TLDR
Kenyan asset-financing startup M-KOPA has reported its first-ever profit after more than a decade of operations across Africa.
The Nairobi-based company posted a KES 1.2 billion ($9.2 million) profit in 2024, reversing a KES 3.2 billion ($24.7 million) loss in 2023, according to filings in the UK. Revenue surged 66% to KES 53.7 billion ($416 million), driven by higher demand for smartphones and digital financial services.
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Founded in 2011 to provide solar home systems on credit, M-KOPA has since evolved into a digital finance platform offering smartphones, loans, and insurance to millions of customers in Kenya, Uganda, Nigeria, South Africa, and Ghana.
The company credited its turnaround to top-line growth, tighter cost control, stronger credit underwriting, and better portfolio management. M-KOPA’s smartphone financing partnerships with Samsung and Nokia, coupled with a local assembly plant in Nairobi, have become major revenue drivers.
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Key Takeaways
M-KOPA’s return to profitability marks a defining moment for Africa’s pay-as-you-go and digital credit ecosystem. Long seen as a test case for inclusive asset financing, the company’s success demonstrates how fintechs can achieve both scale and sustainability amid tighter funding conditions. As global investors push African startups to prioritize profitability over growth, M-KOPA’s performance provides a potential blueprint — combining alternative data for credit scoring, disciplined cost management, and product diversification. Its smartphone-led lending model has strengthened cross-selling opportunities in cash loans and micro-insurance, while building customer loyalty in frontier markets. With over $250 million raised from investors such as Generation Investment Management, Lightrock, and British International Investment, M-KOPA’s profit milestone could reset investor sentiment toward Africa’s fintech and BNPL sectors, proving that large-scale, impact-driven finance models can deliver real returns.
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Read the original article on Daba Finance.
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“By joining cities like Monaco, London, and Venice on the E1 calendar, Lagos has once again shown that we are bold, resilient, and ready to take our place on the global stage,” the govenor said.
Lagos State Governor Babajide Sanwo-Olu on Saturday evening hailed the city’s debut as the first African host of the E1 electric powerboat race, the E1 Lagos GP, describing it as a milestone in clean energy, innovation, and youth empowerment.
In a post on X, Governor Sanwo-Olu thanked President Bola Tinubu for his goodwill message and reaffirmed Nigeria’s commitment to sustainability and the blue economy.
“By joining cities like Monaco, London, and Venice on the E1 calendar, Lagos has once again shown that we are bold, resilient, and ready to take our place on the global stage,” he said.
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The championship, which comes to an end on Sunday at the Victoria Island Lagoon, began Friday with a vibrant boat regatta showcasing the beauty of Lagos’ waterways.
Saturday featured qualifying trials and high-speed races, during which competitors demonstrated skill, precision, and teamwork.
“Lagos truly shone as we hosted the world with warmth, pride, and excitement. I’m proud of everyone who helped make this event a success and of the amazing Lagosians who came out to support,” the governor said.
Speaking at the African Blue Economy Summit recently, Governor Sanwo-Olu emphasised the city’s ambition to leverage its waterways for jobs, innovation, transport, and climate resilience.
“Hosting the E1 Lagos GP has shown how water can inspire sport, entertainment, and big ideas in technology and sustainability,” he said, noting ongoing investments in maritime infrastructure and water transport.
In a thrilling qualifying session, Team Rafa, owned by tennis legend Rafael Nadal, secured pole position ahead of Team Brady and Aoki Racing. The result lifted Team Rafa to the top of the overall standings with 136 points, one ahead of Team Brady on 135, while Aoki Racing followed with 125 points.
Additionally, Team Brazil, sponsored by Claure Group, earned 51 points. Other standings include Team Blue Rising (114), Westbrook Racing (82), Team Alula (LeBron James, 79), Team Drogba Global Africa (66), and Team Miami (32).
E1 founder and CEO Rodi Basso hailed the Lagos round as a defining moment for motorsport in Africa and for the championship’s global expansion.
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He said, “The warm welcome in Lagos has been incredible. The passion of Nigerians made this historic E1 Lagos GP presented by FirstBank possible.
“Our ambition is to build a motorsport legacy in Africa. This weekend’s race is just the beginning, and today’s qualifying offered a thrilling preview of race day.”
Thousands of fans are expected at the Marina waterfront on Sunday as excitement builds across Lagos.
African football legend Didier Drogba and partner Gabrielle Lemaire, instrumental in bringing the E1 Series to Africa, will attend to support Team Drogba Global Africa.
The E1 Series, sanctioned by the Union Internationale Motonautique (UIM), is the world’s first all-electric powerboat championship. Launched in 2024, it features hydrofoil-equipped RaceBirds that can reach speeds of up to 50 knots while reducing environmental impact.
The 2025 season includes cities such as Jeddah, Doha, Monaco, and Miami, with Lagos marking Africa’s first appearance.
The event has attracted celebrity-backed teams, including Tom Brady, Rafael Nadal, LeBron James, Steve Aoki, Virat Kohli, and Will Smith.
Highlights of the Lagos GP, including thrilling near-flips and high-speed manoeuvres, are available here: E1 Lagos GP 2025: Team Brady’s Near Flip Shocks the Crowd.
Read the original article on Premium Times.
AllAfrica publishes around 600 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
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The Gambia on Sunday lost to Guinea Bissau 2-0 in their opening match of the 2025 WAFU A U-17 Cup of Nations played at the Stade Mamadou Konateh.
The Baby Scorpions made an astonishing start to the match and contained Guinea Bissau in the midfield, crafting several goal scoring opportunities.
Bisenty Mendy could have opened the scores for The Gambia twice in the first half but his shots went away.
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Alieu Drammeh also came very close to opening the scores for the Baby Scorpions during the first half but his shot went over the cross bar.
Guinea Bissau opened the scores before half time.
The Gambia reacted quickly for an equaliser and created goal scoring opportunities but were wasteful in front of goal thus the first half ended 1-0 in favour of Guinea Bissau.
Upon resumption of the match, The Gambia injected in several fresh legs to fancy their chances of levelling the scores.
The Baby Scorpions mounted heavy pressure on Guinea Bissau and created many goal scoring opportunities but failed to capitalise on them.
Guinea Bissau scored their second goal in the dying minute of the match to dart The Gambia’s hopes of coming back to their feet.
The Gambia fought hard for an equaliser and piled heavy pressure on Guinea Bissau, creating goal scoring chances but failed to materialise on them thus the match ended 2-0 in favour of Guinea Bissau.
The win earns Guinea Bissau second-place in Group A of the 2025 WAFU A U-17 Cup of Nations with 3 points in one group match.
The Baby Scorpions occupy third-place in Group A of the sub-regional cadet biggest football fiesta without a point after one group match.
The Gambia need to beat Liberia in their second group match on Wednesday to increase their chances of cruising to the semi-finals of the 2025 WAFU A U-17 Cup of Nations.
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Read the original article on The Point.
AllAfrica publishes around 600 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
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