M-KOPA says its smartphone financing platform in Ghana is helping expand access to health insurance, digital services and income opportunities for low-income earners, with more than three-quarters of customers reporting an improved quality of life.
The company’s latest Ghana Impact Report showed that since entering the market in 2021, M-KOPA Ghana has extended more than $90 million in credit to over 550,000 customers through a network of more than 3,000 direct sales agents.
The report highlights how smartphone ownership is increasingly acting as a gateway to financial inclusion in Ghana, where affordability remains a major barrier. According to the GSMA, entry-level smartphones can cost as much as 95% of a low-income earner’s monthly wages in Sub-Saharan Africa, while roughly 76% of the region’s population still lacks smartphone access.
M-KOPA said 44% of customers accessed a product or service for the first time through its platform, while 36% of customers — and 41% of female users — said their M-KOPA device was their first smartphone.
The company’s “More than a Phone” platform, launched in January 2025, bundles smartphone financing with mobile data, device protection and health insurance. M-KOPA said the offering drove a fourfold increase in sales and supported its expansion across all 16 regions of Ghana.
A key component of the strategy is health insurance provided through a partnership with Turaco. The report found that 67% of customers accessed health insurance for the first time through the partnership, while 43% of female customers said health coverage influenced their decision to purchase an M-KOPA phone.
The company said 67% of insured customers now feel more confident managing healthcare costs.
M-KOPA also said smartphones are increasingly supporting livelihoods, with 55% of customers using their devices for income-generating activities and 54% reporting increased earnings after purchasing a smartphone.
The company is also targeting greater participation by women in the digital economy. Women currently account for 37% of newly acquired customers and 31% of the company’s sales agent workforce, up from 26% a year earlier.
To support female sales agents, the firm piloted stationary kiosks aimed at addressing safety concerns and providing more stable working environments. The company said 84% of agents reported higher earnings after joining M-KOPA, while 93% said their quality of life had improved.
“M-KOPA Ghana works to dismantle barriers to formal financial services, and this report shows what’s possible when Every Day Earners get access,” said Chioma D. Agogo, General Manager of M-KOPA Ghana.
The company said it contributed about $3.4 million in annual tax revenue in 2024 and spent more than $28 million on local procurement. The firm currently employs 254 people directly, 37% of whom are women, alongside its network of 3,000 sales agents.