M-KOPA Reaches Milestone 10 Million Users Across Five African Markets

Pan-African fintech M-KOPA has achieved a significant milestone with over 10 million customers across its operations. This growth demonstrates the increasing demand for innovative financial solutions tailored to Africa’s informal economy.

The company initially took eight years to reach its first million users after launching in 2012. However, since expanding into smartphone financing in 2020, M-KOPA has added an additional 9 million customers in just six years—a clear acceleration of growth.

M-KOPA’s success lies in its “More than a Phone” platform, which combines affordable device financing with essential services like insurance, credit protection, and digital payments all at the point of purchase. This approach addresses the specific needs of what M-KOPA calls “Every Day Earners”: traders, artisans, shopkeepers, and others who generate income daily but often lack access to formal financial services.

“These individuals have always been creditworthy—they just needed products designed around their actual livelihoods,” explained CEO Jesse Moore. “Informal work is viable when approached with the right solutions.” Independent surveys confirm this impact, with 90% of M-KOPA customers reporting improved lives through access to technology and financial services.

The company’s growth extends beyond its initial East African base. Nigeria became M-KOPA’s fastest market to surpass 1 million users, highlighting the universal need for accessible digital finance across the continent.

Manufacturing in Africa

In Kenya, M-KOPA operates what is now the largest smartphone assembly factory in Africa—employing over 400 people and producing more than 3.3 million devices with ISO certification. This local manufacturing strengthens supply chains while creating jobs within communities served by M-KOPA.

The company’s distribution network reaches customers through a direct sales force of over 40,000 agents across five countries, ensuring accessibility even in remote areas. Revenue has grown at an average annual rate of 50% since 2020—a testament to the demand for M-KOPA’s solutions.

This performance has earned recognition from global organizations like the Financial Times (Africa’s Fastest Growing Companies) and CNBC (World’s Top Fintech Companies), solidifying M-KOPA’s position as a leading innovator in African financial technology.