M‑KOPA’s Nigerian arm announced that it has reached the milestone of 1 million customers, marking the fastest growth of any country in the company’s footprint.
According to a statement released by the company, the achievement was supported by its full-time workforce expanding from approximately 60 employees in 2020 to more than 200 today. Simultaneously, the network of Direct Sales Representatives (DSRs) has grown to 7,786 individuals, 66 % of whom are under the age of 35.
In addition to membership growth, M-KOPA Nigeria reports that it has provided cash loans to over 140,000 customers, thereby advancing access to digital financial services for those in informal sectors of the economy
Why this matters Considerably
The milestone highlights the viability of M-KOPA’s “smartphone-plus-financial-services” model in Nigeria’s vast everyday-earner market. As M-KOPA Country Manager Babajide Duroshola explains, the smartphone is often a gateway device for productivity, business and financial inclusion among individuals who earn daily, rather than through formal salaried employment.
The rapid growth of the DSR network also underlines a dual impact: customer acquisition and youth employment. With two-thirds of the DSRs under 35, the model is creating new income opportunities in the informal distribution sector.
Snapshot of the journey
- M-KOPA entered Nigeria in July 2021, building on its experience across Kenya, Uganda and Ghana.
- From a reported customer base of as low as 20,000 when Duroshola took charge, the company has scaled to the 1 million-customer mark in just a few years.
- The company’s product offering in Nigeria centres on pay-as-you-go smartphones which unlock further services such as credit, device protection and data bundles.
The journey Africa-wide
Just last month, Innovation Village reported that after more than ten years of sustained investment and growth across the continent, Nairobi-based asset-financing startup M-KOPA had achieved profitability for the first time. Its latest in the United Kingdom showed that the company posted a profit of KES 1.2 billion (approximately $9.2 million) in 2024, a dramatic turnaround from a KES 3.2 billion ($24.7 million) loss recorded the previous year.
What’s next
With this milestone now behind it, M-KOPA Nigeria is positioned to deepen its impact in the market. The company can leverage its large customer base, youth-heavy sales force and streamlined product model to roll out higher-value services, reach more underserved regions and increase financial inclusion.
