M-KOPA Surpasses One Million Smartphone Sales in 12 Months, Deepens Financial Inclusion Across Africa

July 2025

In a landmark achievement for Africa’s digital and financial inclusion journey, UK-headquartered fintech company M-KOPA has announced that it has sold over 1 million branded smartphones within just 12 months of launching its line in 2024. This milestone marks a turning point in the company’s mission to empower “everyday earners” across the continent with accessible technology and financial tools.

Smartphones That Do More Than Connect

M-KOPA’s smartphones aren’t just for making calls or browsing the internet—they’re financial gateways. Powered by the company’s proprietary Smart Money Platform, each device offers users access to affordable credit, health insurance, and device protection.

Models such as the X20, X2, M10, and S34 are more than communication devices—they are lifelines for millions of underbanked Africans who earn daily incomes but are locked out of traditional financial systems. M-KOPA enables users to build credit histories through small, daily micropayments and connects them to essential financial services like data bundles, loans, and insurance through strategic partnerships, including with insurtech firm Turaco.

According to M-KOPA’s 2024 Impact Report:

• 92% of users say the platform has made technology more affordable.

• 70% say it helped them achieve financial goals.

• 62% of customers use their M-KOPA smartphones to generate additional income.

One such user, Ronald, a 34-year-old M-KOPA sales agent in Kenya, used his earnings to start a mobile money business, invest in real estate, and save for a car. “My M-KOPA phone has not only transformed my business but also my life,” he shared.

Local Assembly, Pan-African Impact

A significant driver of this success is M-KOPA’s investment in local smartphone assembly. Its Nairobi-based plant, East Africa Device Assembly Kenya (EADAK)—established in 2023 in partnership with HMD Global—is now the largest smartphone factory by volume in Africa. To date, it has produced over 1.5 million devices, including the 1 million M-KOPA phones sold in the past year.

The facility has created over 400 jobs, mostly for young and first-time job seekers, and is expected to reach 500 jobs by the end of 2025. Certified with ISO 9001 in 2024, the plant reduces import costs and supports local economies by slashing Kenya’s smartphone import bill by 99% to $1.65 million in H1 2024.

“Assembling our devices in Kenya demonstrates our commitment to making quality smartphones accessible to millions,” said Martin Kingori, General Manager, M-KOPA Kenya.

A Fintech Giant in the Making

Founded in 2011 as a solar energy provider in Kenya, M-KOPA has evolved into a pan-African fintech powerhouse, now operating in Kenya, Uganda, Nigeria, Ghana, and South Africa. The company has extended over $1.5 billion in credit, added 2 million new customers in the past 15 months, and now serves over 6 million users.

Its pay-as-you-go model, aligned with the daily earnings of informal workers, has become a financial lifeline in a region where 75% of the population remains unbanked, according to World Bank data.

“We are not just selling affordable smartphones: we are selling financial inclusion tools that transform lives,” said Jesse Moore, M-KOPA’s co-founder and CEO.

The company uses AI and machine learning to build individualised credit profiles, helping users graduate to more advanced services, including digital loans and e-motorbike financing. In Kenya, over 1,500 electric motorbikes have already been financed by M-KOPA, saving riders up to 30% in daily fuel costs while reducing carbon emissions.

The Road Ahead: $500M Revenue and 10M Devices by 2027

Looking forward, M-KOPA projects over $500 million in annual revenue by the end of 2025 and aims to produce 10 million smartphones by 2027. New devices are scheduled for release in late 2025, and the company plans to grow its female customer base from 40% to 50%, alongside expanding its 30,000-strong sales force to 50,000 by year-end.

The company will continue hosting financial literacy campaigns and leveraging data to tailor financial tools for underserved demographics.

Conclusion: Purpose-Driven Innovation

As Africa’s smartphone market grapples with inflation, supply chain challenges, and low penetration, M-KOPA’s blend of localised production, flexible financing, and mission-driven innovation is proving to be a sustainable model. By turning phones into platforms for credit-building, income generation, and social mobility, M-KOPA isn’t just selling devices—it’s rewriting the narrative of what fintech can achieve in Africa.

For millions across the continent, a M-KOPA phone isn’t just a gadget—it’s a gateway to possibility.

Tags: M-KOPA, Fintech, Smartphones, Financial Inclusion, Kenya, Africa Tech, Mobile Credit, Digital Banking, Insurtech, AI in Finance