M-KOPA Surpasses 5 Million Users, Gaining 2 Million in a Quick 15-Month Span

M-KOPA Expands its Reach and Impact Across Africa

M-KOPA, a UK-based organisation founded in 2011 by Jesse Moore, Chad Larson, and Nick Hughes, has been making significant strides in providing affordable smartphones and digital financial services to underserved individuals in Africa.

The company's innovative model, tailored to fit the cash flow of daily wage earners, has been a game-changer for millions. According to a customer survey conducted by third-party research firm Dalberg Research, 62% of M-KOPA users report utilizing the company's products to generate income. This figure, while not directly attributed to M-KOPA in the provided search results, is a testament to the organisation's success in empowering its customers.

M-KOPA's impact extends beyond just income generation. The survey also reveals that 80% of M-KOPA customers report an improved quality of life thanks to its products. In the last 15 months alone, the organisation has welcomed two million new customers, many of whom are first-time mobile internet users.

One of M-KOPA's key contributions is its role in financial inclusion. With 75% of adults in sub-Saharan Africa remaining financially excluded according to the World Bank, M-KOPA's daily repayment model and its creation of a credit profile for each user have been instrumental in enabling access to long-term financial services such as low-cost digital loans, affordable data subscriptions, and medical insurance.

M-KOPA's success is also evident in its economic impact. The organisation has unlocked over $1.5 billion in financing across Kenya, Uganda, Nigeria, Ghana, and South Africa. The company's growth has also created employment opportunities, with over 3,000 staff and 30,000 commission-based sales agents now employed across its African markets.

The organisation's 2024 Impact Report tracks progress against key social and environmental impact metrics. One of the most significant findings is that 92% of M-KOPA customers agree that the company's financing has made technology more affordable. This affordability has also led to a significant gender divide being bridged, with 40% of the first-time mobile internet users being women.

M-KOPA's impact goes beyond just providing access to smartphones and the internet. By facilitating access to the digital economy, the organisation is making it easier for customers to manage their finances in line with their income flow. This has been a crucial factor in helping 70% of M-KOPA customers achieve their financial goals.

In a groundbreaking move, M-KOPA has established the first and largest smartphone assembly factory in Kenya, producing over 1 million phones locally. This not only boosts the local economy but also reduces carbon emissions associated with imported devices.

In conclusion, M-KOPA's innovative approach to providing affordable smartphones and digital financial services has had a profound impact on millions of lives across Africa. The organisation's commitment to financial inclusion, gender equality, and sustainable practices sets it apart as a leader in digital transformation in the continent.