Overview:
Nearly 2 million customers are first-time mobile internet users, and 40% of customers are women.
KAMPALA, UGANDA – M-KOPA, a leading fintech company, has announced that it has surpassed 5 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa. This milestone marks a significant achievement in deepening digital and financial inclusion across Africa.
Two million customers have joined M-KOPA in the past 15 months alone. The company’s innovative model provides affordable smartphones embedded with financial services to “Every Day Earners” – individuals who earn their income daily but struggle to afford smartphones and conventional financial services.
To date, M-KOPA has supported its customer base with over $1.5 billion in financing. Customers gain access to the digital economy through an affordable daily repayment model, which fits their daily income and cash flow.
M-KOPA’s impact in Uganda and Africa is significant. According to the company’s 2024 Annual Impact Report, 92% of customers confirm that M-KOPA’s financing has made technology more affordable, while 80% report an improved quality of life. Additionally, 70% credit M-KOPA with helping them achieve financial goals, and 62% use their M-KOPA product to generate income.
“We are thrilled to welcome our 5 millionth customer to M-KOPA this month. 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,” said Jesse Moore, M-KOPA co-founder and CEO.
The company has also made strides in improving digital access. Nearly 2 million customers are first-time mobile internet users, and 40% of customers are women.
“Our product and services build pathways to prosperity for our customers and agents, enabling them to overcome financial setbacks, 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,” said Nena Sanderson, M-KOPA’s Chief Product Officer.
M-KOPA’s commitment to sustainability includes building the first smartphone assembly factory in Kenya and reducing its carbon footprint through a circular smartphone supply chain. The company is also pioneering green products like electric motorbikes.
With over 3,000 staff and 30,000 commission-based sales agents across Africa, M-KOPA continues to drive financial empowerment and digital inclusion.