Grace Ashiru
M-KOPA ann African fintech platform growing quickly says that by the end of 2021, it will have given customers access to $600 million in credit.
Its most recent impact report, released this morning, says that “life-changing products” have also helped 4.5 million people.
The platform’s goal of giving digital credit to people who don’t have bank accounts made it famous around the world.
M-KOPA, which is driven by its mission, asserts that the reason for its phenomenal expansion is its commitment to achieving both financial and social goals.
M-KOPA reported strong growth following its expansion into West Africa throughout 2020 and 2021, even though most of the impact has been realized in East Africa.
Other important points about the social and environmental aspects of the platform are:
- Over a million solar home systems have been sold, preventing the release of 2 million tonnes of CO2;
- Over 1 million people have access to high-quality smartphones, which give them access to online information and ways to make money; and
- 86% of customers report that M-KOPA has enhanced the quality of their life.
M-KOPA claims that it has bucked worldwide trends and produced many high-quality jobs despite the economic turbulence that Covid-19 has induced over the past two years.
The number of people working full-time for the fintech company doubled between 2019 and 2021 when 944 new positions were added to the payroll. In addition, the number of M-KOPA sales agents responsible for making direct contact with members of communities located within the company’s key areas is expected to treble between 2019 and 2021, reaching a total of 10,000 agents.
M-KOPA was established in 2011; it has provided millions of individuals with access to life-improving goods and services such as cellphones, solar lighting, solar-powered appliances, cash loans, and health insurance unlocking inexpensive credit.
In March 2020, the platform reached a milestone of serving 2 million customers. With impact and inclusion still at the heart of its mission, M-KOPA wants to increase the number of customers on its platform by 10x in the next five years.
The new impact report from M-KOPA can be found online. The fintech company has given out more than $600 million in credit, which has helped 2 million people get smartphones, solar lighting, solar-powered appliances, and digital credit.
