NAIROBI, Kenya, May 12 – Solar and fintech company M-KOPA has once again been ranked among Africa’s fastest growing companies by the Financial Times, marking the fifth consecutive year the firm has appeared on the list.
M-KOPA Chief Executive Officer and Co-founder Jesse Moore said the recognition reflects the company’s long-term strategy of expanding financial access to low-income earners and microentrepreneurs across Africa.
The company said it is nearing 10 million customers and currently signs up more than 10,000 new users daily. Revenue grew more than 65 percent in 2024, with growth remaining profitable into 2025 and 2026.
Founded in Kenya, M-KOPA now operates in five African countries, with Nigeria becoming its fastest market to reach one million customers. Ghana was also identified as the company’s quickest market to scale after launch.
The company’s business model combines smartphone financing with embedded financial services such as loans, insurance, mobile data and device protection. M-KOPA said its Nairobi assembly plant now produces more than two million smartphones annually.
According to the company, 42 percent of its customers bought their first smartphone through M-KOPA, while 67 percent gained access to health insurance for the first time.
The firm also reported spending more than $230 million on regional procurement in 2024 and paying $45 million in taxes across its operations.
