M-KOPA smartphone financing company operating in Africa, has reached a significant milestone of five million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa, according to its 2024 Impact Report.
The fintech company, which provides affordable smartphones embedded with financial services, added two million customers in the last 15 months alone, marking a period of rapid growth. M-KOPA’s model primarily targets daily earners, offering access to financial services typically unavailable through conventional banking systems.
“The past year has been one of exciting growth and impact. Guided by our values progress, excellence, and humility we continue to pioneer digital financial solutions that address the challenges faced by Africa’s Everyday Earners. These tenacious, hardworking individuals provide a daily living for themselves and their families, and are the backbone of the continent’s economies, yet their potential is constrained by a financial system that has largely overlooked them,” reads part of the report.
Since its inception, the company claims to have provided over $1.5 billion in financing, allowing its customers—many of whom operate in the informal sector—to access loans, affordable data, and insurance. The financing is largely structured through a daily repayment model, powered by AI-driven credit analytics, which helps mitigate the risks associated with serving unbanked populations.
M-KOPA’s financing model has made a tangible impact on the financial well-being of its customers, as highlighted by the report. A recent customer survey revealed that M-KOPA has had a profound impact on the lives of its users, with four out of five customers reporting that their quality of life has improved or significantly improved due to M-KOPA products, while one in five reported no change.
Additionally, 92% of customers stated that M-KOPA’s financing options made the products more affordable. Notably, 62% of customers are using M-KOPA products to generate income, and 70% believe the company is helping them achieve their financial goals. These figures highlight the pivotal role M-KOPA plays in enhancing financial well-being and accessibility for its users.
“This year, we celebrate reaching 5 million customers and are proud to have deployed more than $1.5 Billion in credit since our inception to support people to achieve their financial goals and improve their quality of life,” said Jesse Moore, CEO of M-KOPA
M-KOPA has achieved significant milestones in its journey of expansion and innovation across Africa. The company expanded into South Africa, a key economic hub, while continuing its growth in Kenya, Uganda, Nigeria, and Ghana.
In Kenya, M-KOPA assembled its millionth smartphone at the country’s first local smartphone assembly facility, making smartphone ownership more affordable and creating over 300 full-time jobs for young people. The launch of the “More than a Phone” initiative transformed smartphones into powerful financial tools, offering digital loans, hospital cover, data bundles, and device protection.
In addition, M-KOPA’s new local refurbishment facility in Kenya is fostering a circular economy by scaling up the availability of affordable, climate-friendly smartphones. Lastly, M-KOPA sold its first 1,500 electric motorbikes, marking a significant step towards the wider transition of Africa’s transportation sector to electric mobility.
M-KOPA’s contribution to local economies extends beyond direct employment. Its business model creates opportunities for small-scale entrepreneurs, as sales agents act as the primary distribution channels in many regions. With a workforce of over 3,000 employees and more than 30,000 commission-based sales agents, M-KOPA has become a significant player in job creation across its five markets. This network enables the company to maintain close connections with customers and efficiently scale its operations.
M-KOPA’s growth reflects broader trends in digital financial inclusion across Africa, where millions remain outside formal banking systems but have increasing access to technology. Through its daily repayment model, the fintech company allows customers to pay for smartphones and other assets incrementally, enabling them to own essential technology they might not otherwise afford upfront.
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