(L-R) M-KOPA Senior Manager Tax Tabitha Njeri Munyagia, M-KOPA GM Martin Kingori and M-KOPA Director of Communication and External Affairs Reatile Tekateka
M-KOPA Kenya, a leading player in financial inclusion and digital connectivity, has revealed key insights from its 2024 Impact Report, Pathways to Progress, showcasing the company’s remarkable growth and economic impact. At a media roundtable at the Nairobi Serena Hotel, M-KOPA Kenya celebrated reaching over 3 million customers, creating 16,000 jobs, and injecting more than KES 17.2 billion into the Kenyan economy since its inception.
A subsidiary of UK-based fintech M-KOPA Group, M-KOPA Kenya has made the most significant impact in Kenya out of the Group’s five African markets, serving over 5 million customers across the continent. Through its affordable access to smartphones, digital loans, data services, free hospital cover (in partnership with TURACO), and financing options for e-motorbikes, M-KOPA has positioned itself as a critical enabler for Kenya’s underserved communities. By focusing on financial inclusion, M-KOPA is bridging the gap for individuals who historically lacked access to traditional banking services.
Driving Economic Empowerment and Job Creation
Martin Kingori, General Manager of M-KOPA Kenya, highlighted the company’s mission to expand economic opportunities across 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,” Kingori said. “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.”
Among M-KOPA’s major achievements in Kenya are the creation of over 16,000 jobs, which include:
- 1,600 full-time employees working nationwide.
- 325 new positions added since 2023 at M-KOPA’s local smartphone assembly facility, a major hub for youth employment. The factory expects to employ 500 workers by 2025.
- 14,000 paid sales agents across the country, with plans to increase this number to 20,000 by the end of 2025.
As one of Kenya’s significant taxpayers, M-KOPA Kenya has paid over KES 17.2 billion in direct and indirect taxes, including corporate tax, VAT, import taxes, and PAYE as of September 2024.
Transforming the Digital Landscape with Local Innovations
In a bid to strengthen local production and empower Kenyans with advanced financial tools, M-KOPA recently launched its first locally branded smartphone, the M-KOPA X20. Equipped with embedded digital financial services, this smartphone transforms into a comprehensive financial tool, offering users features far beyond typical communication functions.
M-KOPA’s local assembly facility has produced over 1.5 million smartphones, with a target to manufacture and sell 10 million smartphones by 2027. Since 2020, the company has sold 3.3 million smartphones in Kenya, driving digital inclusion for everyday users and underserved communities.
Boosting Eco-Friendly Mobility and Income Generation
The company’s financing for over 1,500 e-motorbikes in Kenya is part of its commitment to environmentally conscious solutions. These e-motorbikes not only help drivers earn a steady income but also contribute to reducing carbon emissions, aligning with broader sustainability goals in Kenya.
(L-R) M-KOPA Head of Communication and Legal Evelyn Manasseh, M-KOPA Senior Manager Tax Tabitha Njeri Munyagia, M-KOPA GM Martin Kingori , M-KOPA Director of Communication and External Affairs Reatile Tekateka and M-KOPA External Affairs and senior Data Privacy Counsel Reena Shah
M-KOPA’s flexible, micro-payment model has proven particularly impactful for “Every Day Earners” such as boda boda riders and market vendors, who rely on daily income but face limited access to formal credit. By allowing customers to make small, manageable payments, M-KOPA’s system enables them to build a credit history and open up financial opportunities previously unavailable to them.
The Wider Impact of M-KOPA in Sub-Saharan Africa
The 2024 Impact Report highlights M-KOPA’s transformative role across its five markets in Sub-Saharan Africa. Customer satisfaction metrics are strong, with 92 percent of users stating that M-KOPA’s financing made technology more affordable, and 80 percent crediting M-KOPA products with improving their quality of life. Moreover, 70 percent of customers report that M-KOPA has helped them achieve financial goals, and 62 percent use M-KOPA products to generate income.
A Future of Growth and Digital Empowerment
With its extensive operations, job creation, and financial services, M-KOPA Kenya is actively tackling key issues such as youth unemployment and the digital divide. As M-KOPA looks toward the future, its ambitious goals aim to drive even greater socio-economic impact and contribute to Kenya’s long-term economic resilience.
Through its innovative products, flexible financial models, and focus on sustainability, M-KOPA Kenya continues to play a crucial role in empowering millions across Kenya, transforming lives, and creating lasting value for the economy.
