M-KOPA revenue rose 45% to nearly $600 million in 2025 as the African fintech reached 10 million customers across five markets. The growth highlights rising demand for smartphones and credit-based financing across Africa, including Nigeria, where the company has expanded access to digital loans and device financing.
The Kenyan-founded company announced the latest financial results on October 8, 2026, after reporting in July that its customer base had crossed the 10 million mark, according to M-KOPA’s official announcement.
It added about three million customers in the 12 months leading up to the milestone, according to reports on the company’s performance.
But the growth story goes beyond customer numbers. M-KOPA’s business increasingly combines device financing with digital loans, making the performance of its lending operations an important part of understanding how the company makes money.
M-KOPA Revenue Growth Reached 45% in 2025
M-KOPA reported approximately $600 million in total gross income for 2025, representing a 45% increase from the previous year. The company serves customers in Kenya, Uganda, Ghana, Nigeria, and South Africa.
Its model allows customers, many of whom may struggle to pay the full price upfront, to access smartphones and other products through flexible payment arrangements. The company has also expanded into digital financial services, including credit for everyday needs and income-generating activities.
According to TechAfrica News, M-KOPA added around three million customers over the preceding 12 months and was serving roughly 10,000 customers daily.
However, the 10 million figure represents the cumulative number of customers reached, not necessarily the number of people actively using its services at the same time. An analysis by Launch Base Africa put M-KOPA’s active customer base at approximately 3.4 million at the end of 2025.
The distinction matters because the total number of customers shows how widely the business has expanded, while active customers offer a clearer view of ongoing engagement with its products and services.
Why Lending Is Becoming Central to M-KOPA’s Business
M-KOPA began with pay-as-you-go solar financing in East Africa before expanding into smartphone financing and other financial services. Its approach addresses a familiar problem in many African markets: consumers may need essential products but lack the savings or conventional credit access to purchase them outright.
Rather than relying solely on device sales, the company uses financing to spread payments over time and build relationships with customers who may later use additional services. This reflects a wider shift in Nigeria’s fintech industry beyond digital payments, as financial technology companies explore more ways to provide credit and other services to consumers.
The M-KOPA revenue figures for 2025 illustrate how important that wider financing model has become. According to Launch Base Africa’s analysis of M-KOPA’s financial performance, the company reported $363.4 million in revenue from contracts with customers and approximately $599.8 million in total gross income. The two figures measure different things and should not be treated as interchangeable.
The analysis also found that M-KOPA’s product gross profit fell from $67.9 million in 2024 to $57.9 million in 2025, even as its product cost of sales increased.
That suggests the company’s rapid expansion does not automatically translate into stronger margins on the devices it finances. Lending and related financial services are therefore important to understanding its overall earnings performance.
Growth Comes With Credit Risks
M-KOPA revenue growth alone does not tell the full story of the company’s financing business.
Launch Base Africa reported that the company recorded a net profit of $4.8 million in 2025, compared with a restated net loss of $21.2 million in 2024. The return to profitability is a positive sign, although the company still operates in a business that requires substantial funding and careful management of repayments.
Digital lending carries risks. Customers may miss payments, the cost of borrowing can change, and expanding into new markets requires investment in distribution, technology, and customer support.
The analysis reported $90.9 million in expected credit losses for 2025. That figure reflects the financial impact of credit risk and is an important measure to watch alongside customer growth and revenue.
For M-KOPA, the challenge is to keep reaching customers without allowing the cost of financing, defaults, and expansion to erode the benefits of scale.
Why Nigeria Matters to M-KOPA’s Expansion
Nigeria is an important part of the company’s African growth story. In February 2026, M-KOPA announced that it had provided more than ₦230 billion in credit to over one million Nigerian customers. The company also described Nigeria as its fastest-growing market to reach the one-million-customer milestone.
According to M-KOPA, 77% of its Nigerian customers use their smartphones or digital loans to generate income. This points to a market where access to a device can mean more than communication: it can also support small businesses, work opportunities, and digital transactions.
The opportunity is significant, but affordability remains a major consideration. Many consumers cannot comfortably pay the full cost of a smartphone upfront, creating demand for installment-based options.
Nigeria’s smartphone market is also highly competitive, with Android devices serving a large share of users. For more context, read our report on Nigeria’s growing smartphone market.
For M-KOPA, the question is whether it can continue converting that demand into sustainable business growth while keeping repayments manageable for customers.
What M-KOPA’s Next Phase Will Depend On
Reaching 10 million customers gives M-KOPA a major milestone, but the next phase will depend on more than expanding its reach.
The company will need to balance customer acquisition with profitability, manage credit risk, and demonstrate that its financing model can remain sustainable as it scales across different African markets.
Its return to profit in 2025 is encouraging. However, the decline in product gross profit and the scale of expected credit losses show why investors and industry observers will need to look beyond headline revenue figures.
For African consumers, M-KOPA’s expansion reflects a wider shift towards financing models that make smartphones and digital financial services accessible through smaller payments over time. Whether that model can grow sustainably will depend on how well the company balances affordability, repayment performance, and the cost of serving millions of customers.
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