Kopo Kopo, a pioneering fintech company that has served Kenyan businesses for over a decade, has announced key changes to its executive leadership team as it positions itself for further growth. Dennis Ondeng, a longstanding member of the team, steps into the role of Chief Executive Officer (CEO), while Chad Larson, who previously served as CEO, transitions to Chief Financial Officer (CFO). Joining them are Rosemary A. Muyeshi, the newly appointed Chief Risk Officer (CRO), and Kibet Yegon, who assumes the role of Chief Technology Officer (CTO). These strategic appointments come at a critical juncture for the company, following acquisition talks with Nigeria’s Moniepoint Inc.

Leadership Transition Signals New Era for Kopo Kopo

Ondeng’s appointment as CEO marks a significant moment for the company. Having been with the startup since its inception in 2011, Ondeng brings deep institutional knowledge and a track record of pioneering mobile money solutions that have played a crucial role in Kenya’s fintech revolution. “His extensive experience positions him well to lead the company into its next phase of growth,” the startup stated in a statement. Ondeng is tasked with navigating the company through a rapidly evolving digital payments landscape.

Chad Larson, the outgoing CEO, has been instrumental in strengthening Kopo Kopo’s financial backbone since taking the helm in 2019. With a history of successful ventures, including founding M-KOPA Solar, Larson’s leadership helped expand Kopo Kopo’s offerings, particularly in the area of innovative lending solutions for small and medium-sized enterprises (SMEs). Now, as CFO, Larson will continue to oversee the company’s financial strategy at a time when fintech firms are increasingly under pressure to balance profitability with growth.

Joining Ondeng and Larson is Rosemary Muyeshi, who takes over as Chief Risk Officer. Known for her rigorous approach to risk management, Muyeshi’s appointment is seen as a key move to ensure the startup’s long-term stability as it integrates with Moniepoint’s broader operations across Africa. Completing the executive team is Kibet Yegon, who has also been with the company since its early days. As CTO, Yegon is set to lead Kopo Kopo’s technological innovations, ensuring its platform remains robust and adaptive to the needs of Kenya’s businesses.

Moniepoint’s Strategic Acquisition of Kopo Kopo

This leadership restructuring follows a major regulatory greenlight by Kenya’s Competition Authority (CA) last year, clearing the way for Moniepoint, one of Nigeria’s largest business payment platforms, to gain a foothold in Kenya’s mature mobile money ecosystem through the acquisition of the Nairobi-based startup. 

Moniepoint’s interest in Kopo Kopo, a company that allows small merchants to accept mobile payments and offers credit to businesses, is clear. Kenya’s MSME sector, underpinned by Safaricom’s M-Pesa mobile money service, offers fertile ground for fintechs looking to scale. Moniepoint’s CEO, Tosin Eniolorunda, had previously stated the company’s intent to move into the Kenyan market as part of its broader mission to offer financial inclusion across Africa. “We have a publicly stated interest in Kenya as part of our mission to provide financial happiness for people across Africa,” Eniolorunda said following the approval of the deal.

A Decade of Fintech Innovation

Founded in 2010 by Ben Lyon and Dylan Higgins, Kopo Kopo has been at the forefront of Kenya’s fintech space, helping over 20,000 businesses adopt mobile payment solutions. Over the years, it has secured $5.4 million in funding from a range of venture capital firms, including Accion Venture Lab, Javelin Venture Partners, and Khosla Impact. Its ability to provide digital payment services to small and medium-sized enterprises (SMEs) in Kenya has made it a vital player in the country’s digital economy.