M-KOPA, a leading asset financing platform, has officially launched its operations in Ghana, marking a significant milestone in its Pan-African expansion strategy. The company’s foray into the Ghanaian market stems from a successful pilot phase and aligns with its mission to provide financial and digital inclusion for underbanked customers across the continent.
M-KOPA’s initial focus in Ghana is smartphone financing, targeting the Greater Accra Region. Through partnerships with renowned brands like Samsung and Nokia, the company has already financed over 100,000 smartphones, unlocking more than $10 million in digital credit for its Ghanaian customers. These early achievements pave the way for further regional expansion and product diversification.
Mayur Patel, M-KOPA’s Chief Commercial Officer, highlights the company’s commitment to enhancing financial and digital accessibility. He emphasizes the promising opportunity Ghana presents in expanding M-KOPA’s impact and improving the quality of life for its customers. The success of the initial phase fuels the company’s confidence in reaching more customers across Ghana.
The launch in Ghana coincides with the release of M-KOPA’s 2023 Impact Report, showcasing the company’s impressive progress. The report details how M-KOPA has served over 3 million customers and unlocked over $1 billion in credit. Notably, nearly half of M-KOPA’s clients are first-time smartphone users, and a significant 80% of these customers have reported an improvement in their quality of life due to M-KOPA’s innovative products and services.
Chioma Agogo, M-KOPA Ghana’s General Manager, expresses pride in the company’s successful establishment in the country. This move represents a crucial step in M-KOPA’s journey towards broader financial inclusion and demonstrates the company’s profound impact and commitment to empowering its Ghanaian customers.
M-KOPA’s expansion into Ghana adds to its established presence in Kenya, Uganda, and Nigeria, with plans to venture into South Africa. The company’s unique approach combines digital micropayments with the Internet of Things (IoT) technology, providing customers access to essential assets and digital financial services. In regions where individuals often lack pre-established financial identities and conventional collateral, M-KOPA’s flexible credit model allows for immediate access to essential products like smartphones, as well as services such as loans and health insurance, with just a small initial deposit. This innovative approach has not only democratized access to financial and digital tools but also fostered inclusive economic growth across its operational territories.