M-KOPA Surpasses 5 Million Customers Across Africa

M-KOPA, a leading fintech in emerging markets, has proudly announced that it has surpassed 5 million customers across five African nations: Kenya, Uganda, Nigeria, Ghana, and South Africa. Notably, 2 million of these customers have joined the platform in the past 15 months, underscoring the company’s rapid growth and expanding reach.

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M-KOPA’s success lies in its innovative approach to making affordable smartphones and embedded financial services accessible to “Every Day Earners”—the majority of African adults who earn daily wages but often struggle to afford smartphones and are excluded from conventional financial services. M-KOPA’s pay-as-you-go (PAYG) model allows customers to acquire smartphones and other essential services through affordable daily repayments, giving them access to the digital economy and essential financial tools.

The Bigger Picture: Addressing Financial Exclusion

In sub-Saharan Africa, 75% of adults remain financially excluded, according to the World Bank. To date, M-KOPA has provided more than US $1.5 billion in financing to help address this gap. By leveraging proprietary AI-driven analytics and rich payments data, M-KOPA builds individual credit records for its customers. This foundation enables customers to access long-term financial services, including lower-cost digital loans, affordable data subscriptions, and medical insurance, improving their financial stability and quality of life.

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2024 Impact Report: Progress and Highlights

In its 2024 Impact Report, M-KOPA revealed its continued progress toward key social and environmental goals. The report, compiled with data from Dalberg Research, includes insights from its customer base:

• 92% of customers confirmed that M-KOPA’s financing has made technology more affordable.
• 80% reported an improved quality of life thanks to M-KOPA products.
• 70% credited M-KOPA with helping them achieve their financial goals, highlighting its role in financial empowerment.
• 62% of customers use their M-KOPA products to generate income.

M-KOPA is playing a critical role in improving digital access in Africa, with nearly 2 million first-time mobile internet users now connected through M-KOPA, and 40% of its customer base being women. The company’s efforts to lower costs and drive local production are further evidenced by its smartphone assembly factory in Kenya, which has produced over 1 million phones locally.

Building Toward a Sustainable Future

M-KOPA’s board and management continue to use the annual impact report to guide future strategies. Based on the 2024 findings, the company is setting new goals to:

• Increase the percentage of female customers to 50%.
• Reduce its carbon footprint by embedding circularity into its smartphone supply chain.
• Pioneer more green products, including electric motorbikes that promote sustainability in African communities.

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 Quote from M-KOPA

M-KOPA’s Chief Product Officer, Nena Sanderson, reflected on the company’s broader impact:
“Our products and services build pathways to prosperity for our customers and agents, enabling them to overcome financial setbacks, generate income, and progress toward the futures they aspire to. Our impact extends beyond our customers, reaching their families and communities, and contributing to building a more sustainable world.”

M-KOPA continues to lead the charge in bridging the digital divide across Africa, empowering millions with access to affordable technology and critical financial services while driving forward social and environmental progress.