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M-KOPA, a UK-headquartered and emerging market fintech, has announced that it has surpassed 5 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa. Two million of these customers have come onboard in the past 15 months.

M-KOPA’s innovative model makes affordable smartphones embedded with financial services available to ‘everyday earners’ – the vast majority of African adults who earn their income daily but struggle to afford smartphones and typically fail to qualify for conventional financial services. According to the World Bank, 75% of adults in sub-Saharan Africa remain financially excluded.

“To date, M-KOPA has supported its customer base with more than US$1.5 billion in financing,” the fintech said in a statement on 25 September 2024.

Starting with smartphone access, customers gain entry to the digital economy with an affordable daily repayment model, which fits their daily income and cash flow and makes it easier to manage. By leveraging rich payments data and proprietary AI-driven analytics, M-KOPA builds a credit record for each customer which forms the foundation for a long-term financial relationship for lower cost digital loans, affordable data subscriptions, and medical insurance.

We are thrilled to welcome our 5 millionth customer to M-KOPA this month. The scale of our operations and our positive impact on customers is what keeps us working hard to go even further. We’re just getting started; the opportunity for much larger impact and scale is right in front of us,” said Jesse Moore, co-founder and CEO, M-KOPA.