Nigerian FinTech Mamamoni secures €250,000 to empower low-income women

Nigerian FinTech Mamamoni secures €250,000 to empower low-income women

Mamamoni, a Nigerian FinTech social enterprise, has recently been awarded a significant grant of €250,000.

This investment, courtesy of the Challenge For Youth Employment (CFYE), is earmarked to bolster the company’s mission over the next two years, according to a report from Empower Africa. Specifically, it aims to expand Mamamoni’s network of female agents, thereby enhancing financial inclusion across Nigeria.

Founded in 2014 by Nkem Okocha, Mamamoni began its journey by providing microloans sourced from individuals and investment clubs. Recognizing the need to scale its impact amidst growing demand, the enterprise shifted to an agency banking model in 2022. Currently, Mamamoni boasts a network of 500 female agents. These agents are instrumental in processing over $2 million monthly across ten states, showcasing the substantial reach and effectiveness of Mamamoni’s services.

The company’s dedication to empowering women is at the heart of its operations. Mamamoni’s female-only agent network is designed to overcome cultural barriers that traditionally hinder women’s access to financial services. This innovative approach not only promotes financial inclusion but also champions women’s empowerment.

Mamamoni founder Nkem Okocha said, “Empowering women is core to Mamamoni. Our female-only agent network tackles cultural barriers faced by women in accessing financial services.”

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