M-KOPA hits 10M customers across 5 African markets
By Kenneth Mwenda, July 23, 2026Pan-African fintech company M-KOPA has reached 10 million customers across five African markets, marking a major milestone in its growth since launching its first solar financing product in 2012.
The company announced the achievement on Wednesday, July 22, 2026, saying it has added nine million customers in six years after entering smartphone financing in 2020.
M-KOPA said it now serves about 10,000 new customers daily through its platform, which combines smartphone financing with services such as insurance, credit and device protection.
The company was founded to provide financial services to people who often struggle to access traditional banking services. It targets what it calls “Every Day Earners” — workers such as traders, boda boda riders, tailors and small business owners who earn income daily but may not have formal employment records.
M-KOPA said its model allows customers to access products based on their income patterns rather than traditional requirements such as payslips.
“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 M-KOPA Co-Founder and Chief Executive Officer Jesse Moore.
Smartphone financing drives growth
M-KOPA’s expansion has been largely driven by its smartphone financing business, which allows customers to acquire devices through flexible payment plans.
The company said demand for its “More than a Phone” platform has increased as more Africans seek access to digital tools for communication, business and financial services.
A survey conducted independently among M-KOPA customers found that nine out of 10 respondents believe the company’s products have improved their lives.
The company’s growth comes as many African consumers continue to face challenges accessing affordable credit. M-KOPA said its services are designed around the needs of people working in the informal economy, where many earn regular income but remain underserved by traditional financial institutions.
According to the company, nearly nine out of 10 workers in sub-Saharan Africa operate in the informal economy, creating a large market for digital financial services.
Kenya factory produces millions of devices
Kenya remains a key market for M-KOPA’s operations. In 2023, the company opened what it described as Africa’s largest smartphone assembly factory.
The facility employs more than 400 people, has achieved global ISO certification and has produced more than 3.3 million devices.
The factory supports M-KOPA’s smartphone financing model by increasing local production capacity while creating jobs in Kenya’s technology and manufacturing sectors.
Beyond Kenya, the company has expanded its operations across East and West Africa. Nigeria became the fastest market in M-KOPA’s history to surpass one million customers.
The company’s distribution network includes more than 40,000 agents operating across its five markets, helping it reach customers in different communities.
Revenue growth and global recognition
M-KOPA said its revenue has grown at an average annual rate of 50 per cent since 2020, driven by increased demand for smartphones and financial services.
The fintech company has also gained international recognition, appearing on the Financial Times’ list of Africa’s Fastest Growing Companies for five consecutive years.
It was also named among CNBC’s World’s Top Fintech Companies for the second year running.
M-KOPA Chief Financial Officer Faraimose Kutadzaushe said the 10 million customer milestone shows that financial products designed for African consumers can grow at scale.
“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,” Kutadzaushe said.
Founded in Kenya, M-KOPA has grown from a solar financing provider into a digital financial services company offering smartphones, credit, insurance and other products across Africa. The company said it is now focused on reaching the next 10 million customers.