M-KOPA advances Ksh 23B in credit to customers in eight years

Written By: O'Brien Kimani

M-KOPA advances Ksh 23B in credit to customers in eight years

Pay-as-you-go solar provider M-KOPA has advanced more than 23 billion shillings credit to its customers in the last eight years.

The company says it has processed more than a 100 million loans through various mobile lending platforms according to its 2019 Impact Report.

In 2017 M-Kopa Solar fired 150 workers in its subsidiaries in United Kingdom, Uganda, Rwanda and Tanzania in a bid to ease operational costs and boost profitability.

Also Read  Standard Chartered records Ksh 9b after-tax profit

Started 8 years ago, Mkopa, which provides off-grid homes and businesses with asset financing for solar-powered lights, radios and televisions says its customer base now stands at 750,000 in Kenya, Uganda, Tanzania Rwanda and the United Kingdom.

Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 20153

In its lifespan, the company says it has issued close to 24 billion shillings in credit to its customers with repayment being made via micropayments platforms such as Mpesa and Airtel money among others.

Also Read  Bear with us, Nairobi Budget Chief Executive pleads with suppliers

A report by M-KOPA says it has processed close to 100 million mobile money payments.

The report titled 2019 Impact Report reveals that nearly 50% of M-KOPA customers now undertake more productive activity, like working more hours or spending more time on their business.

Also Read  Equity Group buys 66pc stake in DRC bank

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.

In Climate Action, it discloses that the 750,000 M-KOPA systems in the market will help curb 1.7 million metric tons of carbon over their lifetimes.


Tell Us What You Think