By James Murimi - Reporter
Kenya, June 29, 2026 - Kenya's growing appetite for affordable smartphones is fuelling a boom in asset financing, with digital lender Mogo saying it has financed more than 200,000 smartphones in the country within just nine months as consumers increasingly turn to flexible payment plans to cope with the high cost of devices.
The company said the Kenyan milestone forms part of more than 500,000 smartphones financed across East Africa in the last 14 months, underlining the rapid uptake of "lipa mdogo mdogo" financing models that are widening access to digital services.
The growth comes at a time when smartphones have become indispensable for accessing mobile banking, e-commerce, education, government services and digital jobs, even as rising living costs continue to put quality devices beyond the reach of many households.
Mogo entered Kenya's smartphone financing market in August 2025 and has since partnered with leading handset manufacturers, including TECNO, Infinix, itel and Oppo, to offer customers affordable repayment plans.
"Crossing half a million smartphones financed across East Africa in 14 months tells you something important about where demand is heading. In Kenya, we have surpassed 200,000 devices financed, driven by customers who need quality smartphones but cannot absorb the full cost upfront. Our process and product remove that barrier," said Mogo Kenya Sales Operations Manager Fred Muoka.
He attributed the rapid growth to a fully digital approval process that enables customers to walk into a retail outlet, choose a phone, complete an application and leave with the device within minutes.
"What sets Mogo apart is the speed and simplicity of our process. Customers walk into a shop, choose a device, complete a fully digital application and walk away with their phone within minutes," Muoka said.
He noted that smartphone financing has now become one of the company's key growth areas as demand for flexible credit solutions continues to rise.
"Our aim is to ensure more people can access quality smartphones regardless of income level. Many customers are unable to afford upfront payments, and our model helps ease that burden," he said.
The company has also expanded its distribution network to more than 2,000 dealers across East Africa, enabling customers in both urban and rural areas to access financed devices.
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"We continue to grow our presence through partners who reach customers in different segments. Our focus is to make smartphones widely accessible and affordable," Muoka added.
TECNO said its partnership with Mogo is helping accelerate digital inclusion by enabling more Kenyans to own smartphones.
"This partnership allows more people to own smartphones and stay connected to family, friends and economic opportunities. It is about improving lives through technology and expanding access to digital tools," said TECNO Operations Manager Wycliffe Otieno.
Customers seeking financing are required to present a national identity card, a six-month M-Pesa statement and pay a deposit of between 23 and 35 per cent, with the balance repaid through daily instalments over a period of up to 12 months using the Mogo App.
Smartphone dealer Morris Mwaura said demand for financed devices has continued to rise, particularly among small business owners, students and first-time smartphone buyers.
"Many customers who visit our shop want quality smartphones but struggle with the upfront cost. With the 'lipa mdogo mdogo' option, more people are able to own devices that would otherwise be beyond their reach. We are seeing increased demand from small business owners, students and first-time smartphone users who appreciate the convenience and affordability," he said.
The latest figures underscore the growing role of asset financing in bridging Kenya's digital divide, as more consumers embrace flexible repayment models to acquire smartphones that have become essential tools for work, business and everyday life.