M-KOPA, Kenya’s fintech firm has announced it has locally assembled over 1.5 million smartphones in Kenya, one year after it was launched, a move that establishes the firm as a critical player in the Kenyan economy, enabling financial inclusion through affordable access to smartphones, digital loans, data, free hospital cover and financing for e-motorbikes in Kenya.
Build by HMD and assembled locally in Kenya, M-KOPA’s branded smartphones, the M-KOPA X2 and X20, offer an embedded digital financial services offering “More than a Phone” solution allowing users to asses other financial services.
“Over 1.5 million smartphones produced through the local assembly factory with a target of 10 million locally produced and sold affordable smartphones by 2027. 3.3 million smartphones sold in Kenya since 2020. Financed over 1500 e-motorbikes on Kenya’s roads, increasing income for drivers and positively contributing to reducing carbon emissions,” said the firm in its annual Impact Report, Pathways to Progress at a media roundtable in Nairobi.
M-KOPA has also reached more than 3 million customers through nationwide distribution, created employment opportunities for 16,000 Kenyans, including 1600 full time employees across Kenya, 325 new jobs since 2023 in M-KOPA’s local smartphone assembly factory, primarily for youth and first-time job seekers. M-KOPA forecasts to increase the number of jobs at the factory to 500 in 2025. The firm also has over 14,000 paid sales agents, with a target of growing that number to 20,000 by the end of 2025.
With a presence in five markets in Sub-Saharan Africa, reaching over 5 million customers and has disbursed over $1,5bn in credit and has contributed over KES 17.2 billion as a large taxpayer in direct and indirect taxes to the Kenya Revenue Authority since inception (inclusive of Corporate tax, Withholding tax, VAT, reverse VAT, Import taxes and PAYE as at end Sept 2024).
M-KOPA recently launched in South Africa and aims to expand further into the continent where 92% of customers report that M-KOPA’s financing made technology more affordable, 80% say their quality of life improved thanks to M-KOPA’s products, 70% credit M-KOPA with helping them achieve financial goals and 62% use M-KOPA’s products to generate income.
Recently, M-KOPA appointed Rajeev Suri, former CEO of Nokia as well as Inmarsat, and now also serving as chairperson of Digicel and board director at Singtel, as Chairperson of its Board, effective 1st December 2024. Suri is expected to help M-KOPA as it continues to innovate and expand its reach across markets and provide critical oversight, strategic insights and guidance to the M-KOPA leadership team as it navigates this next phase in its evolution as a leading global fintech.
“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,” said Martin Kingori, GM M-KOPA Kenya. “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.”