M-KOPA Reaches 10 Million Users as Device Financing Gains Momentum

Pan-African fintech M-KOPA has achieved a major milestone with over 10 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa. This rapid growth highlights how smartphone financing is becoming one of Africa’s fastest-growing financial products.

The company initially took eight years to reach its first million customers after launching in 2012 as a solar financing business. However, since expanding into smartphone financing in 2020, M-KOPA has added an additional nine million users in just six years—a testament to both the demand for device access and the broader digital transformation underway.

Nigeria Emerges as Key Market

M-KOPA noted that Nigeria became its fastest market to cross one million customers, demonstrating the strong adoption of its financing model in Africa’s largest economy. This success reflects how M-KOPA caters to “Every Day Earners”—traders, artisans, transport operators, and small business owners who generate daily income but often lack access to traditional financial services.

Smartphones as Financial Infrastructure

The growth underscores smartphones’ evolving role beyond consumer gadgets—they’re increasingly becoming essential digital infrastructure. For many users, owning a smartphone is the first step toward accessing mobile payments, online commerce, digital banking, and remote work opportunities.

With inflation impacting affordability, device financing has become crucial for bridging the gap between cost and access. Companies like M-KOPA now position smartphones as assets that unlock broader economic participation rather than mere retail purchases.

Continued Expansion

M-KOPA’s revenue has grown by an average of 50% annually since 2020, adding roughly 10,000 new customers daily. The company has also invested in local manufacturing—opening Africa’s largest smartphone assembly facility in Kenya that employs over 400 people and has assembled more than 3.3 million devices to date.

The rapid growth has earned M-KOPA international recognition, including multiple appearances on the Financial Times’ Africa’s Fastest Growing Companies ranking and inclusion on CNBC’s World’s Top Fintech Companies list.