M-KOPA, a UK-headquartered fintech operating across Africa, has achieved a significant milestone by reaching 100,000 customers in South Africa, just two years after entering the market in 2023. The company attributes this success to its women-led direct sales network, with 80% of its 3,000 active agents being women, advancing digital and financial inclusion across the continent.
“From Gauteng to the Western Cape, our women agents are connecting rural communities with digital and financial solutions,” M-KOPA stated. The company’s smartphones, embedded with its Smart Money Platform, serve as gateways to affordable credit, health insurance, and device protection, particularly for low to middle-income households in areas like Soweto.
M-KOPA’s model, proven in Kenya, addresses South Africa’s challenges, including frequent power outages. In Soweto, the company has replicated its success by offering affordable smartphone ownership plans. Yandiswa Silala, a top sales representative from Diepkloof, has connected 168 customers to smartphones and financial services in just over 18 months, exemplifying M-KOPA’s impact.
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The company’s 2024 Impact Report highlights its reach: 92% of customers find technology more affordable, 70% credit M-KOPA with achieving financial goals, and 62% use their smartphones to generate income. Since 2024, M-KOPA has sold 1 million branded smartphones, produced at its Nairobi-based assembly plant, East Africa Device Assembly Kenya (EADAK), Africa’s largest by volume.
With partnerships like Turaco for insurance and a goal to produce 10 million smartphones by 2027, M-KOPA is on track to surpass $500 million in annual revenue by year-end. Having provided $600 million in credit to underbanked users, M-KOPA continues to break barriers to financial inclusion across Africa.
