Emerging market fintech, M-KOPA has announced that it has surpassed 5 million customers across Ghana, Kenya, Nigeria, South Africa and Uganda.
The company noted that two million of these customers were onboarded in the past 15 months.
To date, the fintech also noted that it has supported its customer base with more than $1.5 billion (Sh192 billion) in financing.
This is according to its 2024 annual impact report that highlights M-KOPA’s deepening commitment in creating digital and financial inclusion across Africa.
M-KOPA published the 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 customers was undertaken by a third-party company – Dalberg Research.
According to the report, 92% of customers confirm that M-KOPA’s financing has made technology more affordable with 80% reporting an improved quality of life thanks to the fintech’s products.
A further 70% credit M-KOPA with helping them achieve their financial goals while 62% said they use their M-KOPA product to generate income, demonstrating the company’s contribution to financial empowerment.
In the report, M-KOPA highlighted that their expansion in South Africa this year, one of Africa’s most critical economic hubs, contributed to unlocking the fintech’s far reaching impact alongside continued growth in Kenya, Uganda, Nigeria and Ghana.
“We also assembled our millionth smartphone in Kenya’s first ever smartphone local assembly facility, making smartphone ownership more affordable while creating over 300 full-time jobs for young jobs,” the report read in part.
“A highlight that also helped unlock our far-reaching impact included launching our first embedded digital financial services offering, transforming a smartphone into a powerful financial tool.”
“Aptly named “More than a Phone”, this embedded offering includes digital loans, hospital cover, data bundles and device protection.”
In a bid to improve digital access in Africa, M-KOPA noted that nearly 2 million customers are first-time mobile internet users where 40% are women.
Based on this year’s findings, M-KOPA affirmed that it is working to further increase its percentage of female customers to 50%, and equally reduce its carbon footprint by making circularity central to its smartphone supply chain.
It also affirmed that it will continue pioneering green products like electric motorbikes that contribute to the health and sustainability of the communities where it operates.
The company through a presser said its innovative model aims to make affordable smartphones embedded with financial services available to ‘Every Day Earners.’
These are the wide majority of African adults who earn their income daily but struggle to afford smartphones and typically fail to qualify for conventional financial services.
According to the World Bank, 75% of adults in sub-Saharan Africa remain financially excluded.
“Starting with smartphone access, customers gain entry to the digital economy with an affordable daily repayment model, which fits their daily income and cash flow and makes it easier to manage,” M-KOPA said.
“By leveraging rich payments data and proprietary AI-driven analytics, M-KOPA seeks to build a credit record for each customer which forms the foundation for a long-term financial relationship for lower cost digital loans, affordable data subscriptions and medical insurance.”
The report further indicated that M-KOPA also grew a circular economy for smartphones through its new local refurbishment facility in Kenya, enabling them to scale more affordable and climate-responsible phones.
Worth noting is M-KOPA also sold its first 1,500 electric motorbike equally taking early steps towards accelerating the wider transition of Africa’s transportation sector to electric.
On his part, M-KOPA co-founder and CEO, Jesse Moore said the company is thrilled to welcome its 5 millionth customer this month adding that the scale of its operations and positive impact on customers is what keeps them 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.
M-KOPA’s Chief Product Officer Nena Sanderson added that their products and services build pathways to prosperity for 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.”
Headquartered in London, UK, M-KOPA has today created employment for more than 3,000 staff and 30,000 commission-based sales agents across Kenya, Uganda, Nigeria, Ghana and South Africa.
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