The flexible digital financing model of M-KOPA, a prominent fintech platform in Africa, has been officially launched in Ghana today, following a successful pilot phase. By making Ghana the company’s second West African nation, its strategic decision to grow its operations further solidifies its pan-African reach and enables underbanked clients to access digital and financial inclusion.
The business focused on financing smartphones when it first entered the market in the Greater Accra Area. M-KOPA has unlocked over $10 million in digital credit for customers in Ghana and given financing to over 100,000 people by utilising significant partnerships with Samsung and Nokia. Future product and regional expansion are made possible by these early-stage benchmarks.
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The Chief Commercial Officer of M-KOPA, Mayur Patel, expressed excitement about the company’s growth. He declares:
Ghana offers a fantastic chance to increase our influence as a genuinely inclusive fintech that enhances digital and financial accessibility. Our focus on the needs of our customers will allow us to improve people’s daily quality of life. The first part of our entry into Ghana was a great success, and we plan to continue serving more customers there.
The Ghana launch follows the recent publication of M-KOPA’s 2023 Impact Report, which shares the company’s remarkable progress in servicing over 3 million customers and unlocking over $1 billion in credit.
Nearly half of all M-KOPA’s customers are first-time smartphone users, and 4 out of 5 customers report the quality of their lives has improved because of its innovative products and services.
Chioma Agogo, General Manager of M-KOPA Ghana, highlighted the company’s commitment to inclusivity. “We are delighted to announce the official start of our prosperous operations in Ghana,” she says. This action represents a critical turning point in the inclusive growth of M-KOPA and demonstrates the company’s commitment to empowering its customers in Ghana.
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More on M-KOPA
Founded in 2011, M-KOPA is a fintech platform that provides digital financial services to underbanked consumers by leveraging data to combine digital micropayments with the Internet of Things (IoT) technology.
With operations in Kenya, Uganda, Nigeria, and Ghana, M-KOPA’s platform has provided over $1 billion in credit and enabled 3 million customers to access smartphone financing, digital loans, and health insurance. The company employs nearly 2,000 people across Africa and has over 20,000 active sales agents.
The company gained prominence for its innovative pay-as-you-go solar energy systems. They introduced affordable solar panels that allowed customers to pay for energy through mobile payments, providing a reliable and affordable alternative to traditional kerosene lamps and candles. It also combines this with the Internet of Things (IoT) to give customers access to productive assets.
In markets with limited pre-existing financial identities and conventional collateral, M-KOPA’s flexible credit model allows individuals to pay a small deposit and get instant access to everyday essentials, including smartphones, and to digital financial services such as loans and health insurance.
The company’s growth trajectory has been notable, expanding its operations across multiple African countries. This expansion has been accompanied by a commitment to innovation, with the company continuously adapting its products and services to meet the evolving needs of its customer base.