Emerging market fintech leader, M-KOPA, has surpassed a significant milestone of 5 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa, the company announced in its 2024 Annual Impact Report.
This achievement highlights M-KOPA’s growing influence in deepening digital and financial inclusion across the continent. Notably, 2 million customers were added in the past 15 months alone.
M-KOPA’s innovative business model addresses the financial exclusion faced by many “Every Day Earners”—individuals who make daily wages but often lack access to smartphones and financial services.
The company enables these individuals to access the digital economy and build a credit record by providing affordable smartphones bundled with financial services on a pay-as-you-go basis. M-KOPA’s financing model has unlocked over $1.5 billion in credit.
Jesse Moore, M-KOPA’s co-founder and CEO, expressed excitement over the milestone, stating, “We are thrilled to welcome our 5 millionth customer to M-KOPA this month. The scale of our operations and positive impact on customers 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.”
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The 2024 Impact Report by Dalberg Research underscored the company’s far-reaching impact on financial and digital inclusion. Highlights from the report include:
- 92% of customers confirm that M-KOPA’s financing made technology more affordable.
- 80% report an improved quality of life due to the company’s products.
- 70% credit M-KOPA with helping them achieve financial goals.
- 62% use M-KOPA products to generate income.
M-KOPA’s efforts have also led to significant digital access improvements in Africa, with nearly 2 million of its customers being first-time mobile internet users. Additionally, 40% of its customer base comprises women, a figure the company aims to increase to 50%. In a push toward sustainability, M-KOPA has developed the first and largest smartphone assembly factory in Kenya, producing over 1 million locally made phones.
The company is also advancing its green initiatives, with plans to integrate circularity into its smartphone supply chain and develop products like electric motorbikes to promote sustainability.
Chief Product Officer Nena Sanderson emphasized M-KOPA’s broader impact: “Our products and services build pathways to prosperity, allowing customers and agents to overcome financial setbacks and work towards their aspirations. Our impact extends beyond our customers, reaching families and communities, and contributing to a more sustainable world.”
