M-CUTa leading fintech emerging market, announced that it has exceeded 5 million customers opposite Kenya, Uganda, Nigeria, Ghana, and South Africa.
Two million of those customers came on board in the last 15 months.
Details
M-KOPA’s innovative model makes affordable smartphones integrated with financial services available to “Every Day Earners”: the large majority of African adults who earn their income daily but struggle to afford smartphones and often fail to qualify for conventional financial services.
The Big Picture
According to the World Bank, 75% of adults in sub-Saharan Africa they remain economically excluded. To date, M-KOPA has supported its client base with more than $1.5 billion in funding.
How M-KOPA works
Starting with smartphone access, customers gain entry into the digital economy with an affordable daily repayment model that fits their daily income and cash flow and is easy to manage. Leveraging rich payment data and proprietary AI-based analytics, M-KOPA builds a credit record for each customer, which forms the basis for a long-term financial relationship for lower-cost digital loans, affordable data subscriptions and medical insurance.
By The Numbers
M-KOPA also released this week its 2024 Impact Report, in which the company annually publishes its progress against key social and environmental impact metrics.
As with previous reports, the 2024 M-KOPA customer survey was conducted by a third party – Dalberg Research.
Key impact points from the 2024 report include:
- 92% confirm that M-KOPA funding has made the technology more accessible.
- 80% of customers report improved quality of life thanks to M-KOPA products.
- 70% credit. M-KOPA helps achieve their financial goals, demonstrating the company’s contribution to economic empowerment.
- 62% usage their M-KOPA product to generate income
The company is making a significant impact on improving digital access in Africa. Almost 2 million customers are first-time mobile internet users and 40% are women. M-KOPA also built the first and largest smartphone assembly plant in Kenya – which has produced more than 1m phones locally and further reduced access costs.
Digging deeper
As with previous reports, M-KOPA’s board and management use the annual impact report to help shape the company’s strategy. Based on this year’s findings, M-KOPA is working to further increase its percentage of female customers to 50%, to reduce its carbon footprint by making circularity the focus of its smartphone supply chain, and to continue pioneering green products such as electric motorcycles that contribute to the health and sustainability of the communities where it operates.
What They Say
Chief Product Officer of M-KOPA Nena Sanderson, notes: “Our products and services create pathways to prosperity for our customers and dealers, enabling them to overcome financial hardship, generate income and move toward the future they aspire to. Our impact extends beyond our customers, reaching their families and communities and helping to build a more sustainable world.”
To read the full report, download it here: M-KOPA Impact Report 2024_Pathways To Progress.
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