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:

kaspersky listed on couponmatrix.ukmanchester-united-direct listed on couponmatrix.ukprotein-world listed on couponmatrix.uksnag-tights listed on couponmatrix.ukthinktank listed on couponmatrix.ukwahaca listed on couponmatrix.uk
kaspersky listed on couponmatrix.ukWith over two decades' experience in cyber security, Kaspersky have established themselves as one of the industry's biggest players, helping individuals, families and businesses all over the globe. Our Kaspersky discount code makes their award-winning technology highly-affordable too, proving that peace of mind doesn't have to empty your pockets - despite protecting you from the ever-present threat of viruses, malware, adware and other nasties that can completely destroy your online experience if you're not careful.
manchester-united-direct listed on couponmatrix.ukMan United Direct is the one of biggest online retailers of official Manchester United merchandise. Stocking a huge array of products, from kits and scarves to mugs and figurines, there's a souvenir for every passionate fan. Show your support for less with a Manchester United discount code and start building your own Manchester United memorabilia collection. With ranges for women, men and kids, the whole family can get kitted out for every game.
protein-world listed on couponmatrix.ukProtein World offers high quality supplements for weight loss, keeping toned and bulking muscle. Choose from meal replacement shakes, high protein, low sugar and fat cake mixes and snacks and a range of supplements to help provide your body with additional nutrition including Omega 3, CLA, natural seeds and berry mixes. Add a Protein World discount code and you’ll be getting the best prices on everything you need for helping your body with weight loss, muscle toning or muscle building.
snag-tights listed on couponmatrix.ukWhatever your size, shape or style, Snag Tights have a fit for you. Embracing the weird and wonderful world of tights with all the colours and patterns imagination can conjure, rest assured there’ll be a design you adore just waiting to be bought for less with a Snag Tights discount code. Endlessly endeavouring to produce fun and themed legwear that’ll make every outfit pop, it’s easy to see why so many stride with pride in a pair of Snag Tights.
thinktank listed on couponmatrix.ukProve to the whole family that science is tons of fun, and enjoy a fascinating day out at the award-winning museum Thinktank. Help yourself to our Think tank vouchers to access four floors of hands-on exhibits and thought-provoking collections for a fraction of the regular price. Whether you want to admire a life-size Spitfire model or get up close and personal with a 250,000 specimen strong natural science collection, you’ll make all manner of discoveries worth writing home about when you spend the day at Thinktank.
wahaca listed on couponmatrix.ukWahaca has truly brought the Mexican sunshine to the menu with deliciously authentic nibbles, bold street food bursting with citrus and spices, and indulgent burritos and quesadillas. Launched by MasterChef winners, this is food to impress Gregg Wallace himself. You’re never too far away from your nearest Wahaca restaurant, with well-situated spots in Convent Garden, Cardiff and Edinburgh. Whether you’re feasting with family or friends, make sure to pick up the latest Wahaca discount from Groupon for a final bill that blows your socks off – in a good way, of course!