M-KOPA Holdings Ltd. has reported its first-ever annual profit, marking a major milestone for one of Africa’s fastest-growing consumer lenders as it scales smartphone assembly and deepens its push into digital finance across the continent.
- •The Nairobi-based fintech swung to a US$9.2 million profit in 2024 from a US$20.6 million loss the previous year, according to audited results seen by The Kenyan Wall Street.
- •The company’s risk-adjusted gross profit climbed 80% to US$173 million, with operating income rising fivefold to US$51 million.
- •Revenue surged 66% to US$253.5 million, lifted by booming credit-financed sales of smartphones and solar devices.
Interest income from customer repayments jumped to US$164.5 million, underscoring M-KOPA’s evolution from a pay-as-you-go solar firm into a consumer-lending powerhouse.
The turnaround comes after years of heavy investment in technology, distribution, and credit systems designed to serve low-income Africans shut out of traditional banking.
M-KOPA ended 2024 with total assets of US$363 million against liabilities of US$281 million. Much of the asset base is tied up in customer receivables and inventory from its expanding smartphone and solar businesses, while borrowings and payables continue to finance its credit portfolio.
Finance costs held steady at about US$32 million, while selling and administrative expenses rose to US$122 million, up roughly by 45% from 2023. Despite the profitability milestone, expected credit losses on loans nearly doubled to US$63 million.
The company’s customer base reached seven million this year, with more than US$2 billion in cumulative credit disbursed since inception. About 70% of users now rely on their phones to generate income through small retail, transport, and service ventures, according to company data.
M-KOPA’s expansion has also rippled through local economies. In 2024, the firm spent US$236 million on regional procurement and paid US$45 million in taxes across Kenya, Nigeria, Uganda, South Africa, and Ghana. Employment has grown to over 2,300 staff and 35,000 sales agents, many of them first-time income earners.
The company is also betting on electric mobility as its next growth frontier. Since 2023, it has financed more than 4,000 electric motorbikes, working with manufacturers such as Ampersand, Spiro, and Roam, and fleet operator Bolt. Riders save up to 30% on daily transport costs while cutting emissions by 90%, according to M-KOPA.
Refurbished devices represent another growth avenue. About 10% of smartphones sold in Kenya in 2025 were refurbished, and M-KOPA aims to raise that to half of all sales by 2030—part of its broader climate strategy to reduce emissions across its operations and supply chain.
