Emerging market fintech M-KOPA has proudly announced that it has surpassed 5 million customers across Ghana, Kenya, Nigeria, South Africa, and Uganda. This milestone reflects a significant growth trajectory, with two million customers onboarded in just the past 15 months. The fintech has provided over $1.5 billion (Sh192 billion) in financing, as highlighted in its 2024 annual impact report, showcasing M-KOPA’s commitment to fostering digital and financial inclusion across Africa.
The report, conducted by Dalberg Research, indicates that 92% of M-KOPA customers find the financing has made technology more affordable, while 80% report an improved quality of life thanks to the company’s innovative products. Furthermore, 70% of users credit M-KOPA with helping them achieve their financial goals, and 62% utilize their products to generate income. These statistics underscore M-KOPA’s substantial contribution to financial empowerment across its customer base.
A key aspect of M-KOPA’s impact this year includes its expansion into South Africa, a critical economic hub in Africa, alongside continued growth in Kenya, Uganda, Nigeria, and Ghana. The company celebrated assembling its millionth smartphone at Kenya’s first local assembly facility, thereby enhancing smartphone accessibility while creating over 300 full-time jobs. This move not only supports local economies but also promotes ownership of essential digital tools for everyday life.
In its commitment to improving digital access, M-KOPA has reached nearly 2 million first-time mobile internet users, with 40% being women. The company aims to further increase the percentage of female customers to 50% and reduce its carbon footprint by integrating circularity into its smartphone supply chain. M-KOPA also plans to continue pioneering green products, including electric motorbikes, which contribute positively to the sustainability of the communities it serves.
M-KOPA’s innovative model makes affordable smartphones embedded with financial services accessible to ‘Every Day Earners’—a demographic that often faces barriers in accessing traditional financial services. By facilitating smartphone access, M-KOPA enables customers to participate in the digital economy through an affordable daily repayment model that aligns with their income flow. This approach seeks to establish a long-term financial relationship that encompasses lower-cost digital loans, affordable data subscriptions, and medical insurance.
The company has also made strides toward fostering a circular economy for smartphones through its local refurbishment facility in Kenya, enabling the scaling of affordable, climate-responsible devices. M-KOPA’s commitment to sustainability extends to its recent sales of 1,500 electric motorbikes, marking early efforts to accelerate the transition of Africa’s transportation sector to electric solutions. Co-founder and CEO Jesse Moore expressed excitement about welcoming the 5 millionth customer, emphasizing that the opportunities for larger impacts and growth are substantial.
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