Today at the office of M-KOPA in Accra, M-CUT Ghanaian team which included the Director General of Ghana Chioma Agogoofficially launched the company’s product offerings in Ghana and highlighted the milestone achievement 100,000+ connections in Ghana.
The consumer finance startup that has also settled in Nigeria, Kenya, and South Africacurrently offers the services of providing smartphone devices to consumers with a flexible payment plan in Ghana.
Details
M-KOPA is a consumer finance startup that set up shop in Ghana in October 2021. They currently operate in Extremes and Kumasi and they have plans to officially expand to more regions in the future.
The team started with 30 agents in Ghana in 2021 but has since expanded to 2000+ dealers in 2023.
The company touts its recent milestone of 100,000+ customer connections or deals in the country.
Digging deeper
M-KOPA’s current process allows customers, including informal workers, to only present an official ID and make an initial deposit to gain access to a smartphone device.
Customers make payments at a set time (daily, weekly, monthly) and will officially own the device once they have paid the full price of the device.
The company has established official partnerships with Samsung and Nokia to access and distribute smartphone devices to its customers. They also have partnerships with MTN and more recently Vodafone in Q3 2023 to set up M-KOPA kiosks in stores to offer deals including Buy Now Pay Later offers to telecom subscribers.
What happens next?
M-KOPA announced a new round of funding in May earlier this year. The company hopes to offer other services in Ghana, including insurance and other offerings similar to what it offers in other markets such as Kenya.
The company is also hoping for an enabling environment in Ghana similar to Kenya to one day set up an assembly plant for local smartphone manufacturing. However, at the moment, M-KOPA has no concrete plans to build one and is currently focusing on smartphone acquisition services in Ghana.
M-KOPA has succeeded at this time over three (3) million customers in 2023 and hopes to reach four (4) million in 2024.
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