Hope Micro, a microfinance institution (MFI) based in Freetown, Sierra Leone, has partnered with Kopo Kopo, a US-based organization that provides a mobile money integration platform, and Splash Mobile Money, a mobile payments platform based in Sierra Leone, to bring mobile financial services to its 16,000 microfinance customers [1].
The executive director of Hope Micro, SD Kanu, stated, “Making payments at our office takes the client away from their business. We partnered with Splash and Kopo Kopo in order to make our services as convenient as possible and put more money into the pockets of our customers [1].” As of 2010, Splash Mobile Money has approximately 150 outlets and 50,000 registered customers.
By: Alexandra Pattee, Research Associate
About Hope Micro: Hope Micro is a microfinance institution (MFI) located in Freetown, Sierra Leone. Hope Micro was founded as a microenterprise development project of US-based World Hope International in 2002. In January 2005, Hope Micro was formally registered with the Government of Sierra Leone as a local, microfinance-specific non-government organization (NGO), separate from World Hope International. As of 2009, Hope Micro has total assets of USD 1.5 million and a gross loan portfolio of USD 1.3 million.
– Country of Incorporation: Sierra Leone
– Year Founded: 2002
– Total Assets: USD 1.5 million (as of 2009)
– Gross Loan Portfolio: USD 1.3 million (as of 2009)
– Number of Borrowers: 20,760 Active Borrowers (as of 2009)
– Deposits: USD 224,489 (as of 2009)
About Kopo Kopo: Kopo Kopo is a US-based organization that allows small to medium-sized enterprises (SMEs) in emerging markets to leverage mobile money as a payment channel by providing subscription based software as a service. Kopo Kopo’s software-as-a-service platform enables microfinance institutions (MFIs) to integrate one or multiple mobile money systems with their core banking software on a pay-as-you-go basis. Kopo Kopo aims to help institutions offer their customers more convenient, affordable services with the goal of increasing the incomes of poor people.
About Splash Mobile Money: Splash Mobile Money is a mobile payments organization based in Sierra Leone. Founded in 2007, Splash Mobile Money provides a mobile payment system that allows users of three of Sierra Leone’s mobile networks, Zain, Africell and Comium, to load cash to their phones, send money, pay bills, withdraw cash and buy goods. Any Zain, Africell or Comium mobile phone can receive money through Splash, and the electronic money received can be converted into cash via a Splash agent. Users do not require a bank account to use Splash Mobile’s service, and registration is free. As of 2010, Splash Mobile Money has approximately 150 outlets and 50,000 registered customers.
Sources and Resources:
[1] Kopo Kopo Press Release: “KOPO KOPO HELPS BRINGS MOBILE MICROFINANCE TO SIERRA LEONE”, http://www.kopokopo.com/html/press.html
MicroCapital’s Microfinance Universe profile: Hope Micro,
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=hope+micro
MicroCapital’s Microfinance Universe profile: Kopo Kopo,
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kopo+Kopo
MicroCapital’s Microfinance Universe profile: Splash Mobile Money, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Splash+Mobile+Money
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROFINANCE PAPER WRAP-UP: “Mobile Money, Interoperability and Financial Inclusion;” by Markus K Brunnermeier et al; published by National Bureau of Economic Research (NBER)
- MICROCAPITAL BRIEF: Coop TLM Borrows $1.3m from Grameen Crédit Agricole Foundation for Microfinance in Indonesia
- MICROCAPITAL BRIEF: Oikocredit Loans Yellow of Uganda $5m for Off-grid Solar Energy in Africa
- MICROCAPITAL BRIEF: Oikocredit Loans MyCredit $2.6m for SME Financing in Kenya
- MICROCAPITAL BRIEF: I&M Bank Enables Spenn Mobile App Users to Send Money to Financial Institutions Across Rwanda
