M-KOPA Kenya, a subsidiary of the Pan-African fintech company M-KOPA, has made a significant impact on the Kenyan economy, as revealed in its 2024 Impact Report.
During a media roundtable held in Nairobi, M-KOPA presented key findings from its report titled Pathways to Progress. The report highlights the company’s impressive growth and its role in driving digital connectivity and financial inclusion across Kenya.
Key Milestones and Economic Impact
M-KOPA has surpassed 3 million customers in Kenya, creating over 16,000 jobs since its inception. The company has also injected KES 17.2 billion into the local economy through direct and indirect taxes.
This contribution underscores M-KOPA’s significant role in advancing Kenya’s economy. M-KOPA’s focus on financial inclusion has been instrumental in empowering Kenyans who were previously excluded from traditional financial services.
Martin Kingori, the General Manager of M-KOPA Kenya, stated, “We are a purpose-driven company whose mission is not only to connect people digitally but to ensure that financial services are accessible and affordable, paving the way for financial empowerment and long-term economic growth.”
Job Creation and Digital Connectivity
M-KOPA Kenya has created employment opportunities for 16,000 Kenyans. This includes:
- 1,600 full-time employees across Kenya.
- 325 jobs created since 2023 in M-KOPA’s local smartphone assembly factory, focusing on youth and first-time job seekers. The company aims to increase this number to 500 by 2025.
- Over 14,000 paid sales agents, with a goal to grow this number to 20,000 by 2025.
In addition to job creation, M-KOPA has reached millions of Kenyans with its services. Since 2020, the company has sold 3.3 million smartphones in Kenya, with over 1.5 million produced through its local assembly factory. M-KOPA aims to produce and sell 10 million locally assembled smartphones by 2027.
Financial Inclusion Through Innovative Solutions
M-KOPA’s innovative financing model, which allows customers to make flexible micro-payments, has been especially beneficial to “Every Day Earners” like boda boda riders and market vendors.
These individuals often face challenges in accessing formal credit, but with M-KOPA’s solutions, they can build a credit history and access financial services that were previously out of reach.
The company has also financed over 1,500 e-motorbikes in Kenya, helping to increase the income of drivers while contributing to the reduction of carbon emissions.
Customer Impact and Financial Empowerment
M-KOPA’s products and services have had a significant positive impact on its customers. According to the 2024 Impact Report:
- 92% of customers stated that M-KOPA’s financing made technology more affordable.
- 80% of customers reported an improvement in their quality of life.
- 70% credited M-KOPA with helping them achieve their financial goals.
- 62% use M-KOPA’s products to generate income.
M-KOPA Kenya’s initiatives have not only provided employment but also addressed critical issues such as the digital divide and financial inclusion.
By creating jobs and expanding access to affordable smartphones and financial services, M-KOPA Kenya is playing a vital role in driving economic growth and improving the livelihoods of millions of Kenyans.
With plans to continue expanding its reach and product offerings, M-KOPA is set to remain a key player in Kenya’s digital and economic landscape.
