M-KOPA has announced that it has successfully reached a milestone of 5 million customers across five African countries: Kenya, Uganda, Nigeria, Ghana, and South Africa. This remarkable growth, which includes two million customers gained in the past 15 months, highlights the company’s expanding influence in the region and its commitment to financial inclusion.
Founded on the premise of providing affordable smartphones embedded with financial services, M-KOPA primarily targets “Every Day Earners”—individuals who rely on daily income but struggle to access conventional financial services. According to the World Bank, approximately 75% of adults in sub-Saharan Africa remain financially excluded, a gap M-KOPA aims to bridge with its innovative model. The company has facilitated over $1.5 billion in financing to date, enabling customers to enter the digital economy with a manageable daily repayment scheme that aligns with their cash flow.
“Our mission is to unlock opportunities for underserved communities, and reaching our 5 millionth customer this month is a testament to that mission,” said Jesse Moore, co-founder and CEO of M-KOPA. “The scale of our operations and our positive impact on customers motivates us to continue striving for greater reach and efficacy.”
The recent publication of M-KOPA’s 2024 Impact Report, compiled with insights from Dalberg Research, showcases the significant strides the company has made in enhancing the quality of life for its customers. Key findings indicate that 92% of respondents believe M-KOPA’s financing has made technology more affordable, while 80% report an improvement in their overall quality of life due to the products offered. Notably, 62% of customers use their M-KOPA products to generate income, demonstrating the tangible economic benefits of the company’s services.
The report also highlights M-KOPA’s impact on digital access in Africa. Nearly two million of its customers are first-time mobile internet users, and 40% are women. To further promote digital inclusion, M-KOPA established the largest smartphone assembly factory in Kenya, which has produced over one million phones locally, thereby reducing access costs and fostering local employment.
M-KOPA is committed to leveraging its annual impact assessments to refine its business strategy. The company aims to increase its female customer base to 50% and minimize its carbon footprint by integrating circularity into its smartphone supply chain. Additionally, M-KOPA is pioneering green technologies, such as electric motorbikes, to promote sustainable practices in the communities it serves.
“Our products and services build pathways to prosperity for our customers and agents,” noted Nena Sanderson, Chief Product Officer at M-KOPA. “By empowering them to overcome financial setbacks and pursue their aspirations, we extend our impact beyond individual customers to their families and communities, contributing to a more sustainable world.”
Headquartered in London, M-KOPA employs over 3,000 staff and 30,000 commission-based sales agents across its operational territories. The company has garnered recognition as one of Africa’s Fastest Growing Companies by the Financial Times for the past three years and was named one of the 100 Most Influential Companies globally by Time Magazine for the past two years. With its innovative approach, M-KOPA is poised to continue its trajectory of growth while making a meaningful impact on financial inclusion across Africa.
