Fintech firm M-KOPA reaches 5 million customers across Africa
M-KOPA, the merging market fintech has announced that it has surpassed 5 million customers across Ghana, Kenya, Nigeria, South Africa and Uganda. In its 2024 annual impact report released this week, the fintech noted that two million of these customers were onboarded in the past 15 months.
To date, M-KOPA also noted that it has supported its customer base with more than $1.5 billion (Sh192 billion) in financing.
“We are thrilled to welcome our 5 millionth customer to M-KOPA this month.“ M-KOPA co-founder and CEO, Jesse Moore says.
“The scale of our operations and our positive impact on customers is what keeps us working hard to go even further. We’re just getting started; the opportunity for much larger impact and scale is right in front of us.” he adds
The report highlights M-KOPA’s deepening commitment to creating digital and financial inclusion across Africa.
Headquartered in London, UK, M-KOPA now creates employment for more than 3,000 staff and 30,000 commission-based sales agents across Kenya, Uganda, Nigeria, Ghana and South Africa.
The company“s innovative model makes affordable smartphones embedded with financial services available to ‘Every Day Earners’: the wide majority of African adults who earn their income daily but struggle to afford smartphones and typically fail to qualify for conventional financial services.
Starting with smartphone access, customers gain entry to the digital economy with an affordable daily repayment model, which fits their daily income and cash flow and makes it easier to manage. By leveraging rich payments data and proprietary AI-driven analytics, M-KOPA builds a credit record for each customer which forms the foundation for a long-term financial relationship for lower-cost digital loans, affordable data subscriptions and medical insurance.
“Our product and services build pathways to prosperity for our customers and agents, enabling them to overcome financial setbacks, generate income and progress towards the futures they aspire to. Our impact extends beyond our customers, reaching their families and communities, and contributing to building a more sustainable world.” M-KOPA’s Chief Product Officer Nena Sanderson, notes.
M-KOPA says nearly 2 million of its customers are first-time mobile internet users and 40% are women. M-KOPA adds that it also built the first and largest smartphone assembly factory in Kenya – which has produced more than 1 million phones locally and further reduced the cost of access.
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