Leading financial technology company for emerging markets, M-KOPA, announced that it has surpassed 5 million customers across its African markets. Two million of these customers have only been onboarded over the past 15 months.
Company Achievements
The company also announced that it has been able to unlock over $1.5 billion across its major markets of Kenya, Uganda, Nigeria, Ghana, and South Africa. Co-founder and CEO, Jesse Moore, commented: “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.” Founded in 2011 by Jesse Moore, Chad Larson, and Nick Hughes, M-KOPA provides affordable smartphones and digital financial services to its users through an innovative financing model based on daily repayments.
Annual Report and Impact
This week, M-KOPA published its 2024 Impact Report, highlighting the company’s key social and environmental impacts. 92% of its customers confirmed that the fintech's financing has made technology more affordable, 80% reported an improved quality of life thanks to its products, and 70% credited the company with helping them achieve their financial goals. Additionally, the company reports that nearly 2 million of its customers are first-time mobile internet users, with 40% being women. M-KOPA also built the first and largest smartphone assembly factory in Kenya, producing over 1 million phones locally.
Future Plans
Based on insights from the annual report, M-KOPA aims to increase its percentage of female customers to 50%. The company also plans to reduce its carbon footprint by integrating circularity into its smartphone supply chain. Moreover, it will continue to pioneer green products like electric motorbikes. Chief Product Officer Nena Sanderson remarked, “Our products and services build pathways to prosperity for our customers and agents, enabling them to overcome financial setbacks and achieve the futures they aspire to.” The company also creates employment for over 3,000 staff and 30,000 sales agents.
M-KOPA continues to make significant contributions to improving digital access and financial well-being in Africa, aiming for further growth and development of its services.
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