M-KOPA expands ‘More Than a Phone’ platform, cites strong customer impact

Asset financing firm M-KOPA has strengthened its “More Than a Phone” platform with new customer benefits, underpinned by figures showing growing uptake and economic impact among low-income Ugandans.

The company revealed that 50 per cent of its customers bought their first-ever mobile phone through M-KOPA, highlighting its role in driving digital inclusion.

According to independently validated survey findings, 86 per cent of customers are using their phones for economic activities such as running businesses, accessing markets and selling products. A similar 86 per cent reported an improvement in their quality of life, while three out of four customers said their income has increased since acquiring the devices.

Company officials said the figures demonstrate that access to smartphones is translating into broader financial participation for previously underserved populations.

“Our customers continue to trust us every day, and the innovation and financial systems we have built are helping Ugandans who were previously left out of the formal credit sector to access loans and participate in the economy,” an official said.

Beyond customer impact, M-KOPA outlined its contribution to Uganda’s economy. In 2024 alone, the firm paid Shs20 billion in taxes and spent Shs120.8 billion on local procurement.

The company also supports employment through a network of 3,500 sales agents operating across the country, in addition to 270 full-time staff.

Officials said these numbers reflect the company’s dual role in promoting both digital and financial inclusion while contributing to national economic growth.

Under the enhanced “More Than a Phone” platform, customers receive daily data bundles for the first year, access to cash loans, and a screen protection service that allows repairs through accredited partners.

M-KOPA has also introduced new features, including discounted deposits for customers upgrading to higher-spec phones after completing payments, and a phone swap option that enables users to exchange devices mid-loan at zero deposit.

The platform further integrates microinsurance services in partnership with Turaco, extending hospital cash benefits to cover both inpatient and outpatient care.

The insurance product, which targets everyday earners typically excluded from conventional cover, has already reached hundreds of thousands of customers, providing protection against health-related financial shocks.

“Conventional insurance has often been perceived as expensive and out of reach for ordinary people. This model is helping bridge that gap,” a representative from the insurance partner noted.

M-KOPA said it remains committed to investing in innovation to ensure customers keep pace with evolving technology while accessing financial services.

“Our goal is to ensure that every hardworking Ugandan is not left out of the digital and financial economy,” the company said.

With increasing smartphone adoption and demand for flexible financing, analysts say integrated solutions combining credit, connectivity and insurance are likely to shape Uganda’s next phase of economic inclusion.

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