M-KOPA Transforms Business with Smartphone, EV Financing

Kenyan fintech company M-KOPA has reported a 45% revenue surge to $600 million for its 2025 financial year, marking a significant shift from solar financing to consumer electronics and electric vehicle asset financing.

The company added three million customers in the past year, reaching a total of 10 million across Kenya, Nigeria, Ghana, Uganda, and South Africa. This growth was primarily driven by credit-financed smartphones—a category M-KOPA entered only in 2020—rather than its original solar home systems.

From Solar Pioneer to Consumer Finance Leader

Since pivoting to smartphone financing, M-KOPA’s revenue has compounded annually at 50%, transforming from an impact-driven energy company into one of Africa’s largest consumer-financing platforms. This strategic shift reflects the economic realities in its markets, where demand for smartphones and income-generating EVs exceeds that for financed solar panels.

“We maintained profitability while reinvesting to scale our reach across Africa’s massive market,” said CFO Faraimose Kutadzaushe.

Manufacturing Hub and Electric Mobility Expansion

M-KOPA’s investments are now visible in:

• Its Nairobi assembly plant, the largest smartphone factory in Africa by volume (producing over 2 million devices since 2023)\n* Financing for more than 10,000 electric motorcycles and three-wheelers in Kenya, with riders saving an average of $4.10 daily from lower energy costs

The company is expanding this pay-as-you-go model to include electric tuk-tuks.

Strengthening Technology Control

To ensure control over its critical device-locking technology (used when customers miss payments), M-KOPA acquired Finnish software firm KilpiTek for approximately $8 million in March 2026. This acquisition included cash, company shares, and deferred consideration.

With 10,000 new customer onboards daily and over 23 micropayments processed per second, M-KOPA operates one of Africa’s largest private distribution networks for consumer finance.