M-KOPA, a leading financial technology company focused on emerging markets, has announced that it has surpassed 5 million customers across its African markets. Notably, M-KOPA onboarded 2 million customers in the past 15 months, highlighting the company’s rapid growth and expanding impact.
In a statement seen by Techmoonshot, M-KOPA also disclosed that it has unlocked more than $1.5 billion in financing across its key markets, including Kenya, Uganda, Nigeria, Ghana, and South Africa.
Speaking about the milestone, Jesse Moore, co-founder and CEO of M-KOPA, emphasized the positive impact the company is having on its growing customer base.
“We’re excited to celebrate our 5 millionth customer joining 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,” he said.
Founded in 2011 by Jesse Moore, Chad Larson, and Nick Hughes, M-KOPA is a UK-headquartered fintech that provides affordable smartphones and digital financial services to underserved individuals across Africa. The company employs an innovative financing model based on daily repayments, offering affordable smartphones embedded with financial services designed to align with the cash flow of ‘Every Day Earners’—the majority of African adults who earn their income daily but often struggle to afford essential products or qualify for conventional financial services.
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M-KOPA’s model addresses a key issue in sub-Saharan Africa, where, according to the World Bank, 75% of adults remain financially excluded. By providing access to affordable smartphones and digital financial services, the company enables its customers to join the digital economy and improve their financial stability.
Once customers gain access to a smartphone, M-KOPA leverages AI-driven analytics and rich payment data to build a credit profile for each user. This forms the foundation for a long-term financial relationship, allowing customers to access additional financial products such as lower-cost digital loans, affordable data subscriptions, and medical insurance.
Through this innovative model, M-KOPA has provided more than $1.5 billion in financing to its customer base, demonstrating the company’s ability to empower underserved individuals while expanding its footprint across Africa.
