M-KOPA Reaches Milestone 10 Million Customers

Pan-African asset-financing startup M-KOPA has reached a significant milestone, now serving 10 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa. This achievement comes just six years after the company surpassed one million users, demonstrating remarkable growth in its lending business.

The rapid expansion reflects M-KOPA’s evolving strategy beyond simple device financing. The company now uses smartphones as a gateway to comprehensive financial services for underserved populations, including device protection and other credit products.

Nigeria Drives Expansion

Nigeria has emerged as a key market for M-KOPA’s growth. Since entering in 2019, the company has disbursed over $170 million (₦231 billion) in credit to more than one million customers, making it the fastest market in M-KOPA’s history to reach this milestone.

Beyond Device Financing

M-KOPA’s success stems from its focus on serving “Every Day Earners”—individuals with irregular income streams often excluded from formal banking systems. The company has built a distribution network of over 40,000 sales agents across its markets to reach these customers directly.

Financial Performance

In October 2023, M-KOPA reported its first annual profit alongside a 66% revenue increase. Its Kenyan subsidiary surpassed $1.6 billion in credit extended to customers, highlighting the growing demand for accessible financial services in the region.

“Every Day Earners are why we do this,” said CFO Faraimose Kutadzaushe. “From our first customer to today’s ten millionth, this proves that a model built for Africa’s informal economy not only works but scales and endures.”

The company has maintained an average annual revenue growth of 50% since 2020 while processing over two million daily repayments.