M-KOPA, a Kenyan asset financing startup, says it has extended more than ZAR 370 million ($22.5 million) in credit to low-income consumers in South Africa since its 2023 launch, pointing to the growing role of device financing in expanding access to the digital economy.
Nearly half of that uptake has been driven by women, who account for 49% of the company’s 105,000 customers, according to its 2025 impact report. 36% of female customers are first-time smartphone users, compared with 24% of men, the report said.
The report, based on a survey of 452 customers and sales agents conducted by Caribou, found that 64% of users rely on their devices to generate income. About 35% reported increased earnings, while 39% said they could invest more in their children’s education.
In South Africa, where cost keeps millions offline, M-KOPA is testing whether flexible credit can do what infrastructure investment alone has not by closing the gap between owning a smartphone and being able to afford one.
According to the Global Findex 2025 Digital Connectivity Tracker, just 74% of adults in Sub-Saharan Africa own a mobile phone, compared with 86% globally, and 77% of those without one cite cost as the main barrier.
“South Africa’s unemployment crisis demands bold, inclusive solutions, and when Every Day Earners gain access to fair and flexible financing, they use it to unlock income, stability, and opportunity,” M-KOPA South Africa general manager Cameron Perumal said.
Overall, 84% of customers reported an improved quality of life, and 66% said they were better able to meet household financial goals. Customers are largely urban (77%) and earn an average of ZAR 185 ($11.25) per day.
Beyond consumer credit, M-KOPA said it contributed ZAR 24 million ($1.45 million) in taxes and ZAR 155.5 million ($9.46 million) in local procurement in 2024, while employing 155 people, 55% of them women.
Founded in 2010, the company has now served more than 7 million customers across Africa and extended over $2.5 billion in credit across Kenya, Uganda, Ghana, and South Africa, including ₦231 billion ($170.34 million) in Nigeria.
In South Africa, M-KOPA plans to expand nationwide and introduce refurbished smartphones in 2026, betting that lower-cost devices and flexible financing will deepen its reach among “everyday earners” still priced out of the digital economy.
