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Fintech platform unlocks $600m in credit for underbanked customers

A fintech platform that provides digital credit to underbanked customers, M-KOPA has announced the release of its 2021 Impact Report which indicates a $600million credit…

A fintech platform that provides digital credit to underbanked customers, M-KOPA has announced the release of its 2021 Impact Report which indicates a $600million credit unlocked for customers.

The report presents findings on M-KOPA’s smartphone, solar and cash loan customers across Kenya, Uganda, Nigeria and Ghana. While much of the impact has been realized in East Africa, M-KOPA recorded rapid growth following its expansion into West Africa over 2020/21.

Key highlights of M-KOPA’s social and environmental impact at the end of 2021 include: $600million of credit unlocked for customers; while 86percent of customers report that the quality of their lives has improved because of M-KOPA.

According to the report, despite the whirlwinds of economic uncertainty caused by COVID-19, in 2020 and 2021, M-KOPA defied global trends and created significant high-quality employment as the company’s full-time staff more than doubled from 2019 to 2021, with 944 additional jobs created.

Also, its sales agents, who actively reach community members across the company’s core markets, quadrupled to 10,000 agents between 2019 and 2021.

In March 2020, the platform reached a milestone of 2million customers served. The company therefore said it strives to increase the number of customers on its platform by 10times over the next five years. 

Founded in 2011, M-KOPA offers millions of people access to life-enhancing products and services, such as smartphones, solar lighting, solar-powered appliances, cash loans and health insurance by unlocking affordable credit.