M-KOPA issued over Sh24.2bn in credit over the last 8 yearsOctober 9, 2019
NAIROBI, Kenya, Oct 9 – M-KOPA has issued over Sh24.2 billion in credit and processed nearly 100 million mobile money payments to its predominantly low-income customers over the last eight years.
This is according to its 2019 Impact Report, ‘Upgrading Lives’, which reveals that repayments are made via micropayments.
Jesse Moore, CEO, and Co-Founder says M-KOPA payments displace spending, enabling customers to save an additional US$650 over the lifetime of their systems.
This, the company says, is generating over Sh41.5 billion in increased household budgets across M-KOPA’s customer base.
“Our revenues arrive exclusively in the form of micropayments of $0.50 or a dollar at a time. That our predominantly low-income customers have a choice about making these payments, is the motivating force in our business. We need to provide them with customer service and products that truly make a difference,” he says.
According to the report, nearly 50 percent of M-KOPA customers now undertake more productive activity, whether that is getting a new job, working more hours, or supporting a business.
M-KOPA calculates that in 2018 more than 140,000 of its customers directly generated income through local phone charging services, hosting movie screenings, or using solar lighting in a business.
The report was produced with partners from Microsoft, Safaricom and Stanbic.