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M-KOPA Kenya, the local arm of M-KOPA Holdings, has exceeded $1.6 billion (KES 207 billion) in credit extended to customers, underscoring its growing influence in Kenya’s consumer lending landscape and its continued leadership in the pay-as-you-go financing model.
The milestone was announced alongside the release of M-KOPA’s first Kenya-focused impact report, which charts the company’s evolution from a solar-home-system provider in rural communities to one of Kenya’s largest lenders serving low-income and underserved households. Over the last 15 years, the company has reached 4.8 million customers—many of whom had never accessed formal bank credit.
A major driver of this growth is smartphone financing, now M-KOPA’s flagship offering. Since 2010, 4.5 million Kenyans have acquired a smartphone through the platform, including 2.1 million first-time owners.
“Kenya has always been the beating heart of M-KOPA’s progress journey,” said Martin Kingori, General Manager of M-KOPA Kenya. “What matters most is the lived progress of everyday earners—9 in 10 report an improved quality of life, and more than half are earning more.”
According to the report, 37% of M-KOPA customers accessed their first formal loan through the platform, while 68% received their first health insurance cover via the company’s “More than a Phone” ecosystem, which integrates cash loans, insurance, and other digital services.
Strengthening Kenya’s Formal Economy
M-KOPA’s growth is mirrored in its expanding economic footprint. In 2024, the company paid KES 3.79 billion ($29.2 million) in taxes, placing it among Kenya’s largest private-sector contributors. Its procurement spend—KES 20.3 billion ($156.5 million) last year—supported a vast network of domestic suppliers.
Its Nairobi-based phone assembly facility, described as the largest in Africa, has produced two million devices to date and serves as a training hub for technicians in electronics assembly and quality assurance. This aligns with government priorities to deepen local manufacturing capacity.
The company directly employs 1,320 staff and works with 14,000 sales agents nationwide, many of whom are young people earning stable income for the first time.
Debate Over Consumer Protection
Kenya’s expanding consumer credit market has faced criticism over exploitative debt practices and collection methods. M-KOPA maintains that its model incorporates safeguards to prevent customer over-indebtedness, removing hidden fees and avoiding punitive late-payment penalties.
However, its device-locking feature—which temporarily disables financed phones or electric motorbikes when payments lapse—remains contentious. The company argues that the mechanism prevents debt escalation and allows customers to return devices and reclaim their deposit if needed.
Scaling Clean Mobility and Climate Impact
M-KOPA is also extending its pay-as-you-go model to electric mobility. The company has financed over 5,000 electric motorbikes for Nairobi riders—assets that would otherwise be inaccessible to most informal workers.
“Reaching 5,000 electric motorbikes demonstrates how M-KOPA’s financing model works across asset classes,” said Brian Njao, General Manager for Mobility.
The company reports that its combined efforts—from solar products to refurbished smartphones to EV financing—have contributed to 2.03 million tonnes of CO₂ equivalent reductions since 2010.
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