M-KOPA has announced that it has now served 1 million customers in Uganda, one of its five operational markets in Africa. The UK-headquartered Fintech company noted that the reach is powered by its fleet of 7,484 direct sales representatives (DSR).
According to the company, this latest feat represents its goal to penetrate underserved communities with affordable smartphone ownership plans. The milestone is a testament to its commitment to digitally and financially include Africans across Kenya, Uganda, Nigeria, Ghana, and South Africa.
“This achievement is a testament to our ongoing commitment to growth and impact in Uganda,” a statement from the company reads.
Aside from reaching 1 million customers in Uganda, the company revealed that it has also provided digital loans to more than 173,000 customers. With this, M-KOPA is supporting everyday earners, women, and rural areas to manage their expenses, improve financial resilience, and grow their businesses.
In addition, M-KOPA’s continued penetration is strengthened by its network of sales representatives. In Uganda, the company has 7,484 DSR, 83% of whom are under 35. This network is driving the company’s services and products to targeted audiences and, in turn, generating more customers.
For instance, Emmanuel Habyarimana is a top-selling sales agent whose efforts have helped reach and serve intended users. According to M-KOPA, Emmanuel has onboarded more than 3,000 customers in Uganda.
Another is Elisezi Ndugala, its longest-serving sales agent, who has supported about 1,000 customers over 9 years.
A significant identity of M-KOPA is the drive to see that every individual in rural communities is not digitally and financially left out due to their living status. To the fintech platform, smartphones are more than a connectivity device but a lifeline to break free from financial exclusion.
M-KOPA’s ‘More than a Phone’ Initiative
Compared to other devices, M-KOPA’s smartphones are not just tools for connectivity; they are financial gateways embedded with the company’s Smart Money Platform, offering affordable credit, health insurance, and device protection.
In furtherance of this, M-KOPA recently launched the ‘More than a Phone’ initiative in Uganda. The branded smartphone offers all-encompassing daily life features such as digital loans, health insurance, and mobile data, all on a single platform.
With its first 1 million customers in Uganda, M-KOPA is strategically positioning itself to offer a pay-as-you-go model for products like solar panels and smartphones, particularly targeting low- to middle-income households.
The company is also in a position to deepen its impact and surpass $500 million in annual revenue by the end of 2025, and has a target to produce 10 million smartphones by 2027.