Smartphone financing company M-KOPA hailed reaching the milestone of providing over five million customers with loans in Africa totalling US$1.5 billion.
The fintech company detailed in a statement that two million came on board its platform in the past 15 months.
M-KOPA enables subscribers to purchase a smartphone with a down payment and daily or weekly instalments. It targets people that are unable to afford a smartphone and do not qualify for traditional financial services. According to World Bank statistics, three-quarter of adults in Sub-Saharan Africa are financially excluded.
M-KOPA’s service also builds the credit score of its subscribers. Currently M-KOPA is available in Kenya, Uganda, Nigeria, Ghana and South Africa.
M-KOPA Co-founder and CEO Jesse Moore said: “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.”
