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M-KOPA, a pioneering fintech company operating in emerging markets, has announced that it has surpassed 5 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa.
This milestone includes the addition of 2 million new customers within just the past 15 months, highlighting M-KOPA’s rapid growth and its commitment to financial inclusion in Africa.
The company’s innovative model offers affordable smartphones integrated with essential financial services, specifically targeting ‘Every Day Earners’—the vast majority of African adults who earn income daily. Many of these individuals face barriers in accessing traditional financial products.
According to the World Bank, at least 75% of adults in sub-Saharan Africa remain financially excluded. M-KOPA has addressed this gap, providing over $1.5 billion in financing to its customer base.
M-KOPA’s approach begins with offering smartphones that enable customers to access the digital economy. This is facilitated through a flexible daily repayment model that aligns with their cash flow, making it easier for users to manage payments.
Jesse Moore, Co-founder and CEO of M-KOPA, expressed his excitement about reaching this milestone, stating, “We are thrilled to welcome our 5 millionth customer to M-KOPA this month. 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.”
M-KOPA also unveiled its 2024 Impact Report, showcasing the company’s progress toward key social and environmental targets. Conducted by the third-party research firm Dalberg, the report reveals notable findings:
- 92% of customers report that M-KOPA has made technology more affordable.
- 80% credit M-KOPA with enhancing their quality of life through its products.
- 70% acknowledge that M-KOPA has helped them reach their financial objectives.
- 62% utilize M-KOPA products to generate income.
Furthermore, M-KOPA’s efforts to improve digital access in Africa have resulted in nearly 2 million customers becoming first-time mobile internet users, with 40% being women.
The company has also established Kenya’s first and largest smartphone assembly factory, which has produced over one million devices, reducing costs associated with smartphone ownership.
The insights gained from the annual impact report play a pivotal role in shaping M-KOPA’s future strategies. Building on this year’s findings, M-KOPA aims to increase its female customer base to 50%, minimize its carbon footprint by emphasizing circularity in its smartphone supply chain, and continue developing green products such as electric motorbikes that positively impact local communities.
M-KOPA’s Chief Product Officer, Nena Sanderson, articulated the company’s vision: “Our products 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.”
Headquartered in London, UK, M-KOPA has created over 3,000 jobs and collaborates with around 30,000 commission-based sales agents in the five countries where it operates.
For three consecutive years, the Financial Times has recognized M-KOPA as one of Africa’s Fastest Growing Companies, while Time Magazine has included it in its list of the 100 Most Influential Companies globally for the past two years.
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