Leading fintech company M-KOPA, which operates in emerging markets, has stated that it has more than 5 million subscribers across South Africa, Ghana, Nigeria, Kenya, and Uganda. Of these, two million had signed up during the previous fifteen months.
With the help of M-KOPA’s creative business model, “Every Day Earners,” or the vast majority of African adults who work a day job but find it difficult to acquire cellphones and frequently do not meet the requirements for traditional financial services, may now access reasonably priced smartphones loaded with financial services. In sub-Saharan Africa, 75% of adults are still financially excluded, according to the World Bank and BrandSpur business and economy news reports.
M-KOPA has provided more than $1.5 billion in finance to its clientele so far. Customers can enter the digital economy with an inexpensive daily payback plan that suits their daily income and cash flow and is easier to manage, starting with smartphone access.
M-KOPA establishes a credit record for every client by utilizing rich payment data and in-house AI-driven analytics. This credit record serves as the cornerstone for a long-term financial relationship that includes more inexpensive digital loans, data subscriptions, and health insurance.
Jesse Moore, co-founder and CEO of M-KOPA, states: “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.”
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This week saw the publication of M-KOPA’s 2024 Impact Report, which details the company’s annual progress toward important social and environmental impact benchmarks. As with previous assessments, Dalberg Research, a third-party business, conducted the 2024 study of M-KOPA consumers.
Highlights of the 2024 report’s major impacts are as follows:
92% of respondents agree that M-KOPA’s funding has lowered the cost of technology.
80% of clients say that using M-KOPA’s products has enhanced their quality of life.
As evidence of M-KOPA’s role in financial empowerment, 70% of respondents say the company helped them reach their financial objectives.
62% make money with their M-KOPA product.
The business is significantly enhancing digital access in Africa. Forty percent of the approximately two million new mobile internet users are female.
Additionally, M-KOPA constructed Kenya’s first and biggest smartphone assembly plant, which has produced over a million phones domestically and further decreased access costs. The board and management of M-KOPA use the annual impact report, as they have with previous reports, to help guide the company’s future direction.
In light of this year’s results, M-KOPA is striving to increase the proportion of female customers to 50%, lower its carbon footprint by integrating circularity into the supply chain for its smartphones, and keep innovating environmentally friendly products like electric motorbikes that improve the sustainability and well-being of the communities in which it operates.
Nena Sanderson, Chief Product Officer at M-KOPA, observes: “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.”
With its headquarters located in London, UK, M-KOPA currently employs over 3,000 employees as well as 30,000 commission-based sales agents throughout South Africa, Ghana, Nigeria, Kenya, and Uganda. The company has been named one of Africa’s Fastest Growing Companies by the Financial Times for the last three years, and one of the world’s 100 Most Influential Companies by Time Magazine for the last two years.
Download the M-KOPA Impact Report 2024_Pathways To Progress to read the complete report.
