Pan-African fintech company M-KOPA has reached a major milestone by serving 10 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa. The company reached its first one million customers in 2020 after operating for eight years. Since then, its growth has accelerated rapidly.
After introducing smartphone financing in 2020, M-KOPA added another nine million customers in just six years. Today, the company signs up about 10,000 new customers every day. This growth has been driven by M-KOPA’s“More than a Phone”platform.
The service allows customers to buy smartphones through affordable payments while also giving them access to insurance, credit, and device protection at the time of purchase. M-KOPA focuses on serving what it calls“Every Day Earners.” These are people such as traders, boda boda riders, tailors, shopkeepers, and others who earn income daily but often cannot access loans or other financial services from traditional banks because they do not receive a regular salary.
Instead of relying on payslips, M-KOPA has created financial products that match the way these customers earn and spend money. According to an independent customer survey, nine out of every 10 M-KOPA customers say the company’s products have improved their lives. M-KOPA Co-Founder and CEO Jesse Moore stated the company has always believed that everyday earners are creditworthy.
He stated the success of reaching 10 million customers proves that people working in the informal economy can successfully access and repay credit when financial products are designed to suit their needs. The company believes there is still significant room for growth. Nearly nine out of every 10 workers in sub-Saharan Africa earn a living through the informal economy.
By 2040, Africa is expected to have one of the world’s largest populations of economically active people who do not earn fixed monthly salaries, making them M-KOPA’s main target market. In Kenya, M-KOPA opened Africa’s largest smartphone assembly factory in 2023. The factory employs more than 400 people, has earned international ISO certification, and has produced over 3.
3 million smartphones. The company’s expansion has also been strong outside East Africa. Nigeria became the fastest country in M-KOPA’s history to reach one million customers.
Across its five markets, M-KOPA supports its business through a direct sales network of more than 40,000 agents. M-KOPA has also recorded strong financial growth. Since 2020, its revenue has increased by an average of 50% every year.
The company has been included in the Financial Times list of Africa’s Fastest Growing Companies for five consecutive years and was also named among CNBC’s World’s Top Fintech Companies for the second year in a row. M-KOPA Chief Financial Officer Faraimose Kutadzaushe stated reaching 10 million customers is an important achievement for the company. He added that the milestone displays the business model is working and that M-KOPA is already focused on reaching its next 10 million customers while continuing to expand financial access for everyday earners across Africa.