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M-KOPA Exceeds 5 Million Customers, Gains Extra 2 Million Customers
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M-KOPA customer growth is astounding, it allowed the company to become the leading financial technology company for emerging markets in Africa.
The company also announced that it has surpassed 5 million customers across Kenya, Uganda, Nigeria, Ghana and South Africa. Two million of these customers have come on board in the past 15 months.
M-KOPA Customer Growth Paves the Way For Much Larger Impact
This achievement, revealed in its 2024 Annual Impact Report, underscores M-KOPA’s mission to enhance digital and financial inclusion among underserved populations in Africa.
Speaking about the milestone, co-founder and CEO, Jesse Moore said attaining 5 million customers is a testament to the scale of positive impact the financial technology company is having on its customers.
“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,” he said.
What M-KOPA Offers
M-KOPA offers a unique pay-as-you-go model for essential products and services. Customers can acquire smartphones, solar power systems, and electric motorcycles through small daily payments.
By making daily repayments of around $0.50, customers gain access to valuable assets and build credit histories. The company’s growth has been remarkable, welcoming 2 million new customers in just 15 months.
M-KOPA’s impact extends beyond product accessibility. The company has unlocked more than $1.5 billion in credit for its customers. According to the World Bank, 75% of adults in sub-Saharan Africa remain financially excluded. To date, M-KOPA has supported its customer base with $1.5 billion in financing.
Founded in 2011 by Jesse Moore, Chad Larson, and Nick Hughes, M-KOPA is a UK-headquartered fintech that provides affordable smartphones and digital financial services to its users.
M-KOPA is working to further increase its percentage of female customers to 50%, to reduce its carbon footprint by making circularity central to its smartphone supply chain, and to continue pioneering green products like electric motorbikes that contribute to the health and sustainability of the communities where it operates.
M-KOPA, Chief Product Officer Nena Sanderson, says: “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.”
Company Employs More Staff to Combat M-KOPA Customer Growth
M-KOPA employs over 3,000 staff and 30,000 commission-based sales agents across its African markets.
The company’s innovative model and rapid growth have earned it recognition as one of Africa’s fastest-growing companies by the Financial Times for three consecutive years and as one of Time Magazine’s 100 Most Influential Companies globally for the past two years.
The company said it has also built the first and largest smartphone assembly factory in Kenya. This factory has produced more than 1m phones locally and further reduced the cost of access.
It also plans to reduce its carbon footprint by making circularity central to its smartphone supply chain. Also, it will continue pioneering green products like electric motorbikes that contribute to the health and sustainability of the communities where it operates.
M-KOPA Report Reveals Its Impacts and Growth
The company published its 2024 Impact Report this week, in which the company annually releases its progress against key social and environmental impact metrics. As with prior reports, the 2024 survey of M-KOPA customer growth was undertaken by a third-party company – Dalberg Research.
Key impact highlights from the 2024 report include:
- 92% confirm that M-KOPA’s financing has made technology more affordable.
- 80% of customers report an improved quality of life thanks to M-KOPA’s products.
- 70% credit M-KOPA with helping them achieve their financial goals, demonstrating the company’s contribution to financial empowerment.
- 62% use their M-KOPA product to generate income
As M-KOPA continues to grow, it faces the delicate task of balancing profitability with social impact. The company’s success in navigating this challenge will likely shape the future of financial inclusion in Africa.
With its innovative approach and commitment to empowering underserved populations, M-KOPA stands at the forefront of a financial revolution in Africa.
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