Published on October 29, 2024 by Agencies for Kenya Online News
Last Updated on 2 years by Agencies for Kenya Online News
M-KOPA Kenya; a subsidiary of the leading Pan-African fintech, UK-based M-KOPA, today presented key findings from its annual Impact Report, Pathways to Progress at a media roundtable in Nairobi.
Highlighting its substantial contribution to Kenya’s economy, the report reveals that out of the Group’s five markets and 5 million customers reached across Africa, M-KOPA has made its greatest impact in Kenya.
Reaching over 3million customers, creating more than 16,000 jobs, and contributing KES 17,2 billion in direct and indirect taxes since inception.
M-KOPA Kenya has established itself as a critical player in the Kenyan economy, enabling financial inclusion through affordable access to smartphones, digital loans, data, free hospital cover (in partnership with TURACO) and financing for e-motorbikes in Kenya.
By addressing the needs of our largely unseen and underfinanced citizens, M-KOPA is empowering millions who have historically been excluded from accessing traditional financial services.
“M-KOPA Kenya is proud to be a driving force in expanding economic opportunities for millions of Kenyans and making
a significant contribution to the economy of the country,” said Martin Kingori, GM M-KOPA Kenya. “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.”
Key achievements in Kenya include:
- Reached more than 3 million customers through nationwide distribution.
- Created employment opportunities for 16,000 Kenyans, including:
o 1600 full time employees across Kenya.
o 325 new jobs since 2023 in M-KOPA’s local smartphone assembly factory, primarily for youth and first-time job seekers. M-KOPA forecasts to increase the number of jobs at the factory to 500 in 2025.
o Over 14,000 paid sales agents, with a target of growing that number to 20,000 by the end of 2025.
- M-KOPA has contributed over KES 17.2 billion as a large taxpayer in direct and indirect taxes to the Kenya Revenue Authority since inception (inclusive of Corporate tax, Withholding tax, VAT, reverse VAT, Import taxes and PAYE as at end Sept 2024).
- Launched and locally produced the first M-KOPA’s branded smartphone, the M-KOPA X20, with an
embedded digital financial services offering “More than a Phone”, transforming their smartphones into a comprehensive financial services tool.
- Over 1.5 million smartphones produced through the local assembly factory with a target of 10 million
locally produced and sold affordable smartphones by 2027.
- 3.3 million smartphones sold in Kenya since 2020.
- Financed over 1500 e-motorbikes on Kenya’s roads, increasing income for drivers and positively
contributing to reducing carbon emissions.
M-KOPA Kenya’s solutions have been particularly impactful for “Every Day Earners,” such as boda boda riders and market vendors, who rely on daily income but face barriers accessing formal credit. With M-KOPA Kenya’s flexible repayment model, which mirrors their income patterns, these individuals can make daily micro-payments, build a credit history, and unlock financial opportunities that were previously out of reach.
The 2024 Impact Report underscores the M-KOPA Group’s success in transforming lives across five markets in Sub-Saharan Africa:
- 92% of customers report that M-KOPA’s financing made technology more affordable.
- 80% say their quality of life improved thanks to M-KOPA’s products.
- 70% credit M-KOPA with helping them achieve financial goals.
- 62% use M-KOPA’s products to generate income.
M-KOPA Kenya’s initiatives across the nation are playing a crucial role in tackling critical challenges in Kenya, such as high youth unemployment and the digital divide. By creating thousands of jobs, expanding digital connectivity, and providing access to transformative financial services, M-KOPA Kenya is positioning itself as a major contributor towards a brighter future for Kenya’s economy.
The M-KOPA Group has a presence in five markets in Sub-Saharan Africa, reaching over 5 million customers and has disbursed over $1,5bn in credit.
