M-KOPA, a pay-as-you-go asset financing platform, reviews its outcomes amidst tough African economic conditions.
M-KOPA's Economic Impact
M-KOPA, having served 5 million customers in Kenya, noted this achievement as a key milestone. The company has created over 16,000 jobs in Kenya, aiding in unemployment reduction. Currently, M-KOPA serves over 5 million customers lacking traditional banking access.
Financial Achievements and Prospects
According to M-KOPA's CCO, Mayur Patel, the company remains stable during economic fluctuations thanks to its financing model. In 2024, the company showcased how financed devices provide stable income for their owners and help them engage in the digital economy. M-KOPA has expanded its business in countries like Kenya, Uganda, Nigeria, Ghana, with South Africa being its fastest-growing market.
Expanding Africa's Credit Market
M-KOPA issued credits totaling over $1.5 billion, playing a role in expanding Africa's credit market. With funding from institutions like Sumitomo and Standard Bank, the company secured additional resources, keeping it among the largest fintechs in Africa by revenue. The 2024 report highlights that 92% of its customers believe M-KOPA's financing made technology more accessible, while 80% reported improved quality of life.
M-KOPA continues to strengthen its position in the African markets by increasing customer numbers and expanding its service range, supporting the development of the fintech sector in the region.
