Payment Startup Moni Rolls Out Range of Business Loans to Enable …

Y-combinator-backed payment fintech startup Moni has recently rolled out a new range of business loans that enables small business owners in Africa to take advantage of the power of their communities to access the working capital they need to run and scale their businesses. With 22% of businesses according to a PWC 2020 report, stating that obtaining finance for their business is the most pressing challenge they face, Moni seeks to solve this challenge by providing these businesses with the required capital/loans they need. Speaking on the rollout of loans to businesses, CEO and co-founder of Moni Femi Iromini said, “Our community-powered business loans product is just one of the ways we are innovating around our unique context in Africa to make the most of what is already in place to deliver the financial services business owners need to create long-lasting wealth for themselves and their communities.

We have ample evidence to show that this approach works and we are excited to be bringing more businesses on board to drive the economic development we all want to see on the continent.”

Join Tekedia Capital Syndicate which begins April 8, 2023, and own a piece of Africa’s finest startups. By joining, you attend Tekedia Venture Investing and Portfolio Management program at no additional cost. John here.

Tekedia Mini-MBA (June 5 – Sept 2 2023) opens NEW registrations; beat early bird deadline of April 4 for discounts by registering here. 

Founded in 2017, Moni is a community-powered, digital financial services platform that leverages the concept of community and social trust to deliver a range of products and services that makes it easier for Africans to build lasting businesses and wealth. The startup has built a risk platform that enables small business owners to take advantage of a good social reputation to access the working capital, loan savings, and insurance they need to scale their various business activities. Moni’s lending system heavily draws on a four-point system.

The first deals with the process of getting loans. For most lending startups, the process requires signing up, providing certain documents, getting verified, and then applying for a loan. But on Moni, after signing up, users who need a loan join a cluster.

Only after getting approved can they begin their loan applications. Essentially, clusters are groups of individuals who know each other and can vouch for one another, but the startup also takes it a step further by conducting additional checks.

The second part deals with recourse in the event of a default. If a business owner defaults on a loan from a bank, they often get their properties repossessed, but on Moni, the inability of one user to repay a loan affects every other person in the cluster.

By getting every member committed to the outcome of an individual’s activity, Moni has been able to reduce default rates to 1%. Finally, the startup has launched a savings feature, Moni Vault, which can be used for group savings. Essentially, the startup has leveraged the social capital of its users to provide financial services.

In 2022, Moni disbursed more than £22 million in loans to more than 11,000 SMEs, with a 99 percent repayment rate. The company is now building on the success of its community-powered model to deliver game-changing financial services to a wider range of African SMEs who have previously been underserved by the traditional financial system.

MONI platform is accessible from any feature or smartphone, and enables every citizen to identify themselves, and provides them with basic financial services. Its technology works on any carrier network anywhere in the world.

Since its inception, Moni has served over 10,000 businesses, even expanding beyond Nigeria into the Benin Republic.

The startup is building the bridge between the now and the future of banking and financial services, with a mission to provide simple low-cost mobile personal banking tools for everyone, everywhere, and credit in real-time.

Share this:

Like this:

Like Loading…

Tags:

harrys listed on couponmatrix.ukhotel-du-vin listed on couponmatrix.ukkfc listed on couponmatrix.ukparcel2go listed on couponmatrix.ukvape-and-juice listed on couponmatrix.ukvivomed-limited listed on couponmatrix.uk
harrys listed on couponmatrix.ukRather than faff with overly complex electrical razors, take things back to basics with Harry’s – the brand that believes shaving is synonymous with simplicity. Offering their own set of signature razors, blades, gels and skincare to match male morning routines of all varieties, be sure to employ a Harry’s discount code to guarantee a great deal on shaving supplies that go the distance. So whenever you next fancy a clean shave without the faff, think only of Harry’s.
hotel-du-vin listed on couponmatrix.ukIf you’ve always dreamed of a night in a fancy hotel, then it doesn't get more romantic or appealing than staying at a Hotel du Vin establishment. Scattered throughout the UK, Hotel du Vin offer a unique boutique hotel experience that you won’t forget in a hurry. And, with your Hotel du Vin discount code, you’ll be able to snap up a special night out of town or a weekend away for less than you might think.
kfc listed on couponmatrix.ukChances are, you’re no stranger to KFC, and anyone who’s tasted the Colonel’s chicken before knows how delicious and moreish it is. Whether you prefer a Zinger ricebox, some popcorn chicken or the iconic family bucket, treat yourself to a feast for less with one of our fantastic KFC offers. When hunger hits, you can now save a pretty penny on all your favourite items from the KFC menu.
parcel2go listed on couponmatrix.ukWith Parcel2Go, you can send a parcel quickly and affordably to over 180 countries worldwide. Whether you need to drop-off or return your packages, Parcel2Go’s wide range of couriers will suit your needs and work alongside your daily schedule seamlessly. Scoop up a Parcel2Go discount code and post your items for a fraction of the price. Say goodbye to waiting - Parcel2Go’s 25,000 UK drop-shop locations means you can send your packages quickly and conveniently wherever you are.
vape-and-juice listed on couponmatrix.ukVape and Juice is a leading provider of electronic cigarettes and e-liquids. With over 10,000 products in stock, Vape and Juice are your one-stop-shop for all your vaping needs, especially with a Vape and Juice discount code handy! Whether you're an expert seeking to craft your own personalised vape or a newcomer eager to sample some funky flavours, trust Vape and Juice to have something satisfying for you. We know that vaping can be an expensive hobby, which is why we're always on the lookout for quick and easy ways to cut costs. Expect to find discount codes for a variety of Vape and Juice products, including e-cigarettes, e-liquids, and accessories. Whether you're looking for a new mod or some delicious e-liquid flavours, we've got you covered! Be it 10% off your total order or free shipping on orders over £50, we'll make sure you get the best deal possible! If you're looking for an affordable and reliable starter kit, the Vape and Juice Explorer Kit is a perfect choice! For a nominal investment, you'll get everything you need to start vaping, including a rechargeable e-cigarette, USB charger, and three bottles of e-liquid in a variety of flavours. Plus, with Vape and Juice voucher codes you can save even more! So why wait? Get started on your vaping journey today with Vape and Juice!
vivomed-limited listed on couponmatrix.ukVivomed is a leading online provider of medical supplies and equipment. Use a vivomed discount code to get a great deal on your next set of healthcare essentials. With over 10,000 products available, Vivomed is sure to have what you need. Trustworthy, reliable, and competitively priced, Vivomed is the perfect place to shop for all your medical needs. Welcome to Groupon, the premier site for finding vivomed discount codes. We work hard to find the best discounts so you can save money on your next purchase. With our deals, you can get up to 50% off your total order. Whether you're looking for a new stethoscope or just some bandages, we've got you covered. Browse our selection of vivomed discount codes and start saving today! The vivomed voucher code is a great way to save money on your next purchase of medical supplies. Vivomed offers a wide selection of products, ranging from bandages to stethoscopes. With our deals, you can get up to 50% off your total order. Whether you're looking for a new stethoscope or just some bandages, we've got you covered. Browse our selection of vivomed voucher codes and start saving today!