M-KOPA reaches 5 million customers, unlocking $1.5bn in credit across five markets.

The 2024 Annual Impact Report reveals how M-KOPA deepens digital and financial inclusion across Africa.

NEW YORK, United States of America, September 24, 2024/ — M-KOPA, a leading emerging market fintech, announced a major milestone. It has surpassed 5 million customers, who are located in Kenya, Uganda, Nigeria, Ghana, and South Africa. Two million customers have joined in the past 15 months.

M-KOPA’s innovative model makes affordable smartphones embedded with financial services available to ‘Everyday Earners.’ Most African adults who earn their income daily struggle to afford smartphones. They typically fail to qualify for conventional financial services. According to the World Bank, 75% of adults in sub-Saharan Africa stay financially excluded. To date, M-KOPA has supported its customer base with more than US $1.5 billion in financing.

With smartphone access, customers gain entry into the digital economy with an affordable daily repayment model. This model fits their daily income and cash flow. It makes it easier to manage. M-KOPA leverages rich payment data and proprietary AI-driven analytics. This builds a credit record for each customer. It forms the foundation for a long-term financial relationship. This relationship includes lower-cost digital loans, affordable data subscriptions, and medical insurance.

M-KOPA co-founder and CEO Jesse Moore said, “We are thrilled to welcome our five millionth customer to M-KOPA this month. Our operation’s scale and positive impact on customers keep us working hard to go even further. We’re just getting started; the opportunity for much larger impact and scale is right before us.”

M-KOPA also published its 2024 Impact Report this week. The company annually releases its progress against critical social and environmental impact metrics in this report. As with prior reports, the 2024 survey of M-KOPA customers was undertaken by a third-party company – Dalberg Research.

Key impact highlights from the 2024 report include:

• 92% confirm that M-KOPA’s financing has made technology more affordable.
• 80% of customers report an improved quality of life thanks to M-KOPA’s products.
• 70% credit M-KOPA with helping them achieve their financial goals, demonstrating the company’s contribution to economic empowerment.
• 62% use their M-KOPA product to generate income

The company is significantly impacting digital access in Africa. Nearly 2 million customers are first-time mobile internet users, and 40% are women.

M-KOPA is working to increase its percentage of female customers to 50%. It aims to reduce its carbon footprint by making circularity central to its smartphone supply chain. It also continues to pioneer green products like electric motorbikes. These efforts contribute to the health and sustainability of the communities where it operates.

M-KOPA’s Chief Product Officer, Nena Sanderson, notes:

“Our product and services build pathways to prosperity for our customers and agents. They enable them to overcome financial setbacks. They help generate income and progress towards the futures they aspire to. Our impact extends beyond our customers, reaching their families and communities and contributing to building a more sustainable world.”