M-KOPA reaches 10 million customers, six years after its first million
The company said on Wednesday that it now onboards about 10,000 customers daily as it scales its lending business beyond its Kenyan roots.
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M-KOPA, the pan-African asset-financing startup, says it now serves 10 million customers across Kenya, Uganda, Nigeria, Ghana, and South Africa, six years after crossing the one million-customer mark.
The company said on Wednesday that it now onboards about 10,000 customers daily as it scales its lending business beyond its Kenyan roots.
The milestone builds on M-KOPA’s strong run over the past year. In October 2025, the company reported its first-ever annual profit alongside a 66% jump in revenue. One month later, its Kenyan subsidiary crossed $1.6 billion in credit given to its customers, underscoring growing demand for credit products targeting underserved consumers.
“Every Day Earners are why we do this,” M-KOPA chief finance officer (CFO) Faraimose Kutadzaushe said in a statement. “From our very first customer to this year’s ten millionth, this is proof that a model built for Africa’s Every Day Earners doesn’t just work, it scales and endures. It’s a proud moment for our team, and we’re already looking to the next 10 million.”
The milestones reflect how M-KOPA’s business has evolved since expanding into smartphone financing in 2020. Rather than simply selling financed devices, the company now uses smartphones as a gateway to a suite of financial services for customers largely excluded from formal banking, including device protection.
Nigeria has emerged as a key driver of that strategy. Since entering the market in 2019, M-KOPA has disbursed more than ₦231 billion ($170 million) in credit to over one million customers. The country also became the fastest market in the company’s history to reach the one million-customer milestone.
M-KOPA operates in a competitive asset-financing market where companies including Sun King, d.light, and EasyBuy use smartphones and consumer electronics to extend credit to first-time borrowers. To support its expansion, the company noted that it built its own distribution network of more than 40,000 sales agents across its five markets. M-KOPA said it has maintained average annual revenue growth of 50% since 2020 while processing more than two million customer repayments every day.
“Every Day Earners have always been creditworthy. What they needed was credit built around how they really make a living, not a payslip. Informal has never meant unviable,” said Jesse Moore, co-Founder and chief executive of M-KOPA. “10 million customers on, that’s no longer a belief. It’s proven.”
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