Ghana: M-KOPA Successfully Launches Flexible Digital Financing Model in Ghana Following Pilot Program

M-KOPA, a leading African fintech platform, has officially launched its flexible digital financing model in Ghana after a successful pilot phase. This strategic expansion marks Ghana as the second West African country for the company, reinforcing its Pan-African commitment to providing financial and digital inclusion for underbanked customers.

Key Details:

• M-KOPA initiated its market entry in 2021 in the Greater Accra Region, initially focusing on smartphone financing.
• Through key partnerships with Samsung and Nokia, M-KOPA has financed smartphones for over 100,000 people and unlocked more than $10 million in digital credit for Ghanaian customers.
• The success of this early phase positions M-KOPA for future regional growth and a broader product expansion strategy.

Operational Model:

• M-KOPA’s current process simplifies access for customers, including informal workers, who only need to present an official ID card and make an initial deposit to acquire a smartphone.
• Payments are made over a specified time period (daily, weekly, monthly), and ownership of the device is transferred to the customer upon completing the full payment.

Statements from M-KOPA Executives:

• Mayur Patel, M-KOPA’s Chief Commercial Officer, expressed excitement about the expansion in Ghana, emphasizing the company’s mission to improve financial and digital accessibility.
• Chioma Agogo, General Manager, M-KOPA Ghana, highlighted the official launch as a significant step in M-KOPA’s journey to inclusion, emphasizing the impact and commitment to empowering Ghanaian customers.

By the Numbers:

• The Ghana launch follows the release of M-KOPA’s 2023 Impact Report, showcasing the company’s progress in servicing over 3 million customers and unlocking over $1 billion in credit.
• Nearly half of all M-KOPA’s customers are first-time smartphone users, and 4 out of 5 customers report improved quality of life due to M-KOPA’s innovative products and services.

Significance:

• M-KOPA’s fintech platform, successfully operating in Kenya, Uganda, Nigeria, and now Ghana, is poised for further expansion, with South Africa in its sights.
• The company’s innovative approach integrates digital micropayments with the Internet of Things (IoT) to provide individuals with limited financial identities access to essential assets, including smartphones, and digital financial services such as loans and health insurance.