Grace Ashiru
62% of M-KOPA users report using their M-KOPA products to generate income
Leading fintech company for emerging markets, M-KOPA, has announced surpassing 5 million customers across its African markets. This significant milestone was disclosed in a statement viewed by Technext. The statement revealed that two million of these customers have joined in just the last 15 months.
Additionally, M-KOPA announced it has unlocked over $1.5 billion in financing across its key markets of Kenya, Uganda, Nigeria, Ghana, and South Africa.
Commenting on this achievement, M-KOPA’s co-founder and CEO, Jesse Moore, noted that reaching 5 million customers underscores the company’s broad positive impact on its user base.
“We’re excited to welcome our 5 millionth customer to M-KOPA this month. The scale of our operations and the positive change we’re bringing to our customers drives us to keep pushing forward. We’re just getting started—there’s a huge opportunity for even more impact and scale,” Moore stated.
M-KOPA was founded in 2011 by Jesse Moore, Chad Larson, and Nick Hughes. Based in the UK, the fintech company offers affordable smartphones and digital financial services to its users through an innovative daily repayment model. This model is tailored to fit the cash flow of underserved individuals, many of whom earn their income daily.
This approach makes smartphones with embedded financial services accessible to ‘Every Day Earners,’ a demographic of African adults who struggle to afford smartphones and are often excluded from traditional financial services. According to the World Bank, 75% of adults in sub-Saharan Africa remain financially excluded. To date, M-KOPA has facilitated over $1.5 billion in financing for its customer base.
Through its affordable daily repayment model, M-KOPA provides customers with access to the digital economy, making it easier to manage their finances in line with their income flow. By leveraging rich payment data and proprietary AI-driven analytics, M-KOPA creates a credit profile for each user, enabling them to access long-term financial services such as low-cost digital loans, affordable data subscriptions, and medical insurance.
M-KOPA Impact Report
The company also announced the release of its 2024 Impact Report, which tracks progress against key social and environmental impact metrics. As in previous years, the 2024 customer survey was conducted by third-party research firm Dalberg Research.
Key findings from the report show that 92% of customers agree that M-KOPA’s financing has made technology more affordable. Moreover, 80% report an improved quality of life thanks to its products, while 70% credit M-KOPA with helping them achieve their financial goals, emphasizing the company’s role in financial empowerment. Additionally, 62% of users report utilizing M-KOPA products to generate income.
The company is also making strides in enhancing digital access in Africa, with nearly 2 million customers being first-time mobile internet users, 40% of whom are women. M-KOPA has also established the first and largest smartphone assembly factory in Kenya, producing over 1 million phones locally and reducing the cost of access to smartphones.
M-KOPA stated that its board and management use the annual impact report to inform future strategy. Based on this year’s findings, the company aims to increase the proportion of female customers to 50% and reduce its carbon footprint by integrating circularity into its smartphone supply chain. M-KOPA also plans to continue its innovation in green products, such as electric motorbikes, to promote health and sustainability in its operational communities.
Nena Sanderson, Chief Product Officer, emphasized that M-KOPA’s products contribute to financial prosperity for its customers and agents.
“Our products and services create pathways to prosperity for our customers and agents, helping them overcome financial challenges, generate income, and work toward the futures they desire. Our impact reaches beyond our customers to their families and communities, contributing to a more sustainable world,” Sanderson said.
M-KOPA now employs over 3,000 staff and 30,000 commission-based sales agents across Kenya, Uganda, Nigeria, Ghana, and South Africa. The company has been recognized by the Financial Times as one of Africa’s Fastest Growing Companies for three consecutive years and by Time Magazine as one of the 100 Most Influential Companies globally for two consecutive years.
