M-KOPA has announced it has surpassed 10 million customers across Kenya, Uganda, Nigeria, Ghana and South Africa, as demand for its smartphone financing and digital financial services continues to grow.
Its “More than a Phone” platform, which combines smartphone financing with embedded insurance, credit and device protection is central to its growth. The model is designed for informal workers such as traders, boda boda riders, tailors and small business owners, a segment that has traditionally struggled to access formal financial services.
“Every Day Earners have always been creditworthy. What they needed was credit built around how they really make a living, not a payslip. Informal has never meant unviable. Ten million customers on, that’s no longer a belief. It’s proven,” said Jesse Moore, Co-Founder and CEO of M-KOPA.
Kenya remains central to M-KOPA’s operations. The company opened Africa’s largest smartphone assembly factory in the country in 2023. This facility employs more than 400 people and has achieved global ISO certification and has produced over 3.3 million smartphones to date.
Nigeria is becoming the fastest market in the company’s history to surpass one million customers. M-KOPA’s operations are supported by a direct sales network of more than 40,000 agents across its five markets.
“Every Day Earners are why we do this. From our very first customer to this year’s ten millionth, this is proof that a model built for Africa’s Every Day Earners doesn’t just work, it scales and endures. It’s a proud moment for our team, and we’re already looking to the next 10 million,” said M-KOPA CFO Faraimose Kutadzaushe.
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Also Read: M-KOPA Named Among Africa’s Fastest Growing Companies for Fifth Consecutive Year
