M-KOPA Unlocks $600 Million in Credit for Underbanked Customers in Africa
M-KOPA, the fintech platform that provides digital credit to underbanked customers, today announced the release of its 2021 Impact Report.
Presenting findings on its customers across Kenya, Uganda and Nigeria, the report revealed that the mission-led company has, to date, unlocked $600 million of credit, and has impacted more than 4.5 million lives with life-changing products.
As a mission-driven company, M-KOPA says its tremendous growth is rooted in its commitment to both commercial and social goals. The report presents findings on the firm’s smartphone, solar and cash loan customers across the three countries.
While much of the impact has been realised in East Africa, M-KOPA recorded rapid growth following its expansion into West Africa over 2020/21.
The report also notes that over 1 million solar home systems were sold, avoiding 2 million tonnes of CO2 emissions. It also revealed that over 1 million individuals access high-quality smartphones, enabling access to information and earning opportunities online. 86% of customers report that the quality of their lives has improved because of M-KOPA.
Despite the whirlwinds of economic uncertainty caused by COVID-19, throughout 2020 and 2021 M-KOPA defied global trends and created significant-high-quality employment. The fintech company’s full-time staff more than doubled from 2019 to 2021, with 944 additional jobs created. Additionally, M-KOPA sales agents, who actively reach community members across the company’s core markets, quadrupled to 10,000 agents between 2019 and 2021.
Founded in 2011, M-KOPA offers millions of people access to life-enhancing products and services, such as smartphones, solar lighting, solar-powered appliances, cash loans and health insurance by unlocking affordable credit.
In March 2020, the platform reached a milestone of 2 million customers served, and with impact and inclusion remaining core to its mission, M-KOPA strives to increase the number of customers on its platform by 10x over the next five years.
The report is available for r download here.