Pan-African fintech M-KOPA has reached 10 million customers across five African markets, highlighting how smartphone financing has become a key driver of digital lending and financial inclusion for consumers traditionally excluded from formal banking. After taking eight years to reach its first one million customers in 2020, M-KOPA has added another nine million in just six years following its expansion into smartphone financing, underscoring the rapid adoption of its lending model.
Its “More than a Phone” offering combines smartphone financing with embedded insurance, digital credit and device protection, allowing customers to build repayment histories that can unlock access to additional financial products. M-KOPA said Nigeria became the fastest market in its history to surpass one million customers.
Its distribution network has expanded to more than 40,000 sales agents across five countries, while its Nairobi smartphone assembly plant has produced more than 3.3 million devices since opening in 2023 and employs over 400 people. The milestone underscores how smartphones are evolving beyond communication devices to become the foundation for digital lending across Africa, enabling fintech firms to extend credit, insurance and other financial services to millions of consumers who have historically lacked access to formal banking.
Comments
0 public