling Stone, famously described the investment bank Goldman Sachs as a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”

The Next Financial Frontier

All of this is old hat by now, right? Nothing about this current formation of our economy has really changed in the decade following the crash of 2008. Obama gave our money to the debt-ridden banks; a shit-ton of people lost their jobs and their homes; local tax revenues dried up; and the propped up and bloated finance sector simply found a new way to profit off citizen debt by creating securities out of student loan and car loan debt. Capitalism, in its current American form, could only really make money, easy money, fast money (for an ever decreasing slice of the population) out of made-up financial illusions.

Even if you subtract the recent and growing social unrest—seen through the brief flash of the quickly beaten down and co-opted Occupy and Black Lives Matter movements, the proliferation of white nationalist and xenophobic groups, and the explosion of voter political disobedience in the forms of the 2016 Sanders and Trump campaigns—American capitalism has clearly been running into a dead end. Right now, even the biggest fans of our current economy in the financial world are anticipating a train wreck in which the latest debt bubble, which also includes corporate debt, will explode, leaving even more people in desperate trouble as a result.

This is the context that Cory Morningstar is operating in with Act III of her multi-part series called “The Manufacturing of Greta Thunberg. For Consent: The Most Inconvenient Truth. Capitalism is in Danger of Falling Apart.”

You can listen to the piece here and I believe you can learn a lot from it.

And you can hear Acts I & II of the series through the Words of Others podcast.

As Cory documents through the various sections of her article—particularly in her exploration of the investor-backed and nominally African solar power provider M-Kopa—the goal of the Western corporate elites who are operating in the background of “climate strike” activists and the organizations with which they’re affiliated is not to find a way out of a dead ending capitalism. It is not to engineer a low-carbon, less consumptive, less polluted, more equal world. Not at all. They’re trying to engineer what is essentially a fantasy—a slightly less carbon producing, still consumptive, slightly less polluted, equally unequal world that maintains the current position of the elite capitalist class (a class they all belong to).

To make that happen, it’s all about inflating a new financial bubble. As Cory explores, using a variety of primary source material, if the debt of corporations and regular citizens could be turned into financial securities and sold as investments to hedge funds, pension funds and other institutions, then why not create a new form of debt related to greening the economy? And why not do it on the backs of the poor and the non-white? And why not prove the investment potential of that debt so it can be similarly securitized and sold by major financial firms? Capitalism rescued! At least for a little while longer.

This is what Al Gore and his cohorts are trying to unlock. This is their mission. And guiding inspirational movements led by relatable teenagers such as Greta Thunberg is how they gain the critical mass among the general population they need to grease the wheels of government and industry and make their banal dream a reality.

It’s this insight that make’s Morningstar’s series so important. She is trying to help you see the wolves and their sharp smiles peeking out from behind those cuddly lambs you want to help and support.

As always, thanks for reading and thanks for listening.

 

[Stephen Boni is both Ghion Journal’s current editor and a contributing writer. His main interest is in analyzing the workings of empire and exploring ways to dismantle and replace systems of oppression. A conflicted New Englander with an affinity for people, music and avoiding isms, he lives in Oakland, California with his wife and young daughter.]

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