If you’re a fan of tech and the African market, then you might want to check out MKeneoka, an online video platform that is taking on the tech world. The company is known for its pay-as-you-go model and its focus on a strong customer relationship. You can read more about the platform and its plans to spend heavily on tech in this article.
A look at the company’s business model
The Nairobi-based pay-as-you-go mobile financing startup M-KOPA recently announced a $75 million investment. This round will help the company to scale its financial services, such as cash loans and health insurance. Currently, M-KOPA offers smartphone financing in Kenya, Uganda, and Tanzania. However, the firm hopes to expand its product line and geographic presence in Nigeria and other African countries.
In addition to providing financing for smartphones, M-KOPA has also introduced solar power home systems to its offerings. These are powered by a pay-as-you-go system and require a small down payment. To purchase the solar panels, customers can pay with mobile money, which has increased in popularity across the African continent.
Last year, the company added smartphone financing to its existing offerings. In addition to selling Nokia phones, M-KOPA also deals with Samsung’s mid-tier handsets. Its average monthly interest rate is 3.1%.
M-KOPA’s customer base and hiring are growing rapidly. Last year, the company added 500 full-time employees. And this year, the firm expects to reach 3 million customers in the next nine months.
Its pay-as-you-go model
The M-Kopa (pronounced ma-kupa) is a Kenya-based company that focuses on providing underserved consumers with affordable access to life-enhancing products, such as smartphones. It’s been a successful run, with 500 full-time employees in the last two years and a projected growth rate of 2.5x in new customers over the next four years. Previously focused on solar power home systems, M-Kopa has since expanded its offerings to include health insurance, cash loans, and a line of digital financial services.
To make its mark in this increasingly competitive space, M-Kopa leveraged the latest in mobile technology and micropayments to create a viable financing platform that appealed to both consumers and merchants alike. In the ensuing eight years, it has racked up a total equity investment of $190 million. And while it’s not a household name yet, the company has built a solid foundation of partnerships throughout the value chain, from handset manufacturers and telephony providers to banking institutions and credit card companies.
Its plans to spend heavy on tech
In February, M-KOPA, a Kenyan company, announced that they had exceeded two million customers. To date, M-KOPA has provided finance to over two million people, including hundreds of full-time jobs. The company has a product suite that includes a digital micropayment platform and IoT technology, which has proven to be very useful to its energy customers. During the past few years, the company has expanded its footprint in Kenya, Nigeria, Uganda, and Tanzania, and plans to expand into new markets this year.
For M-KOPA, the big question is whether or not the tech company will be able to keep up with demand and a rising customer base. The company is currently recruiting for a slew of roles, from engineering to commercial operations. As the newest member of the fintech family, it’s clear that M-KOPA has plans to make a major impact on the future of digital finance.
With the rise of smartphones, M-KOPA is expanding its product offering to include mobile funding. Using an innovative pay-as-you-go financing model, customers can access credit without putting up collateral. This allows consumers to build assets and make important purchases without breaking the bank.
Its customer relationship and tech
M-KOPA has a full suite of offerings that have helped unbanked customers in African markets since its inception in 2011. It’s built partnerships with a variety of businesses, including merchants and mobile money platforms, and has grown to support more than a million customers. In its second year, it added 500 full-time positions. With a new round of funding, the company plans to expand its services to include daily payments, cash loans, health insurance, and more.
M-KOPA launched as an energy provider in Kenya two years ago, but the company has expanded into Ghana and Nigeria. The company’s pay-as-you-go model provides a range of devices, including solar-powered home systems, solar lighting, and smartphones. As it builds its customer relationships, the company is targeting lower-income customers. For example, it’s making smartphones affordable for lower-income customers in Kenya and Uganda.
M-KOPA plans to spend heavily on technology and customer relationship, but the company also wants to be more strategic about its products. For instance, the company’s baseline box-kit includes a solar panel, lights, a multi-device charger, and a radio.