In a world where access to technology and financial services often feels out of reach for low-income earners, M-KOPA has emerged as a beacon of hope. M-KOPA, a leading fintech with roots in Africa, is on a mission to make life-changing technology affordable and accessible for millions, especially those who have historically been left behind by traditional financial systems.
Today, M-KOPA Kenya unveiled key findings from its 2024 Impact Report, Pathways to Progress, at a media roundtable held at Nairobi Serena Hotel. The report highlighted the company’s significant role in advancing digital connectivity and financial inclusion across Kenya.
It also emphasizes the company’s efforts to provide affordable smartphones, digital loans, and essential financial services to underserved communities. The session further explored M-KOPA’s business model and addressed ongoing tax disputes with KRA.
Explore Why M-KOPA was Honored as Top Growth Driver in Africa
Supporting Everyday Earners
M-KOPA’s innovative model is built on financing progress for “Every Day Earners”. Individuals like boda boda riders, market vendors, and small business owners who rely on daily income. These earners often face barriers to accessing formal credit and technology due to stringent requirements or the high cost of devices. Through flexible repayment models, affordable smartphones, and embedded financial services, M-KOPA is transforming their lives.
The cornerstone of the organization’s offering is its pay-as-you-go model. This allows users to make small, daily micro-payments that align with their fluctuating income patterns. This not only makes technology affordable but also helps them build a credit history. Unlocking financial opportunities that were previously out of reach.
“To reduce default rates, we implement thorough customer filtering through our KYC programs. We are also planning to develop affordable devices for customers who are unable to afford entry-level options.” Says Martin Kingori, GM of M-KOPA Kenya.
M-KOPA X20 Smartphone
For customers, the benefits of M-KOPA go beyond technology. The recently launched M-KOPA X20 a 6 GB smartphone is more than just a device; it’s a comprehensive device. It comes with 3GB of data for 60 days, inpatient cover, and free device protection, even covering loss and theft. And the best part? There’s no need for collateral empowering those who wouldn’t qualify for traditional loans.
But M-KOPA’s impact doesn’t stop at individual customers. The company has contributed KES 17.2 billion in direct and indirect taxes to Kenya’s economy and created more than 16,000 jobs. From sales agents to full-time employees and factory workers in its local smartphone assembly plant, this offers economic opportunities, especially for youth and first-time job seekers.
Financing Progress for Millions of Earners
By 2027, M-KOPA aims to produce and sell 10 million locally assembled devices, significantly boosting Kenya’s manufacturing sector while bridging the digital divide. Their efforts extend beyond phones, too. The organization has financed over 1,500 e-motorbikes, offering an eco-friendly transportation solution while increasing drivers’ earnings and reducing carbon emissions.
The results speak for themselves: 92% of M-KOPA customers say that the company has made technology more affordable, 80% report an improved quality of life, and 70% credit the organization with helping them achieve financial goals.
The organization vision is clear—to provide everyday earners with the tools they need to thrive. With its innovative approach to financing and a strong commitment to social impact, M-KOPA is building pathways to progress for millions across Sub-Saharan Africa, proving that technology and financial services can be both accessible and affordable for all.
