M-KOPA, a fintech company, has reached a major milestone, surpassing 5 million customers across Ghana, Kenya, Nigeria, South Africa, and Uganda. Impressively, 2 million of these customers have joined in just the last 15 months.
The company shared that it has provided over $1.5 billion (Sh192 billion) in financing to its customers, as highlighted in its 2024 annual impact report. This report showcases M-KOPA’s commitment to increasing digital and financial access across Africa. Every year, the company measures its progress on social and environmental goals, with this year’s customer survey conducted by Dalberg Research, an independent firm.
According to the report, 92% of customers said M-KOPA’s financing made technology more affordable, and 80% reported an improvement in their quality of life thanks to the company’s products. Additionally, 70% said M-KOPA helped them achieve financial goals, while 62% used their M-KOPA products to generate income, demonstrating the company’s role in empowering people financially.
M-KOPA also highlighted its recent expansion into South Africa, one of Africa’s largest economies, as well as continued growth in Kenya, Uganda, Nigeria, and Ghana. The company marked a key achievement by assembling its millionth smartphone at Kenya’s first-ever local smartphone assembly plant, which has made phones more affordable while creating over 300 full-time jobs for young people.
A major highlight of the report is the launch of M-KOPA’s new service, “More than a Phone,” which turns smartphones into financial tools. Customers can access digital loans, hospital cover, data bundles, and device protection through this service.
The company also emphasized its efforts to increase digital access. Nearly 2 million of its customers are using mobile internet for the first time, and 40% of them are women. M-KOPA aims to grow its female customer base to 50% while also reducing its environmental impact by making sustainability a key part of its smartphone production.
M-KOPA’s innovative approach is designed to help “Every Day Earners,” those who make daily income but struggle to afford smartphones or access traditional financial services. With 75% of adults in sub-Saharan Africa still financially excluded, M-KOPA offers an affordable daily repayment plan, making it easier for customers to manage their cash flow and gain access to the digital economy.
Through the use of payments data and AI analytics, M-KOPA builds a credit profile for each customer, helping them access affordable loans, data plans, and medical insurance. The company has also made strides in sustainability, with a new smartphone refurbishment facility in Kenya and the sale of its first 1,500 electric motorbikes, contributing to a greener future for Africa’s transportation sector.
CEO Jesse Moore expressed excitement about reaching 5 million customers, saying the impact they’ve made keeps them motivated to achieve even greater growth. He added, “We’re just getting started; there’s so much more potential ahead.”
Chief Product Officer Nena Sanderson shared that M-KOPA’s products not only help customers and sales agents overcome financial challenges, but they also contribute to building better futures for entire families and communities, creating a more sustainable world.
M-KOPA, headquartered in London, has created over 3,000 jobs and supports 30,000 sales agents across Kenya, Uganda, Nigeria, Ghana, and South Africa.
Author: shadjavist
Humble gentleman who never believes in impossibility
