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Damilohun Maya
Guest
Kenyan digital financial services company, M-Kopa, announced that it has now crossed 5 million customers in Kenya alone. This was disclosed in the company’s 2024 Impact Report, released recently.
According to the report, the company has provided more than 16,000 jobs of various kinds to workers in Kenya, thus helping to reduce unemployment in its own way. Similarly, since its inception, the company said it has boosted the local Kenyan economy by injecting Sh17.2 billion ($133.4 million) in direct and indirect taxes.
These taxes included Corporate tax, Withholding tax, VAT, reverse VAT, Import taxes and PAYE as of the end of 2024.
M-KOPA records $600M in Credit for Underbanked users in Africa- 2021 Report
Speaking about the impressive growth and contributions to the Kenyan economy, General Manager of M-KOPA Kenya, Martin Kingori, said the company is proud to be making such a significant contribution to the country.
“M-KOPA Kenya is proud to be a driving force in expanding economic opportunities for millions of Kenyans and making a significant contribution to the economy of the country. 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,” Mr Kingori said.
Founded in 2011 by Nick Hughes, Chad Larson, Jesse Moore, M-KOPA Kenya has established itself as a critical player in the Kenyan economy over the years. The company enables financial inclusion by providing affordable access to smartphones, digital loans, data, free hospital cover (in partnership with TURACO) and financing for e-motorbikes in Kenya.
In its report, the company also rendered an account of activities at its local smartphone assembly factory, disclosing that the factory has created 325 new jobs since 2023. The jobs are mostly targeted at youths and first-time job seekers. The company said it is looking to increase the number of jobs at the factory to 500 in 2025.
The company also disclosed in its report that over 1.5 million smartphones have so far been produced through the local assembly factory. It also revealed that it has a target to hit 10 million locally produced and sold smartphones by 2027. The company expresses belief that this would provide an array of affordable options for smartphone users.
M-KOPA launched and locally produced the first branded smartphone, the M-KOPA X20, a device that comes with embedded digital financial services features.
The company said it now has over 14,000 paid sales agents and has a target of growing that number to 20,000 by the end of 2025. It also said it has financed over 1500 e-motorbikes on Kenya’s roads.
M-KOPA has a presence in five markets in Sub-Saharan Africa; Nigeria, Ghana, South Africa, Uganda and Kenya. Its services have reached over 5 million customers across these markets as the company says it has disbursed over $1,5 billion in credit.
The company expressed its firm belief that by addressing the needs of largely unseen and underfinanced citizens, it is empowering millions who have historically been excluded from accessing traditional financial services.
Trending story: 6 African fintechs make global 100 most promising fintechs list, none from Nigeria
The post M-Kopa hits 3 million customers in Kenya, produces 1.5 million phones locally first appeared on Technext.
According to the report, the company has provided more than 16,000 jobs of various kinds to workers in Kenya, thus helping to reduce unemployment in its own way. Similarly, since its inception, the company said it has boosted the local Kenyan economy by injecting Sh17.2 billion ($133.4 million) in direct and indirect taxes.
These taxes included Corporate tax, Withholding tax, VAT, reverse VAT, Import taxes and PAYE as of the end of 2024.
M-KOPA records $600M in Credit for Underbanked users in Africa- 2021 Report
Speaking about the impressive growth and contributions to the Kenyan economy, General Manager of M-KOPA Kenya, Martin Kingori, said the company is proud to be making such a significant contribution to the country.
“M-KOPA Kenya is proud to be a driving force in expanding economic opportunities for millions of Kenyans and making a significant contribution to the economy of the country. 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,” Mr Kingori said.
M-Kopa’s factory produces 1.5m smartphones
Founded in 2011 by Nick Hughes, Chad Larson, Jesse Moore, M-KOPA Kenya has established itself as a critical player in the Kenyan economy over the years. The company enables financial inclusion by providing affordable access to smartphones, digital loans, data, free hospital cover (in partnership with TURACO) and financing for e-motorbikes in Kenya.
In its report, the company also rendered an account of activities at its local smartphone assembly factory, disclosing that the factory has created 325 new jobs since 2023. The jobs are mostly targeted at youths and first-time job seekers. The company said it is looking to increase the number of jobs at the factory to 500 in 2025.
The company also disclosed in its report that over 1.5 million smartphones have so far been produced through the local assembly factory. It also revealed that it has a target to hit 10 million locally produced and sold smartphones by 2027. The company expresses belief that this would provide an array of affordable options for smartphone users.
M-KOPA launched and locally produced the first branded smartphone, the M-KOPA X20, a device that comes with embedded digital financial services features.
The company said it now has over 14,000 paid sales agents and has a target of growing that number to 20,000 by the end of 2025. It also said it has financed over 1500 e-motorbikes on Kenya’s roads.
M-KOPA has a presence in five markets in Sub-Saharan Africa; Nigeria, Ghana, South Africa, Uganda and Kenya. Its services have reached over 5 million customers across these markets as the company says it has disbursed over $1,5 billion in credit.
The company expressed its firm belief that by addressing the needs of largely unseen and underfinanced citizens, it is empowering millions who have historically been excluded from accessing traditional financial services.
Trending story: 6 African fintechs make global 100 most promising fintechs list, none from Nigeria
The post M-Kopa hits 3 million customers in Kenya, produces 1.5 million phones locally first appeared on Technext.