In the dynamic world of African tech startups, few companies capture both impact and innovation like MKOPA Kenya. What started more than a decade ago as a solar-energy finance pioneer has evolved into a fintech and asset-financing powerhouse that’s reshaping how underserved Africans access technology, credit, and daily-use assets.
From Solar Beginnings to Fintech Growth
Founded in 2011 by ex-Vodafone executives including Jesse Moore, MKOPA initially tackled a critical challenge: affordable solar power for off-grid households. Its pay-as-you-go model enabled low-income customers to buy solar kits — with embedded GSM connectivity — by making small daily or weekly payments via mobile money platforms like M-Pesa. In return, the company could control and monitor devices, reducing risk and opening credit to those excluded from traditional banking.
Over time, that same foundational idea — flexible micro-payments and data-driven credit — blossomed into something much larger: an inclusive fintech platform that finances smartphones, electric mobility assets, loans, insurance, and more.
A New Era: Smartphones, Finance & Digital Inclusion
One of MKOPA’s most transformational plays has been in smartphone financing. By allowing customers to pay a small deposit followed by daily instalments — managed through mobile money — MKOPA has put internet-connected devices in the hands of millions of people who otherwise couldn’t afford them.
The company also partnered with global brands like Samsung and Nokia, and in 2022 launched Kenya’s first smartphone assembly plant, capable of producing over 1 million locally-assembled devices — a major step for local tech manufacturing.
These devices become more than phones — they’re entry points to the digital economy, enabling access to online jobs, digital finance, education, and social connectivity.
Scaling Across Africa — Today’s Footprint
MKOPA has expanded beyond Kenya into Uganda, Nigeria, Ghana and South Africa, serving over 5 million customers and extending more than $1.5 billion in credit through flexible financing. These figures reflect remarkable growth — adding an estimated 2 million customers in just over a year.
This growth isn’t by accident: MKOPA’s model builds credit histories for underbanked users using mobile payment data and proprietary analytics. That foundation unlocks future financial services like digital loans, affordable data plans, and insurance offerings.
Profitability & Innovative Product Expansion
After years of reinvesting to scale operations, MKOPA reached a significant milestone in 2024, reporting a KES 1.2 billion ($9.2 million) profit — a sharp turnaround from ongoing losses in prior years — driven by strong revenue growth and disciplined cost-management focused on smartphone financing and AI-based credit scoring.
But MKOPA’s ambitions go beyond phones and solar — including electric mobility solutions. In partnership with companies like Bolt, Roam and Ampersand, MKOPA is financing electric motorbikes for riders and delivery workers, helping accelerate clean transport while keeping ownership affordable for underbanked customers.
Impact on Financial Inclusion & Local Economies
At its core, MKOPA isn’t just selling products — it’s building financial inclusion where traditional credit systems often fail. The company employs over 3,000 staff and tens of thousands of commission-based agents across its markets, contributing to job creation and grassroots economic growth. M-KOPA
The startup’s strategy goes beyond transactions — it’s about enabling customers to build credit histories, access digital tools, and participate in broader economic activity. For many users, an MKOPA device is the gateway to a first-ever formal financial relationship.
Challenges & Criticisms
Like any disruptive model, MKOPA’s approach isn’t without debate. Some customers and commentators argue that daily micro-payments — especially when aggregated — can end up costing more than outright purchases, raising concerns about affordability and long-term debt obligations for low-income users. While MKOPA emphasizes transparency and flexibility, this area remains a key part of public and industry discussions.
What’s Next for MKOPA
Looking forward, MKOPA aims to deepen digital financial services, expand into new African markets, and continue innovating in asset financing — including renewable energy products and mobility solutions. With strong investor backing totaling over $250 million, and recognitions from Financial Times and Time Magazine as one of Africa’s fast-growing and influential companies, MKOPA exemplifies how mission-driven tech can scale profitably while driving real socioeconomic impact.
A Pioneer in Inclusive Fintech
MKOPA Kenya’s journey from solar-energy pioneer to a leading fintech and asset finance startup shows how innovation tailored to real-world needs can unlock access, opportunity, and economic participation for millions. For entrepreneurs, investors, and policymakers watching Africa’s startup scene, MKOPA remains a beacon of impact-driven growth and a blueprint for building profitable businesses that empower underserved communities.
