M-KOPA Unlocks $600 Million in Credit for Underbanked Customers in Africa

M-KOPA, the fintech platform that provides digital credit to underbanked customers, today announced the release of its 2021 Impact Report.

As a mission-driven company, M-KOPA’s tremendous growth is rooted in commitment to both commercial and social goals. The report presents findings on M-KOPA’s 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 2020/21.

Key highlights of M-KOPA’s social and environmental impact at the end of 2021 include:

– $600 million of credit unlocked for customers;

– 4.5 million lives improved with life-changing products;

– 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;

– 86% of customers report that the quality of their lives has improved because of M-KOPA.

Despite the whirlwinds of economic uncertainty caused by COVID-19, throughout 2020 and 2021 M-KOPA 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.