Leading African fintech company cements its role as a pioneer in driving financial inclusion across the continent
June 3rd, 2024, M-KOPA, a leading African fintech company has been honoured in the TIME100 Most Influential Companies list for the second year in a row. This recognition highlights M-KOPA’s significant growth, having recently celebrated its 4 millionth customer. The company’s financing solutions have expanded digital connectivity and financial inclusion across Africa, solidifying its position as a fintech trailblazer making a tangible difference for millions.
Digital connectivity is the catalyst needed for Africa’s economies to thrive, yet millions remain excluded from the digital economy. M-KOPA bridges this gap with innovative solutions to connect people to opportunities. Since launching its smartphone offering in 2020, M-KOPA has enabled millions to own a smartphone, with over 1 million accessing the internet for the first time through M-KOPA devices. The company’s impact currently spans five markets; Kenya, Uganda, Nigeria, Ghana and South Africa.
M-KOPA leverages a 20,000+ strong sales force – one of the largest direct distribution networks in Africa – and proprietary technology stack to offer flexible micropayment models which allow customers to pay for products on instalments, without the requirement of collateral or guarantors. With many of its customers being daily earners without a salary, this has been a game changer when it comes to increasing smartphone penetration and access to digital financial services, like digital loans and micro health insurance as well as asset financing.
In addition to contributing to digital connectivity and financial access, M-KOPA is also a leader in driving initiatives in the circular economy and decarbonisation in Africa. In 2023 M-KOPA launched M-KOPA Mobility with a focus on financing electric motorcycles. This offering has helped thousands of drivers transition from petrol to electric, aligning with Kenya’s climate goals of reducing CO2 emissions by 32% by 2030 and its e-Mobility policy.
“We are incredibly proud to again be recognised as one of TIME100 Most Influential Companies. Positive, scaleable impact is what drives our innovation to support economic growth across the continent. Having already reached over 4 million customers, we look forward to continuing to make a meaningful impact through our products and services,” commented Jesse Moore, CEO and Co-Founder of M-KOPA.
M-KOPA’s early success has also been pivotal to attracting FDI to the region. Most recently, M-KOPA received a $51 million sustainability-linked loan from the US International Development Finance Corporation (DFC), aimed at supporting the company’s efforts to expand smartphone penetration and drive digital connectivity.
When looking at the company’s potential for future growth and extended impact, the stats speak for themselves. Over 90% of people are without access to formal credit and over 300 million are aspiring smartphone users. Through its innovation and leading edge solutions to extending digital and financial inclusion, M-KOPA is well positioned to play a significant role in changing this reality across the region.
The TIME100 Most Influential Companies list recognises innovative companies making an extraordinary impact around the world. To assemble it the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. TIME editors then evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward.
To see how M-KOPA is positioned on the TIME100 Most Influential Companies amongst a diverse group of 100 businesses helping chart an essential path forward, see the full list here: time.com/100companies
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About M-KOPA
M-KOPA is an African fintech company which provides affordable digital financial services to underbanked consumers through a digital micropayments model, which is informed by deep consumer insights gained through leveraging its proprietary technology and AI machine learning models. With operations in Kenya, Uganda, Nigeria, Ghana and South Africa, M-KOPA’s platform has provided over $1 billion in credit and enabled 4 million customers to access smartphone financing, digital loans and health insurance. The company directly employs over 2,000 people across Africa and has over 20,000 active sales agents.
For media inquiries and further information, please contact mkopa@wimbart.com