M-KOPA has announced a significant milestone, having now served 1 million customers in Nigeria. This achievement marks the fastest growth for the fintech company in any of its five operating markets, following its recent success in reaching 1 million users in Uganda.
The company highlighted that this rapid expansion in Nigeria was made possible by the dedication of its growing team. The Nigerian workforce has expanded from 60 employees in 2020 to over 200 full-time staff members by 2025.
Furthermore, M-KOPA's network of 7,786 direct sales representatives (DSRs) has been instrumental in this growth. A substantial 66% of these DSRs are under the age of 35, underscoring M-KOPA's contribution to addressing unemployment in Nigeria.
"M-KOPA Nigeria’s amazing growth trajectory shows that we are making a difference to the millions of Everyday Earners who choose M-KOPA every day," the company stated.
Beyond customer numbers, M-KOPA's initiative in Nigeria has extended financial services to over 140,000 customers through cash loans, thereby enhancing their access to digital financial services.
The UK-based fintech company remains committed to supporting "everyday earners," with a particular focus on women and individuals in rural areas. M-KOPA aims to help these customers manage expenses, build financial resilience, and grow their businesses, driving its services and products to targeted audiences to serve an ever-increasing customer base.
The company's network of sales agents plays a crucial role in its outreach efforts. Notable DSRs include Oluwarantimi Azeez Adewunmi, who has onboarded 2,381 customers and is recognized as the top-selling DSR, and Akano Jude Oluwamayowa, who has helped onboard 1,632 customers. Both have been promoted to sales executive in recognition of their achievements.
Afolabi Olagoke Azeez, acknowledged as the longest-serving and most consistent DSR for nearly five years, has successfully brought in 756 new customers.
M-KOPA officially launched in Nigeria in July 2021, establishing partnerships with local firms such as Airtel to provide smartphones and financing through a pay-as-you-go model. This launch followed a successful pilot program that saw the sale of over 20,000 devices in Lagos.
M-KOPA's Continued Impact on Financial and Digital Inclusion
This Nigerian milestone follows M-KOPA's recent achievement of reaching 1 million customers in Uganda, supported by 7,484 DSRs in that country.
These successes underscore M-KOPA's overarching goal to extend its services to underserved communities by offering affordable smartphone ownership plans. The company is dedicated to fostering digital and financial inclusion for Africans across Kenya, Uganda, Nigeria, Ghana, and South Africa.
M-KOPA's smartphones are designed to be more than just communication devices; they serve as financial gateways. Embedded with the company's Smart Money Platform, these devices offer access to affordable credit, health insurance, and device protection.
The company views smartphones as essential tools that can help individuals break free from financial exclusion and improve their lives.