M-KOPA, a prominent fintech company focused on emerging markets, has announced a major milestone: surpassing 5 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa. This achievement, revealed in its 2024 Annual Impact Report, underscores M-KOPA’s mission to enhance digital and financial inclusion among underserved populations in Africa. Notably, the company added 2 million customers in the past 15 months alone, reflecting rapid expansion across its key markets.

Founded in 2011 and headquartered in London, M-KOPA offers affordable smartphones embedded with financial services tailored for “Every Day Earners” — a significant segment of African adults who often lack access to conventional financial services. According to the World Bank, 75% of adults in sub-Saharan Africa remain financially excluded. M-KOPA’s innovative daily repayment model allows customers to access smartphones with payments that match their irregular cash flows, gradually building credit records and paving the way for additional services such as digital loans, affordable data subscriptions, and medical insurance.

$1.5 Billion in Financing: Expanding Financial Access

To date, M-KOPA has disbursed over $1.5 billion in credit to its customers, facilitating their entry into the digital economy. The company’s model relies on AI-driven analytics and rich payment data to create a credit profile for each customer, which serves as the foundation for a lasting financial relationship. This approach is particularly impactful in markets where traditional financial institutions have struggled to serve low-income consumers.

“We are thrilled to welcome our 5 millionth customer to M-KOPA this month,” said Jesse Moore, M-KOPA’s co-founder and CEO. “The scale of our operations and our positive impact on customers is what 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.”

Impact Report Highlights: Enhancing Lives Through Technology and Financial Services

M-KOPA’s 2024 Impact Report, produced in collaboration with Dalberg Research, provides a detailed account of the company’s social and environmental contributions. Among the key findings:

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

The report also highlights the company’s efforts to enhance digital access, with nearly 2 million customers identified as first-time mobile internet users. Moreover, 40% of M-KOPA’s customer base consists of women, and the company has set a goal to increase this percentage to 50% in the coming years.

M-KOPA’s contributions extend beyond its customer base. The company established Kenya’s first and largest smartphone assembly factory, which has produced over 1 million locally made phones, further reducing costs and enhancing accessibility.

Strategic Goals: Increasing Female Participation and Promoting Green Solutions

M-KOPA’s board and management team use insights from the annual impact report to inform their strategic direction. Based on the 2024 findings, the company plans to focus on increasing its female customer base, reducing its carbon footprint through circularity in its smartphone supply chain, and advancing green product offerings, such as electric motorbikes, which contribute to environmental sustainability.

“Our products and services build pathways to prosperity for our customers and agents, enabling them to overcome financial setbacks, generate income, and progress toward their goals,” said Nena Sanderson, M-KOPA’s Chief Product Officer. “Our impact extends beyond our customers, reaching their families and communities, and contributing to building a more sustainable world.”

M-KOPA employs over 3,000 staff and 30,000 commission-based sales agents across its African markets. The company’s innovative model and rapid growth have earned it recognition as one of Africa’s fastest-growing companies by the Financial Times for three consecutive years and as one of Time Magazine’s 100 Most Influential Companies globally for the past two years.

As M-KOPA continues to scale, it aims to deepen its impact on digital and financial inclusion in Africa, setting new benchmarks for the fintech industry in emerging markets.

To read the full report, access the M-KOPA Impact Report 2024 here.