M-KOPA, a UK-headquartered fintech powerhouse, has sold over 1 million branded smartphones in just 12 months since its launch in 2024. This milestone marks a pivotal moment in the company’s mission to bridge Africa’s digital and financial inclusion gap, redefining what a smartphone can do for the continent’s “everyday earners.”
Unlike conventional devices, M-KOPA’s smartphones are not just tools for connectivity, they are financial gateways embedded with the company’s Smart Money Platform, offering affordable credit, health insurance, and device protection.
Its smartphones, including the flagship X20, X2, M10, and S34 models, are more than communication devices. They serve as lifelines for millions of underbanked Africans who earn daily incomes but lack access to traditional financial services. By integrating digital financial tools into its devices, the startup enables users to build credit histories through affordable daily micropayments, unlocking access to loans, data bundles, and health insurance through partnerships like the one with insurtech firm Turaco.
According to the company’s 2024 Impact Report, 92% of customers say M-KOPA’s financing has made technology more affordable, while 70% credit the platform with helping them achieve financial goals.
For many, these devices are economic catalysts. Take Ronald, a 34-year-old M-KOPA sales agent in Kenya, who used his earnings to invest in a mobile money business and real estate, even saving for a car.
“My M-KOPA phone has not only transformed my business but also my life,” he shared in the company’s impact report.
Such stories highlight how M-KOPA’s model empowers users to break free from financial exclusion, with 62% of customers using their smartphones to generate additional income.
M-KOPA: from Nairobi’s assembly line to pan-African impact
A cornerstone of M-KOPA’s success is its Nairobi-based assembly plant, East Africa Device Assembly Kenya (EADAK), launched in 2023 in partnership with HMD Global. Now Africa’s largest smartphone factory by volume, the facility has produced over 1.5 million devices, including the million M-KOPA-branded phones sold in the past year. The plant has created over 400 jobs, primarily for Kenyan youth and first-time job seekers, with plans to scale to 500 jobs by the end of 2025. Achieving ISO 9001 quality certification in 2024, the factory not only ensures high-quality production but also slashes import costs, making devices more affordable.
Martin Kingori, General Manager of M-KOPA Kenya, emphasised, “Assembling our devices in Kenya demonstrates our commitment to making quality smartphones accessible to millions.”
This localised production has had a ripple effect on Kenya’s economy, reducing the country’s smartphone import bill by 99% to $1.65 million in the first half of 2024. Beyond economics, M-KOPA’s focus on sustainability is evident in its circular economy initiatives, refurbishing phones to save one tonne of CO₂ emissions for every 13 devices.
Since its founding in 2011, M-KOPA has grown from a Kenyan solar energy provider to a pan-African fintech serving over 6 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa.
The company has extended $1.5 billion in credit, with 2 million new customers added in the past 15 months alone. Its pay-as-you-go model, which aligns with the daily cash flows of informal workers, has made it a lifeline for the 75% of sub-Saharan Africans who remain unbanked, according to World Bank data.
M-KOPA’s CEO, Jesse Moore, sees the million-phone milestone as a testament to the company’s vision. “We are not just selling affordable smartphones: we are selling financial inclusion tools that transform lives,” he said.
The company’s data-driven approach, leveraging AI and machine learning to build individualised credit profiles, ensures customers can graduate to additional services like digital loans and e-motorbike financing. In Kenya alone, M-KOPA has financed over 1,500 electric motorbikes, saving riders 30% on daily costs while reducing carbon emissions.
With projections to surpass $500 million in annual revenue by the end of 2025 and a target to produce 10 million smartphones by 2027, the company is poised to deepen its impact.
The company plans to release new smartphone models in the second half of 2025 and expand its female customer base to 50%, building on the 40% already reached. Its 30,000-strong sales force, set to grow to 50,000 by year-end, continues to drive grassroots outreach, ensuring devices reach even the most remote communities.
As Africa’s smartphone market faces challenges like inflation and infrastructure gaps, with only 1% growth projected for 2025, M-KOPA’s localised production and inclusive financing model position it as a beacon of resilience. By blending technology with purpose, M-KOPA is not just selling phones; it is rewriting the narrative of financial empowerment for millions across the continent.
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