M-KOPA, a Kenyan-based African fintech company, has been named on the Financial Times (FT) “Africa’s Fastest Growing Companies 2024” list, for its affordable digital financial services.
Now on the FT’s rankings three years in a row, M-KOPA was vetted for its role in providing affordable financing for smartphones, electric motorbikes and digital financial services, such as digital loans and health insurance. The list is a survey made by FT in partnership with Statista, a global statistical and market data.
In a statement on the recognition, Faraimose Kutadzaushe , M-KOPA CFO said, “We are proud to be one of the largest and most consistent companies on the FT “Africa’s Fastest Growing Companies” list for three successive years. As M-KOPA continues to scale, we remain deeply committed to building long-term relationships with our customers. The foundation of these relationships starts with a smartphone, which is crucial for empowering our customers to overcome financial challenges and achieve progress. By doing so, we are paving the way for financial inclusivity across Africa.”
M-KOPA has provided more than $1Bn in credit to individuals who would not ordinarily qualify for formal financing products. Through its innovative micropayments model, which does not require collateral or a guarantor, the company has unlocked access to previously inaccessible products and digital financial services for over 4 million people. By making smartphones affordable, its offering has enabled customers to connect to the internet, many for the first time, and to improve their livelihoods as active participants in the digital economy.
The firm directly employs over 2,000 people across Africa with a network of over 20,000 sales agents expanding its reach.
Present in Kenya, Uganda, Nigeria, Ghana and most recently South Africa, and the firm is supporting individuals without access to traditional financial services and is also establishing Kenya’s first local smartphone assembly factory, adding 300 recent graduates to its workforce, 70% of whom were first-time job holders.
Recently, M-KOPA partnred with Bolt to launch an electric bike fleet in Kenya to allow new and existing drivers an opportunity to lease ROAM and Ampersand electric motorbikes at a discounted price. The 5,000 electric motorcycle rollout aligns with the recent launch of Kenya’s National E-mobility Policy, aimed at promoting local production and assembly of EVs.
In Ghana, the company established its market entry by focusing on smartphone financing and key partnerships with Samsung and Nokia to finance over 100,000 people and unlock more than $10m in digital credit for customers in Ghana.