M-KOPA wants to position itself as a key player in the economic and social development of Africa, paving the way for new opportunities, reaching more than 5 million people in digital and financial inclusion.
Fintech M-KOPA, in a statement received by APA on Tuesday, announced that it has surpassed 5 million customers in five African markets, unlocking a total of $1.5 billion in credit. This success is highlighted in the company’s 2024 annual impact report, titled “Pathways To Progress,” which demonstrates how M-KOPA is contributing to digital and financial inclusion across the continent.
With a presence in Kenya, Uganda, Nigeria, Ghana and South Africa, M-KOPA claims to have registered 2 million new customers in the last 15 months. The company’s innovative model facilitates access to affordable smartphones coupled with financial services, primarily targeting “ everyday employees » – a category often excluded from the traditional financial system. Indeed, according to the World Bank, 75% of adults in sub-Saharan Africa still have no access to banking services.
The fintech offers simplified access to the digital economy through a daily repayment model that adapts to its customers’ daily income. Using payment data and advanced analytics based on artificial intelligence, the company builds personalized credit files. This paves the way for low-cost digital loans, affordable data subscriptions, and health insurance options.
” We are thrilled to welcome our 5 millionth customer this month. The scale of our operations and the positive impact we have on our customers drives us to work hard to go even further. ” said Jesse Moore, co-founder and CEO of M-KOPA.
Positive impact on quality of life
The 2024 Impact Report, developed with the help of Dalberg Research, reveals encouraging results. Among the highlights of the 2024 Impact Report, several key findings highlight M-KOPA’s positive impact on its customers. Indeed, 92% of users say that M-KOPA’s funding has made technology more accessible, while 80% report an improvement in their quality of life thanks to the company’s products, the document highlights.
In addition, he continues, 70% of respondents believe that M-KOPA has helped them achieve their financial goals. Finally, 62% of customers use their M-KOPA products to generate income, thus demonstrating the tangible impact of the company on their daily lives.
Nearly 2 million customers are mobile Internet novices, and 40% of users are women, the report reveals.
M-KOPA is also committed to strengthening sustainability. The company has built the first and largest smartphone assembly plant in Kenya, reducing the cost of accessing technology. Going forward, it aims to increase the proportion of female customers to 50% and reduce its carbon footprint, including by integrating circularity practices into its supply chain.
” Our products and services pave the way for prosperity for our customers and agents, helping them overcome financial challenges. Our impact extends beyond customers to their families and communities. “, said Nena Sanderson, Product Director at M-KOPA.
Headquartered in London, M-KOPA now employs over 3,000 people and supports 30,000 commission-based sales agents. According to its promoters, the company has been recognised by the Financial Times as one of Africa’s fastest-growing companies and has been listed among Time Magazine’s 100 most influential companies in the world for the past two years.
ARD/te/Sf/APA
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