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M-KOPA, the leading African fintech platform, today announces the official launch of its flexible digital model in Ghana following a successful pilot launch.
The strategic move into the substantial addressable market makes Ghana the second West African region for the company, strengthening its Pan-African capacity to provide financial and digital inclusion for the underbanked.
The company established its market entry in the Greater Accra Region, focussing on smartphone financing and successfully serving over 43,000 customers, unlocking $10 million in digital credit.
Additionally, by leveraging key partnerships with Samsung and Nokia, M-KOPA has achieved pilot sales of 100,000 smartphone devices to date.
These early-stage milestones pave the way for future product and service expansions, such as health insurance and digital loans across Ghana.
Mayur Patel, M-KOPA’s Chief Commercial Officer, said:
“As a truly inclusive fintech on a mission to improve financial and digital accessibility, Ghana’s robust mobile money infrastructure presents a unique and exciting opportunity for us to expand our impact footprint. Our customer-centric approach to smartphone ownership will enable us to enhance the day-to-day quality of people’s lives. We are therefore thrilled by the remarkable success of our pilot phase, and we are on track to see a 50% increase in customers by the end of 2023.”
With over 41 million mobile connections, over 16 million internet users, approximately 40 million mobile connections and widespread mobile money usage at around 62%, Ghana presents a dynamic market landscape that aligns with M-KOPA’s strategic vision for Africa.
The data signifies a growing digital payments ecosystem that will enable M-KOPA to build partnerships and enhance the ease of customer transactions.
Chioma Agogo, General Manager, M-KOPA Ghana, said:
“We are incredibly proud to announce the official and successful launch of our operations in Ghana. This move represents a pivotal step in M-KOPA’s journey to inclusion and underscores our tangible impact and commitment to empowering the underbanked in the country and the continent. We are a dedicated team set on reaching new milestones, impacting lives, and collectively working towards attaining our ambitious goals as a company.”
M-KOPA’s fintech platform first launched in Kenya and has steadily expanded its footprint to Uganda, Nigeria, and Ghana, with plans to expand to South Africa.
The innovative company combines the power of digital micropayments with the Internet-of-Things (IoT) to provide customers with access to productive assets.
In markets where individuals have limited pre-existing financial identities and conventional collateral, M-KOPA’s flexible credit model allows individuals to pay a small deposit and get instant access to everyday essentials, including smartphones, electric motorcycles and solar power systems, and then graduate to digital financial services such as loans and health insurance.
Across all four regions, the platform has served over 3 million customers and unlocked $1bn in credit to underbanked customers.
