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M-KOPA Reaches 5 Million Customers Across Five African Countries

October 2, 2024

M-KOPA, a leading fintech company in emerging markets, has announced a significant milestone: it has surpassed 5 million customers across five African nations, Kenya, Uganda, Nigeria, Ghana, and South Africa. 

This remarkable achievement reflects M-KOPA’s rapid growth and expansion in the region, with 2 million of these customers joining in just the past 15 months. 

The company’s innovative approach to providing affordable smartphones embedded with financial services has made it a vital player in enhancing digital access for the continent’s “Every Day Earners,” who are often excluded from traditional financial systems.

Innovative Financial Solutions for Everyday Earners

M-KOPA’s business model is designed to cater to the needs of individuals who earn their income daily yet struggle to afford essential technology like smartphones. 

According to the World Bank, approximately 75% of adults in sub-Saharan Africa remain financially excluded, highlighting the urgent need for accessible financial services. 

M-KOPA addresses this gap by offering a daily repayment model that aligns with customers’ cash flow, allowing them to enter the digital economy without the burden of upfront costs.

To date, M-KOPA has facilitated over $1.5 billion in financing for its customer base. By leveraging advanced payment data and proprietary AI-driven analytics, M-KOPA builds credit histories for its users. 

This foundational credit record paves the way for long-term financial relationships, enabling customers to access lower-cost digital loans, affordable data subscriptions, and even medical insurance.

M-KOPA Reaches 5 Million Customers Across Five African Countries

Customer Impact and Empowerment

Jesse Moore, co-founder and CEO of M-KOPA, expressed his excitement about reaching this milestone: “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.” 

This sentiment is echoed in M-KOPA’s recently released 2024 Impact Report, which highlights key social and environmental metrics achieved through its services.

The report reveals that:

  • 92% of customers confirm that M-KOPA’s financing has made technology more affordable.
  • 80% report an improved quality of life due to M-KOPA’s products.
  • 70% credit M-KOPA with helping them achieve their financial goals.
  • 62% use their M-KOPA product to generate income.

These statistics underscore M-KOPA’s role in improving digital access across Africa. Notably, nearly 2 million customers are first-time mobile internet users, with women constituting 40% of the customer base.

Local Manufacturing and Employment Opportunities

M-KOPA has also made strides in local manufacturing by establishing Kenya’s first and largest smartphone assembly factory. 

This facility has produced over 1 million phones, significantly reducing access costs for consumers while fostering local employment opportunities. 

Currently, M-KOPA employs more than 3,000 staff and supports an additional 30,000 commission-based sales agents across its operational regions.

Read Next: M-KOPA to Pay Taxes to Kenya After Losing Appeal at Tax Tribunal

Future Goals and Sustainability Initiatives

Looking ahead, M-KOPA aims to further increase its percentage of female customers to 50%, reduce its carbon footprint by integrating circularity into its smartphone supply chain, and continue pioneering green products such as electric motorbikes. 

These initiatives reflect M-KOPA’s commitment to not only enhancing financial inclusion but also contributing positively to the communities it serves.

Nena Sanderson, Chief Product Officer at M-KOPA, remarked on the broader impact of their services: “Our product and services build pathways to prosperity for our customers and agents.” She emphasized that the benefits extend beyond individual users, reaching their families and communities while contributing to a more sustainable world.

Recognition and Future Outlook

M-KOPA’s achievements have not gone unnoticed; it has been recognized by the Financial Times as one of Africa’s Fastest Growing Companies for three consecutive years and named one of Time Magazine’s 100 Most Influential Companies globally for the past two years. 

As M-KOPA continues its growth trajectory and expands its reach across Africa, it remains dedicated to empowering individuals through innovative financial solutions that foster economic independence and improve quality of life.

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Oluchukwu Ikemefuna
Oluchukwu Ikemefuna

Oluchukwu Blessing Ikemefuna, a talented content writer from Anambra, Nigeria, found her writing passion in secondary school. Holding a degree in Biological Sciences from Federal University of Technology, Owerri, she specializes in blog writing across technology, finance, healthcare, education, and lifestyle sectors. With strong research and SEO skills, Oluchukwu creates engaging content globally. Her work aims to inspire and engage authentically while driving action. Outside work, she enjoys travel, reading, and movies as she grows as a skilled writer.

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