M-KOPA reaches 10 million customers, six years after its first million

For Jesse Moore, co-founder and chief executive of M-KOPA, the milestone of 10 million customers serves as proof that a model built for Africa's Every Day Earners doesn't just work, it scales and endures. This achievement is not just evidence of the company's innovative approach to asset financing, but a reflection of the growing demand for credit products targeting underserved consumers in Africa. As M-KOPA continues to expand its reach, the real stakes are not just about numbers, but about the lives of millions of people who have been excluded from formal banking.

M-KOPA's success is a direct result of its ability to adapt to the unique needs of its customers. By recognizing that informal workers are just as creditworthy as their formal counterparts, the company has been able to tap into a vast market that was previously underserved. The idea that informal workers are unviable is a myth that M-KOPA has sought to dispel through its robust execution. As Jesse Moore puts it, "Informal has never meant unviable."

M-KOPA's exponential growth is a result of its commitment to robust execution. The company's ability to onboard 10,000 customers daily is evidence of its efficient distribution network, which comprises over 40,000 sales agents across its five markets. This network has been instrumental in supporting M-KOPA's expansion into new markets, including Nigeria, which has emerged as a key driver of the company's strategy.

Nigeria's rapid adoption of M-KOPA's credit products has been nothing short of remarkable. Since entering the market in 2019, the company has disbursed over ₦231 billion ($170 million) in credit to over one million customers. The country has also become the fastest market in M-KOPA's history to reach the one million-customer milestone. This success is a reflection of the growing demand for financial services in Nigeria, where millions of people rely on informal means to make a living.

As M-KOPA looks to the next 10 million customers, the company is poised for even greater success. With an average annual revenue growth of 50% since 2020, M-KOPA is well-positioned to continue scaling its business beyond its current reach. The company's commitment to robust execution and its focus on meeting the unique needs of its customers will undoubtedly play a key role in its future success.

M-KOPA's achievement is not just about reaching 10 million customers, but about the impact it has on the lives of millions of people. As the company continues to expand its reach, it is clear that a new era of financial inclusion is upon us. With M-KOPA at the forefront, Africa is poised to experience a seismic shift in the way people access financial services.

The future of financial inclusion in Africa is looking bright, and M-KOPA is leading the charge. With its commitment to robust execution and its focus on meeting the unique needs of its customers, the company is poised to continue scaling its business and making a meaningful impact on the lives of millions of people. As Jesse Moore so aptly puts it, "10 million customers on, that's no longer a belief. It's proven."