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M-KOPA, a fast-growing African fintech platform, says it unlocked $600 million worth of credit for customers by the end of 2021. In its latest impact report released this morning, it adds that it also improved 4.5 million lives through “life-changing products”.
The platform gained global attention with its mission to provide digital credit to underbanked customers.
As a mission-driven company, M-KOPA says its tremendous growth is rooted in commitment to both commercial and social goals. The impact report presents findings on its smartphone, solar and cash loan customers across Kenya, Uganda, Nigeria and Ghana.
While much of the impact has been realised in East Africa, M-KOPA recorded rapid growth following its expansion into West Africa over 2020 and 2021.
Other key highlights detailing the platform’s social and environmental include:
- over 1 million solar home systems sold, avoiding 2 million tonnes of CO2 emissions;
- over 1 million individuals accessing high-quality smartphones, enabling access to information and earning opportunities online; and
- 86% of customers reporting that the quality of their lives has improved because of M-KOPA.
Despite the whirlwinds of economic uncertainty caused by Covid-19 in the last two years, M-KOPA says it defied global trends and created significant high-quality employment.
The fintech company’s full-time staff more than doubled from 2019 to 2021, with 944 additional jobs created. Additionally, M-KOPA sales agents, who actively reach community members across the company’s core markets, quadrupled to 10 000 agents between 2019 and 2021.
Founded in 2011, M-KOPA offers millions of people access to life-enhancing products and services, such as smartphones, solar lighting, solar-powered appliances, cash loans and health insurance by unlocking affordable credit.
In March 2020, the platform reached a milestone of 2 million customers served, and with impact and inclusion remaining core to its mission, M-KOPA strives to increase the number of customers on its platform by 10x over the next five years.
M-KOPA’s new impact report can be downloaded online. In total, the fintech has provided over $600 million in credit enabling 2 million customers to access smartphones, solar lighting, solar-powered appliances and digital credit.