Leading fintech company, M-KOPA, has unlocked $1.5 billion in credit in Nigeria and four countries in Africa.

The firm which operates in emerging markets has also reached more than five million users in the five countries with two million of those consumers joining in the last 15 months.

Other countries are Kenya, Uganda, Ghana, and South Africa.

The company disclosed this in a statement on Tuesday.

It read: Every Day Earner, or the vast majority of African adults who earn a living daily but find it difficult to acquire cell phones and usually do not meet the requirements for traditional financial services, now have access to affordable smartphones loaded with financial services thanks to M-KOPA’s creative business strategy.

In sub-Saharan Africa, 75% of individuals still lack access to adequate financial services, according to the World Bank. More than US $1.5 billion in finance has been provided by M-KOPA to its clientele thus far.

Starting with smartphone access, customers gain entry into the digital economy with an affordable daily repayment model, which fits their daily income and cash flow and makes it easier to manage.

“By leveraging rich payment data and proprietary AI-driven analytics, M-KOPA builds a credit record for each customer, forming the foundation for a long-term financial relationship for lower-cost digital loans, affordable data subscriptions, and medical insurance.”

M-KOPA co-founder and Chief Executive, Jesse Moore, expressed happiness at the company’s remarkable feats.

“We are thrilled to welcome our 5 millionth customers to M-KOPA this month. The scale of our operations and our positive impact on customers is what keeps us working hard to go even further. We’re just getting started; the opportunity for much larger impact and scale is right in front of us.

“The company is having a major impact in improving digital access in Africa. Nearly 2 million customers are first-time mobile internet users and 40% are women. M-KOPA also built the first and largest smartphone assembly factory in Kenya – which has produced more than 1m phones locally and further reduced the cost of access.”

M-KOPA’s Chief Product Officer, Nena Sanderson, added: “Our product and services build pathways to prosperity for our customers and agents, enabling them to overcome financial setbacks, generate income, and progress towards the futures they aspire to. Our impact extends beyond our customers, reaching their families and communities, and contributing to building a more sustainable world.”

The post Fintech firm, M-KOPA reaches 5 million customers in Nigeria, four others appeared first on Latest Nigeria News | Top Stories from Naomisophyblog.

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