Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Energy

M-KOPA issued over Sh24.2bn in credit over the last 8 years

NAIROBI, Kenya, Oct 9 – M-KOPA has issued over Sh24.2 billion in credit and processed nearly 100 million mobile money payments to its predominantly low-income customers over the last eight years.

This is according to its 2019 Impact Report, ‘Upgrading Lives’, which reveals that repayments are made via micropayments.

Jesse Moore, CEO, and Co-Founder says M-KOPA payments displace spending, enabling customers to save an additional US$650 over the lifetime of their systems.

This, the company says, is generating over Sh41.5 billion in increased household budgets across M-KOPA’s customer base.

“Our revenues arrive exclusively in the form of micropayments of $0.50 or a dollar at a time. That our predominantly low-income customers have a choice about making these payments, is the motivating force in our business. We need to provide them with customer service and products that truly make a difference,” he says.

According to the report, nearly 50 percent of M-KOPA customers now undertake more productive activity, whether that is getting a new job, working more hours, or supporting a business.

M-KOPA calculates that in 2018 more than 140,000 of its customers directly generated income through local phone charging services, hosting movie screenings, or using solar lighting in a business.

The report was produced with partners from Microsoft, Safaricom and Stanbic.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...