M-KOPA makes Financial Times Africa growth ranking for fifth straight year

Pan-African fintech company M-KOPA has been named on the Financial Times’ list of Africa’s fastest-growing companies for the fifth consecutive year, making it one of only five firms to appear on the ranking every year since its inception.

In a statement issued on Tuesday, the company said it is approaching the 10 million customer milestone and is currently onboarding more than 10,000 new customers daily across its African markets.

M-KOPA said its revenue grew by more than 65 per cent year-on-year in 2024, an acceleration from the 42 per cent compound annual growth rate recorded between 2020 and 2023. The company added that its growth trajectory has remained profitable through 2025 and into 2026.

Founded in Kenya, M-KOPA has expanded operations across five African countries. The company said Nigeria has become its fastest market to reach one million customers, while Ghana recorded the quickest transition from proof of concept to scale.

M-KOPA attributed its expansion to its vertically integrated business model, which includes smartphone assembly operations in Nairobi capable of producing more than two million devices annually, alongside embedded digital financial services.

The firm’s “More than a Phone” offering integrates services such as health insurance, digital loans, mobile data and device protection into smartphone financing, enabling customers to access additional financial products after purchasing devices.

According to the company, 42 per cent of its customers acquired their first smartphone through M-KOPA, while 67 per cent gained access to health insurance that they otherwise could not afford. It also cited findings from its 2025 Impact Survey showing that 86 per cent of respondents said the company’s products and services had improved their standard of living.

Commenting on the ranking, M-KOPA Chief Executive Officer and Co-founder, Jesse Moore, said the achievement reflected the company’s long-term approach to expanding financial access for everyday earners across Africa.

“We exist to make financial services accessible to the microentrepreneurs driving Africa’s economy,” Moore said.

The company also disclosed that it generated more than $230 million in regional procurement spending in 2024 and contributed $45 million in taxes across its markets.