M-KOPA Expands Customer Base to 5 Million, Accumulating 2 Million New Users in a Span of 15 Months
M-KOPA, a pioneering company founded in 2011 by Jesse Moore, Chad Larson, and Nick Hughes, has been making waves across Africa, transforming the lives of millions with its innovative approach to technology and finance.
The company, which has surpassed 5 million customers across its African markets, has been recognised by the Financial Times as one of Africa's Fastest Growing Companies for three consecutive years. M-KOPA has also been honoured by Time Magazine as one of the 100 Most Influential Companies globally for two consecutive years.
M-KOPA's unique selling point lies in its ability to make technology more affordable for the masses. Nearly 2 million of its customers are first-time mobile internet users, a testament to the company's impact. An impressive 92% of M-KOPA customers agree that the company's financing has played a significant role in this affordability.
The company's innovative daily repayment model is tailored to fit the cash flow of underserved individuals, making it easier for them to access and use technology. This model has facilitated over $1.5 billion in financing for M-KOPA's customer base.
M-KOPA's offerings extend beyond just technology. The company provides affordable smartphones and digital financial services, creating a credit profile for each user, enabling them to access long-term financial services. This has been instrumental in helping 70% of M-KOPA customers achieve their financial goals.
M-KOPA's products have been instrumental in improving the quality of life for its customers. 80% of M-KOPA customers report an improved quality of life thanks to its products. Furthermore, 62% of M-KOPA users report utilizing M-KOPA products to generate income, mainly consisting of small-scale entrepreneurs, market vendors, and farmers who utilize solar-powered devices and financing to support their businesses and improve productivity.
In a bid to further reduce its carbon footprint, M-KOPA plans to integrate circularity into its smartphone supply chain. The company has already established the first and largest smartphone assembly factory in Kenya, producing over 1 million phones locally.
M-KOPA is committed to gender equality. While 40% of its first-time mobile internet users are women, the company aims to increase the proportion of female customers to 50%.
The 2024 Impact Report by M-KOPA, conducted by third-party research firm Dalberg Research, highlights these achievements and the company's continued commitment to empowering individuals and communities in sub-Saharan Africa. Despite 75% of adults in the region remaining financially excluded, according to the World Bank, M-KOPA is making strides towards bridging this gap and unlocking over $1.5 billion in financing across its key markets.
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