M-KOPA, a Kenyan fintech company offering millions of underbanked customers across Africa access to life-enhancing products and services, is making significant strides as it is set to achieve $400 million in annual revenue by the end of 2024.
With an innovative pay-as-you-go model, the company is providing affordable smartphones and other essential products to millions of underserved Africans. This has seen it hit profitability in its major markets which include Kenya, Uganda, Nigeria, and Ghana.
As the company approaches an annual revenue rate (ARR) of $400 million, it has solidified its position as a leading player in the African fintech industry. M-Kopa has continue to record significant growth in its operation. In March 2022, the company had already reached 2 million customers across its four African markets.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
In 2023, the company continued to make remarkable progress, recording 3 million customers across Kenya, Uganda, Nigeria and Ghana, impacting over 16 million lives.
So far in 2024, the company has achieved significant milestones which include:
Massive Customer Growth
Surpassing 5 million customers in Kenya alone, M-KOPA has empowered millions of individuals with access to technology.
Job Creation
The company has directly and indirectly created over 16,000 jobs, contributing to economic growth and reducing unemployment rates.
Financial Inclusion
By providing affordable credit, M-KOPA has disbursed over $1.5 billion, promoting financial inclusion and empowering individuals to improve their livelihoods.
M-KOPA’s success can be attributed to its unique business model and strategic approach:
Pay-as-you-go Model: This flexible financing option enables customers to purchase products through daily or weekly payments, making them accessible to a wider range of consumers.
Productive Assets: The company focuses on providing devices and services that empower individuals to generate income and improve their lives, such as smartphones, solar energy systems, and digital financial services.
Robust Risk Management: M-KOPA has effectively managed its risk profile, maintaining low loss rates even during challenging economic conditions.
M-KOPA’s operations extend beyond Kenya, with a strong presence in Uganda, Nigeria, Ghana, and South Africa. In 2023, M-KOPA extended its footprint in South Africa, marking i the company’s fourth-largest market after Kenya, Nigeria, and Ghana, where it has achieved considerable success across diverse consumer segments.
The company’s expansion into South Africa, in particular, has been rapid, demonstrating the global appeal of its model. In Soweto, M-KOPA aims to replicate its successful model from Kenya, particularly addressing the challenges posed by frequent power outages due to load-shedding in the region.
By leveraging technology and innovative partnerships, M-KOPA is driving digital transformation in Africa. The company’s commitment to financial inclusion, job creation, and sustainable growth positions it as a key player in shaping the future of the continent’s digital economy.