M-KOPA, in its 2021 impact report, says that it gave out $600 million in credit to 2.3 million people living in Kenya, Uganda, and Nigeria.
In a joint statement by the company’s CEO, Jesse Moore, and the board chair, Elizabeth Littlefield, the credit helped improve the lives of over 4.5 million people.
Most of the credits went into solar home systems acquisition (about one million units), which helped avoid 2 million tonnes of CO2 emissions. Additionally, the company helped facilitate the acquisition of nearly 1 million high quality smartphones, giving owners access to information and opportunities to make money online.
It says that 86% of customers confessed that M-KOPA improved the quality of their lives. About 222,000 of its customers had never used the internet before it made it possible for them to buy a smartphone on credit.
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The company’s model is to offer clients microinsurance and cash loans, and it has been doing so for about a decade. It was formerly focused on people in East African countries, Kenya and Uganda. However, it recently expanded into Nigeria between 2020 and 2021.
Its goal is to also start serving other West African countries because as its CEO said, the region holds ‘tremendous promise’.
“As M-KOPA strives to increase number of customers served by 10x over the next five years, impact and inclusion will remain core to our success,” Moore and Littlefield said.
The company also has interest in recycling and said that it recycled 265 tonnes of e-waste in 2021. You can get a loan from the company today if you live in areas it serves.
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