M-KOPA Kenya Surpasses 3 Million Customers, Creates 16,000 Jobs, and Injects Over KES 17 Billion Into Economy

By Catherine Muema On Oct 30, 2024

M-KOPA Kenya, a subsidiary of the Pan-African fintech M-KOPA, has reached a milestone of over 3 million customers, creating more than 16,000 jobs and contributing KES 17.2 billion in taxes to Kenya’s economy, according to its 2024 Impact Report, “Pathways to Progress.” Presented at a media roundtable in Nairobi, the report highlights M-KOPA’s transformative role in digital connectivity and financial inclusion across the country.

As a key player in the Kenyan economy, M-KOPA Kenya provides affordable access to smartphones, digital loans, e-motorbikes, and free hospital cover, among other financial services. Since its inception, the company has aimed to empower those traditionally excluded from formal financial services by offering flexible, accessible financing solutions.

Key Achievements:

Customer Reach & Employment: Over 3 million customers reached; 16,000 jobs created, including 1,600 full-time employees and 14,000 paid sales agents. The company plans to increase sales agents to 20,000 by 2025.
Local Smartphone Assembly: Produced 1.5 million smartphones locally, with a target of 10 million by 2027. The launch of the M-KOPA X20 smartphone integrates digital financial services.
Economic Impact: Over KES 17.2 billion contributed in direct and indirect taxes.
E-Motorbike Financing: Over 1,500 e-motorbikes financed, enhancing income for drivers and reducing carbon emissions.

Martin Kingori, General Manager of M-KOPA Kenya, emphasized the company’s mission to drive financial inclusion, stating, “We are a purpose-driven company whose mission is not only to connect people digitally but to ensure that financial services are accessible and affordable, paving the way for financial empowerment and long-term economic growth.”

M-KOPA’s innovative solutions have been particularly impactful for “Every Day Earners,” including boda boda riders and market vendors, who benefit from flexible repayment options that align with their daily income, allowing them to build credit history and access new financial opportunities.

The report underscores M-KOPA’s broad impact across Sub-Saharan Africa, with 92% of customers affirming that its financing made technology more affordable and 62% using M-KOPA products to generate income.

As M-KOPA Kenya continues to expand its reach and offerings, it is playing a crucial role in addressing key challenges such as youth unemployment and the digital divide, thereby contributing to a brighter economic future for Kenya.