M-KOPA Expands Its Fintech Footprint to Ghana

Editorial Desk
By Editorial Desk 2 Min Read

M-KOPA has launched its flexible digital financing model in Ghana, marking a strategic move to extend its operations and strengthen its Pan-African footprint.

Since its market entry in 2021 in the Greater Accra Region, the fintech platform has focused on smartphone financing, forming key partnerships with Samsung and Nokia.

This initiative has facilitated financing for over 100,000 individuals and unlocked more than $10 million in digital credit for customers in Ghana, setting the stage for future regional growth and product expansion.

M-KOPA’s approach allows customers, including informal workers, to acquire a smartphone device by presenting an official ID card and making an initial deposit.

Subsequently, customers make payments over a specified time period (daily, weekly, monthly) and gain full ownership of the device upon completing the payment.

Mayur Patel, M-KOPA’s Chief Commercial Officer, expressed enthusiasm about the company’s mission to enhance financial and digital accessibility in Ghana, emphasizing the potential to improve the day-to-day quality of people’s lives.

Chioma Agogo, General Manager of M-KOPA Ghana, highlighted the significance of the company’s operations in Ghana, emphasizing its commitment to customer empowerment.

The Ghana launch follows the recent publication of M-KOPA’s 2023 Impact Report, showcasing the company’s progress in serving over 3 million customers and unlocking over $1 billion in credit.

Notably, nearly half of M-KOPA’s customers are first-time smartphone users, with 4 out of 5 reporting improved quality of life due to the company’s innovative products and services.

M-KOPA’s expansion into Ghana is part of its broader growth strategy across multiple African countries, including Kenya, Uganda, Nigeria, and plans to expand to South Africa.

The company’s innovative approach combines digital micropayments with the Internet of Things (IoT) to provide customers access to essential assets.

In markets with limited financial identities and conventional collateral, M-KOPA’s flexible credit model enables individuals to access everyday essentials and digital financial services.

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