M-KOPA Named Among Africa’s Fastest Growing Companies for Fifth Consecutive Year

M-KOPA recorded a major increase in revenue in 2024, with earnings rising by more than 65% compared to the previous year. The growth represents a sharp improvement from the company’s earlier compound annual growth rate of 42% recorded between 2020 and 2023.

Founded in Kenya, the fintech company has expanded its footprint across five African countries. Among its markets, Nigeria became the quickest to surpass one million customers, while Ghana achieved the fastest transition from pilot phase to large-scale operations.

The company also continues to strengthen its manufacturing capacity through its smartphone assembly plant in Nairobi, which produces over two million devices every year. These smartphones are designed not only as communication tools but also as access points to financial and digital services.

Under its “More than a Phone” model, M-KOPA integrates products such as digital loans, health insurance, mobile data packages, and device protection into its smartphones. The strategy allows the company to maintain long-term engagement with customers beyond the initial purchase of a device.

M-KOPA says a significant share of its users are experiencing digital access for the first time, with 42% identified as first-time smartphone owners. In addition, 67% of customers are able to access health insurance services through the platform.

The company’s 2025 Impact Survey further highlighted the social impact of its services, with 86% of respondents saying their quality of life had improved after using M-KOPA products.

Speaking about the company’s latest recognition, CEO and co-founder Jesse Moore said the achievement demonstrates more than financial success.

> “Five consecutive years on this list reflects something more than growth; it reflects a fundamentally different approach to financing progress for everyday earners. We exist to make financial services accessible to the microentrepreneurs driving Africa’s economy.”