M-KOPA expands to Ghana, unlocking $10 million in credit for customers

M-KOPA, a leading African fintech platform, has today announced the official launch of its flexible digital financing model in Ghana following a successful pilot phase. The strategic move to expand its operations makes Ghana the second West African country for the company, strengthening its pan-African footprint to provide financial and digital inclusion for underbanked customers.

The company established its market entry in the Greater Accra Region, focusing on smartphone financing. Leveraging key partnerships with Samsung and Nokia, M-KOPA has provided financing to over 100,000 people and unlocked more than $10 million in digital credit for customers in Ghana. These early-stage milestones pave the way for future regional growth and product expansion.

Mayur Patel, M-KOPA’s Chief Commercial Officer, expressed enthusiasm about the company’s expansion. He says:

“As a truly inclusive fintech on a mission to improve financial and digital accessibility, Ghana presents an exciting opportunity for us to expand our impact. Our customer-centric approach will enable us to enhance the day-to-day quality of people’s lives. We are thrilled by the success of the first phase of our entry in Ghana and are on track to serve more customers across the country.”

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, M-KOPA Ghana, emphasised the company’s commitment to inclusion. She says:

“We are incredibly proud to announce the official launch of our successful operations in Ghana. This move represents a pivotal step in M-KOPA’s journey to inclusion and underscores our tangible impact and commitment to empowering the customers we serve in Ghana.”

Read also: M-Kopa makes TIME100’s list of most influential companies: a look into its growing global influence

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 directly 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 provide customers with access to productive assets.

In markets where individuals have 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.