How M-KOPA is empowering Africa’s “Every Day Earners” with financial products

In Africa, millions of people who form the backbone of the continent’s informal economy, street vendors, boda riders, small traders, and artisans remain locked out of traditional financial systems.

They are the “Every Day Earners,” individuals working tirelessly to provide for their families. For many, smartphones, credit, or insurance have long been luxuries out of reach. But M-KOPA, an inclusive fintech that transforms traditional barriers into opportunities, is rewriting this narrative by making financial access not just possible, but affordable.

“What matters most to us is how many people we’re actively serving every day, those who stay engaged with us over time. Our active customer number reached 3 million for the first time this year,” said Jesse Moore, co-founder & CEO of M-KOPA.

“When we ask customers, ‘Does M-KOPA make your life better?’ 9 out of 10 say yes. That’s a tangible and meaningful impact on millions of lives,” Moore added.

According to the M-KOPA 2025 Impact Report, the company addresses a critical gap in Sub-Saharan Africa, where 60 percent of the population has internet coverage, but only 27 percent can afford to access it.

The report added that since 2020, M-KOPA has enabled 2.5 million first-time smartphone users, with 81 percent of women customers reporting they couldn’t afford a smartphone without M-KOPA.

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“For 55 percent of customers, M-KOPA represents their first access to any formal financial product, while 67 percent are accessing health insurance for the first time,” it said.

Closing the financial inclusion gap

According to the World Bank’s 2025 Global Findex, 62 percent of adults in sub-Saharan Africa lack formal bank accounts, while 88 percent have never borrowed from a formal institution.

The challenge is that most financial systems are designed around salaried workers with steady incomes, rather than self-employed market traders or gig workers who often lack payslips or collateral.

M-KOPA has developed an inclusive model that breaks these barriers. With a small deposit, customers can access essential products like smartphones or electric motorbikes. They then repay in affordable daily instalments through M-KOPA’s digital platform without collateral or guarantors.

For most everyday earners, a smartphone is the first step into the digital economy. Yet affordability remains a major obstacle, as 67 percent of Africans do not own one.

The report added that M-KOPA’s smartphone financing has turned that barrier into a gateway. Nearly 80 percent of its customers report they could not have afforded a smartphone without M-KOPA.

“Through its ‘More than a Phone’ platform, 70 percent of customers use their M-KOPA smartphone to generate income, and 59 percent report higher earnings since ownership,” the report added.

Beyond voice calls and messaging, customers gain access to affordable data bundles, digital loans, device protection, and even health insurance.

Over the past year, M-KOPA has bundled more than 1 million hospitalisation insurance policies with smartphones, providing a safety net where previously 88 percent of adults were uninsured.

For entrepreneurs like Lydia, a Kenyan porridge seller, the impact report pointed out that this access was life-changing. Once limited by a $25 feature phone, she now uses her financed smartphone to market her food business online, secure small loans, and expand into a kiosk. Her income has risen by 300 percent, and she now employs others.

Unlocking credit for the first time

Daily device repayments not only give access to products but also build a credit history. For many, these are their first steps into formal finance.

In fact, the impact report disclosed that 38 percent of M-KOPA customers report that their digital loan through the platform was their first-ever formal loan.

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Since its founding in 2010, the report disclosed that M-KOPA has served more than 7 million customers across Kenya, Nigeria, Uganda, Ghana, and South Africa, unlocking over $2 billion in credit.

“In 2025 alone, 86 percent of customers surveyed said M-KOPA improved their quality of life, while 70 percent reported using their products for income generation,” it said.

These loans range from working capital for micro-businesses to emergency cash support. Customers like Suliyat, a rice seller in Nigeria, have used M-KOPA loans to grow their businesses and avoid the exploitative lending practices that dominate informal markets.

Beyond Phones: Transport and Insurance

M-KOPA has also expanded into e-mobility, financing over 4,000 electric motorbikes across Kenya and beyond

For riders who depend on motorbikes to earn, e-mobility financing reduces fuel costs, boosts daily savings by an average of $5.62, and contributes to cleaner urban air.

“Insurance, another pillar of financial resilience, is embedded seamlessly into M-KOPA’s model. Two-thirds of its customers accessed health insurance for the first time through the platform,” it said.

For many women, this feature is a deciding factor in purchasing a phone. In Kenya, 40% of female customers reported choosing M-KOPA specifically for its bundled health coverage.