M-KOPA, a leading fintech in emerging markets, has announced that it now serves over 5 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa. Remarkably, 2 million of these customers joined the platform in just the past 15 months, marking a rapid expansion in the company’s reach.
Empowering ‘Every Day Earners’ with Affordable Access to Technology
M-KOPA’s innovative business model is designed to provide affordable smartphones and financial services to “Every Day Earners”—the majority of African adults who earn daily income but often struggle to afford technology or qualify for traditional financial services. According to the World Bank, 75% of adults in sub-Saharan Africa remain financially excluded. To date, M-KOPA has provided over $1.5 billion in financing to its growing customer base.
The company’s daily repayment model allows customers to access smartphones at affordable rates that align with their income patterns. This approach not only grants users entry into the digital economy but also helps build credit histories through rich payments data and AI-driven analytics. This credit foundation enables customers to access additional financial services, such as lower-cost digital loans, data subscriptions, and medical insurance.
CEO’s Vision for Greater Impact
Jesse Moore, M-KOPA’s co-founder and CEO, expressed excitement about reaching the 5 million customer milestone, stating, “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.”
Key Findings from the 2024 Impact Report
M-KOPA also released its 2024 Impact Report, providing insight into the company’s social and environmental achievements. Conducted by third-party research firm Dalberg, the report highlights the company’s contribution to improving digital access, financial empowerment, and quality of life in Africa. Key findings include:
- 92% of customers confirm that M-KOPA’s financing has made technology more affordable.
- 80% report an improved quality of life due to M-KOPA’s products.
- 70% credit M-KOPA with helping them achieve their financial goals, highlighting the company’s role in financial empowerment.
- 62% of customers use M-KOPA products to generate income.
The company has also played a critical role in expanding digital access, with nearly 2 million customers becoming first-time mobile internet users. Additionally, 40% of M-KOPA’s customers are women, reflecting the company’s commitment to inclusivity.
Driving Innovation and Sustainability
In a move to localize production, M-KOPA built Kenya’s first and largest smartphone assembly factory, producing over 1 million locally-assembled phones. This initiative has further reduced the cost of access to technology and supported local job creation.
M-KOPA’s 2024 report also outlines future goals, including increasing the proportion of female customers to 50%, integrating circularity into its smartphone supply chain to reduce its carbon footprint, and pioneering green products like electric motorbikes to promote sustainability and improve community health.
Shaping the Future of Financial Inclusion
M-KOPA’s commitment to innovation and sustainability is not only transforming digital access in Africa but also setting a new standard for fintech solutions in emerging markets. With plans to expand its impact and customer base, the company is poised to continue driving financial inclusion and empowering millions more across the continent.