African fintech M-KOPA has crossed the 3 million active customer milestone, a significant marker in its plan to serve the continent’s financially excluded population. The company, which provides asset financing for smartphones and electric motorbikes, announced it has now deployed over $2 billion in credit since its launch in 2011.
While the numbers are substantial, the story behind them points to a deliberate strategy that combines high-tech financing with a high-touch human network. At the heart of M-KOPA’s growth is a sprawling network of 35,000 sales agents, which the company leverages to build trust and reach customers who are invisible to traditional banks.
According to its newly released 2025 Impact Report, M-KOPA is on track to reach 10 million customers by 2030. The report also claims that 9 out of 10 customers say the service has improved their lives.
“What matters most to us is how many people we’re actively serving every day,” said Jesse Moore, Co-founder and CEO of M-KOPA. “When we ask customers, ‘does M-KOPA make your life better?’ 9 out of 10 say yes. That’s tangible and meaningful impact.”
The Human-Powered Flywheel
M-KOPA’s target market is what it calls “Every Day Earners” — individuals like small-scale traders, farmers, and gig economy workers who operate in the informal sector and lack the formal credit histories required by conventional lenders.
To reach them, the company relies on its agent network. This network is more than just a sales channel; it’s a self-reinforcing growth engine, or flywheel. Agents, who are often members of the communities they serve, act as the first point of contact, explaining the pay-as-you-go model and building crucial trust. As more customers are onboarded and successfully pay off their assets, it builds confidence in the community, making it easier for agents to attract new users.
This model is also a significant source of local employment. The agent network grew by 17% over the last year, and M-KOPA reports that for 57% of its agents, it was their first opportunity to earn an income. With women making up 45% of the network, the model embeds the company directly into the local economic fabric.
More Than a Phone
The core of M-KOPA’s offering is asset financing, primarily for smartphone users. The company tackles a key barrier to digital inclusion in Sub-Saharan Africa, where internet coverage stands at 60% but smartphone affordability limits access to just 27%.
However, the smartphone is just the entry point. Once a customer has a device and a proven repayment history through micro-instalments, M-KOPA’s “More than a Phone” platform unlocks access to a broader suite of digital financial services.
The data shows this strategy is working as a gateway to formal finance. For 55% of customers, an M-KOPA product was their first-ever access to a formal financial service. The platform has also expanded to include services like health insurance, which 67% of customers are accessing for the first time.
The economic impact is also notable. According to the company, 70% of customers use their M-KOPA-financed smartphone to generate income, with 59% reporting higher earnings since getting the device. This turns the product from a simple consumer good into a tool for economic mobility, further fuelling the flywheel.
Navigating a Tough Market
While M-KOPA’s growth is impressive — recognised by the Financial Times as one of Africa’s Fastest-Growing Companies for four years running — it operates in a challenging environment. Serving the unbanked and underbanked is fraught with risk, and the macroeconomic headwinds of inflation and currency volatility across its key markets (Kenya, Uganda, Ghana, Nigeria, and South Africa) are persistent threats.
However, M-KOPA’s model, which processes over 1 million daily payments, is designed for this reality. By aligning micro-repayment schedules with the daily or weekly income patterns of its customers, it mitigates default risk and maintains engagement.
By combining a scalable tech platform with a deeply local and trusted agent network, M-KOPA has built a powerful engine for financial inclusion. Its push to 3 million users suggests the flywheel is not just spinning — it’s accelerating.