M-KOPA, fintech platform that provides digital credit to underbanked customers, has provided over $600 million in credit, enabling its customers in Africa to access smartphones, solar lighting, solar-powered appliances and digital credit, a report has revealed.
The report titled: “M-KOPA’s 2021 Impact Report,” released on Monday, analysed M-KOPA’s customers across Kenya, Uganda and Nigeria.
Findings of 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.
It disclosed that over one million solar home systems sold, avoiding two million tonnes of CO2 emissions and over 1 million individuals accessing high-quality smartphones, enabling access to information and earning opportunities online.
86 per cent of customers report that the quality of their lives has improved because of M-KOPA, the report stated even as the company, despite the whirlwinds of economic uncertainty caused by COVID-19, defied global trends and created significant high-quality employment.
“The fintech company’s full-ktime 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,” the report revealed.
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.
