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

The fintech platform M-KOPA, which offers digital credit to underbanked customers, has published its 2021 Impact Report.

The fintech platform M-KOPA, which offers digital credit to customers who are underbanked, has announced the publication of its 2021 Impact Report.

By utilizing data to link digital micropayments with the Internet of Things [IoT] technology, M-KOPA, a fintech platform founded in 2011 that offers connected finance and digital financial services to underbanked individuals, has announced its 2021 Impact Report today.

Presenting findings on its customers across Kenya, Uganda and Nigeria, the report revealed that the mission-led company has, to date, unlocked $600 million of credit and has impacted more than 4.5 million lives with life-changing products.

As a mission-driven company, M-KOPA says its tremendous growth is rooted in its commitment to commercial and social goals. The report presents findings on the firm’s smartphone, solar and cash loan customers across the three countries. While much impact has been realized 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 access 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.

The report also notes that over 1 million solar home systems were sold, avoiding 2 million tonnes of CO2 emissions. It also revealed that over 1 million individuals access 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.

M-KOPA’s 2021 Impact Report is available for download here

Report Methodology

  • All impact estimates are based on the principles outlined in GOGLA’s Standardized Impact Metrics for the Off-Grid Solar Energy Sector, aligned with the IRIS Metrics.
  • All impact estimates are calculated based on the distribution of M-KOPA products sold directly across East and West Africa, with underlying variables based on customer surveys from Kenya, Uganda and Nigeria and analytics gathered through M-KOPA’s business intelligence platform.
  • The report draws on an independent impact assessment carried out by 60 Decibels, a leading impact measurement company.
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FinTechKenyaMobile TechnologyStartupsUganda

Award-winning Ghanaian technology blogger, Mac-Jordan shares insights and stories on African innovations, digital marketing, startups, tech entrepreneurs and helpful tips for starter entrepreneurs. Get in touch: mj@macjordangh.com or text: +233(0)544335582.

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