M-KOPA Unlocks USD 10 M In Credit In Ghana Launch, Eyes South Africa Next

By  |  December 5, 2023

M-KOPA, a leading African asset financing platform with a notably inclusive mandate, has officially unveiled its flexible digital financing model in Ghana after a successful pilot phase. The expansion into Ghana marks a significant milestone for the company, solidifying its presence in West Africa and its commitment to providing financial empowerment to underbanked individuals across the continent.

The Greater Accra Region serves as the focal point for M-KOPA’s initial operations in Ghana, primarily concentrating on smartphone financing. Leveraging strong partnerships with tech giants Samsung and Nokia, M-KOPA has extended financing to over 100,000 individuals and facilitated the unlocking of more than USD 10 M in digital credit for Ghanaian customers. These early achievements lay a robust foundation for future growth and the diversification of product offerings within the region.

Mayur Patel, Chief Commercial Officer at M-KOPA, expressed enthusiasm about the expansion, stating, “Ghana presents an exciting opportunity for us to expand our impact as a truly inclusive fintech. Our customer-centric approach aims to enhance the day-to-day quality of people’s lives. The success of our initial phase in Ghana is a promising sign as we aim to serve a larger customer base across the country.”

The launch in Ghana closely follows the release of M-KOPA’s 2023 Impact Report, highlighting the company’s strides in serving over 3 million customers and unlocking more than USD 1 B in credit. Notably, almost half of M-KOPA’s customer base consists of first-time smartphone users, with 4 out of 5 reporting an improved quality of life due to the company’s innovative products and services.

Chioma Agogo, General Manager of M-KOPA Ghana, expressed pride in the official launch, emphasizing the pivotal role it plays in the company’s mission towards inclusion. “This move is a significant step in M-KOPA’s journey to empower the customers we serve in Ghana,” Agogo remarked, underscoring the tangible impact and commitment to uplift communities through accessible financial solutions.

M-KOPA’s fintech platform has steadily expanded across Kenya, Uganda, Nigeria, and now Ghana, with future plans to venture into the South African market. The company’s innovation lies in combining digital micropayments with Internet of Things (IoT) technology to grant customers access to essential assets. In markets where traditional collateral and financial identities are limited, M-KOPA’s flexible credit model enables individuals to make a small deposit and gain instant access to vital necessities, including smartphones, along with digital financial services such as loans and health insurance.

Founded in 2011, M-KOPA has positioned itself as a fintech pioneer, serving underbanked consumers by leveraging data-driven solutions. With a workforce of nearly 2,000 employees directly employed across Africa and supported by over 20,000 active sales agents, the company remains committed to its mission of enhancing financial inclusion and accessibility through technological innovation.

The official launch in Ghana signifies not only a strategic expansion for M-KOPA but also a testament to its dedication to empowering individuals and communities through inclusive financial solutions. As the company continues to grow its footprint across the African continent, its impact on enhancing financial accessibility for underserved populations remains at the forefront of its mission.

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