M-KOPA expands to Ghana, unlocking $10m in credit in pilot phase

M-KOPA expands to Ghana, unlocking $10m in credit in pilot phase
[L-R] Mayur Patel, Chief Commercial Officer, M-KOPA, Chioma Agogo, General Manager, M-KOPA Ghana and Jesse Moore, CEO, M-KOPA.

Accra, Ghana | By Michael Wandati | M-KOPA, a leading African fintech platform, 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 $10m 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, said: “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 publishing of M-KOPA’s 2023 Impact Report, which shares the company’s remarkable progress in servicing over 3 million customers and unlocking over $1bn 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 M-KOPA’s innovative products and services.  

Chioma Agogo, General Manager, M-KOPA Ghana, said: “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.”

An M-KOPA sales agent and a customer

M-KOPA’s fintech platform has steadily grown its footprint in Kenya, Uganda, Nigeria, and Ghana, with plans to expand to South Africa. The innovative company combines the power of digital micropayments with the Internet of Things (IoT) to provide customers with access to productive assets.

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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. 

About M-KOPA

M-KOPA, established in 2011, stands as a prominent fintech platform dedicated to delivering digital financial services to underbanked consumers. The company utilizes cutting-edge technology, leveraging data to seamlessly integrate digital micropayments with the Internet of Things (IoT).

Operating in key African markets such as Kenya, Uganda, Nigeria, and Ghana, M-KOPA’s innovative platform has facilitated the provision of over $1 billion in credit. This has empowered three million customers to access vital services such as smartphone financing, digital loans, and health insurance.

With a substantial footprint in Africa, M-KOPA plays a pivotal role in advancing financial inclusion and bridging gaps in access to essential services. The company boasts a dedicated team of nearly 2,000 professionals directly employed across the continent.

Furthermore, M-KOPA’s extensive reach is amplified through a network of over 20,000 active sales agents, contributing to its impactful presence in the digital financial services landscape.