Nigeria has emerged as the fastest-growing market for M-KOPA, with the company unlocking over ₦230 billion in credit for more than one million customers, according to its inaugural Nigeria Impact Report released yesterday.

The report shows that Nigeria is the quickest market within M-KOPA’s operations to reach the ₦230 billion credit milestone, reflecting rapid adoption of smartphone financing and digital financial tools among low-income and informal workers.

Since launching operations in Nigeria in 2019, the company has focused on addressing financial exclusion by aligning credit products with the irregular income patterns of everyday earners.

According to the report, 77 per cent of customers use smartphones or digital loans obtained through M-KOPA to generate income, while 75 per cent say their earnings have increased since joining the platform.

It also found that 81 per cent of long-term customers reported improvements in household expenses, pointing to a link between sustained digital access and financial stability.

M-KOPA said it has enabled about 290,000 Nigerians to become first-time smartphone users.

Commenting on the report, General Manager of M-KOPA Nigeria, Babajide Duroshola, said the figures demonstrate how access to digital and financial tools can translate into long-term economic progress.

He noted that customers are using smartphones not only for communication, but as essential tools to manage businesses, reach suppliers, coordinate workers and market products online.

Nigeria also recorded the strongest performance across M-KOPA’s agent network.

The company currently has about 11,000 active direct sales agents nationwide, with an agent turnover rate of 0.1 per cent, the lowest across all its markets.

The report states that 99 per cent of agents reported increased earnings, while 56 per cent accessed their first income opportunity through M-KOPA. Women now account for 53 per cent of active sales agents, representing a 42 per cent increase, while women’s participation among customers rose from 29 per cent in 2024 to 33 per cent in 2025.

More than half of female customers accessed their first formal loan through the platform.

M-KOPA attributed part of its expansion to partnerships with MTN, Samsung and HMD, which it said have helped to broaden access to smartphones and digital financial services across the country.

The company said it plans to continue expanding its operations in Nigeria, with a focus on providing more everyday earners with access to credit, digital tools and income opportunities as the country’s economy becomes increasingly digitised.