M-KOPA Kenya’s Impact: 3 Million Customers, 16,000 Jobs, 1.5 Million Locally Assembled Smartphones, & A Green Future Ahead.

In a significant milestone for Kenya’s digital and financial inclusion, M-KOPA Kenya, a key player in the Pan-African fintech landscape, has made impressive progress in improving access to technology and financial services. As mentioned in its 2024 Impact Report Pathways to Progress, released earlier today, M-KOPA Kenya confirmed that it has reached over 3 million customers, contributed KES 17.2 billion to the local economy, and created 16,000 jobs across the country. But beyond the numbers, what stands out is how M-KOPA’s model is transforming the lives of everyday Kenyans.

Empowering Underserved Kenyans with Accessible Tech and Financial Services.

M-KOPA’s approach is revolutionary. By embedding digital financial services into affordable smartphones and offering a flexible repayment model, the company has bridged the gap for millions of underserved Kenyans, many of whom rely on daily income from informal jobs. The company has distributed over 3.3 million smartphones in Kenya since 2020, helping users connect, transact, and build a credit history — essential for unlocking future financial opportunities.

For individuals like boda boda (motorcycle) riders and market vendors, who often struggle to access formal credit, M-KOPA’s daily micro-payment model reflects their income patterns, enabling them to access digital tools and credit that would otherwise be out of reach.

Key Achievements Powering Kenya’s Digital Economy:

• Nationwide Impact: M-KOPA has surpassed the 3 million customer mark, reaching people across Kenya with its affordable products and services. This widespread distribution has democratized access to technology and financial services, empowering those previously excluded from formal systems.
• Job Creation for the Future: The company has created 16,000 jobs in Kenya, making a tangible difference in employment, particularly for youth. This includes 1,600 full-time employees and 14,000 paid sales agents, a number expected to grow to 20,000 by 2025. Additionally, since 2023, M-KOPA has established 325 new jobs in its local smartphone assembly factory, primarily for first-time job seekers. The factory is on track to increase this number to 500 jobs by next year.
• Substantial Economic Contribution: M-KOPA has injected over KES 17.2 billion into the Kenyan economy through direct and indirect taxes, supporting public services and infrastructure. This includes contributions through corporate tax, VAT, import taxes, and PAYE, which have played a significant role in Kenya’s financial ecosystem.
• The M-KOPA X20 — Transforming Phones into Financial Tools: The company launched its first locally produced smartphone, the M-KOPA X20. More than just a phone, it comes embedded with digital financial services that turn it into a comprehensive tool for users, helping them access loans, data, and healthcare services. This highlights how M-KOPA is not only addressing connectivity but also revolutionizing financial empowerment through technology.
• Local Smartphone Production: M-KOPA’s assembly plant in Kenya has produced over 1.5 million smartphones, with a target to produce 10 million affordable smartphones by 2027. This local production not only makes devices more accessible but also reduces the cost of technology for everyday Kenyans, bridging the digital divide.
• Green Innovation Through E-Mobility: In a country where e-mobility is gaining traction, M-KOPA is also making strides by financing over 1,500 e-motorbikes. This initiative is not only helping riders increase their income but is also contributing to Kenya’s sustainability efforts by reducing carbon emissions on the roads.

The M-KOPA X20: More than Just a Smartphone

A standout achievement from M-KOPA’s journey is the locally produced M-KOPA X20 smartphone. Far from being just another phone, the X20 is embedded with digital financial services that transform it into a financial powerhouse, offering customers access to loans, data bundles, and even free hospital cover through a partnership with TURACO. It’s a smartphone designed with the needs of Kenya’s “Every Day Earners” in mind — affordable, versatile, and practical. M-KOPA has plans to produce 10 million affordable smartphones by 2027, so its clearly betting on the power of mobile technology to drive financial inclusion.

Exceptional Impact Metrics

• 92% of M-KOPA’s customers report that the company’s financing has made technology more affordable.
• 80% claim that M-KOPA products have improved their quality of life.
• 70% credit M-KOPA with helping them achieve financial goals, and 62% use the products to generate income.

These figures underscore how M-KOPA is making a tangible difference in the lives of millions of Kenyans, contributing significantly to financial empowerment through technology.

A Vision for the Future

M-KOPA’s role in Kenya’s digital economy cannot be understated. From creating jobs to enabling financial inclusion and digital connectivity, the company is laying the groundwork for a more inclusive financial system. As it continues to innovate with solutions like e-motorbike financing and locally produced smartphones, M-KOPA is not just closing the digital divide but also empowering everyday Kenyans to take control of their financial futures.