Financial technology company, M-Kopa, has extended credit amounting Ksh 194B ($1.5 billion) helping the firm reach five million customers in five African markets.
According to the firm, it gained additional two million customers within the last 15 months from Kenya, Uganda, Nigeria, Ghana and South Africa.
“We are thrilled to welcome our 5 millionth customers 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 Chief Executive.
The firm currently helps consumers to acquire assets such as smartphones and electric bikes in addition to flexible loans and insurance.
Through its smartphone financing product, the firm helps customers gain entry to the digital economy with an affordable daily repayment model, which fits their daily income and cash flow and makes it easier to manage.
“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,” added Nena Sanderson, M-KOPA’s Chief Product Officer.
By leveraging rich payments data and proprietary AI-driven analytics, M-KOPA says it builds a credit record for each customer which forms the foundation for a long-term financial relationship for lower cost digital loans, affordable data subscriptions and medical insurance.
