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:

cos listed on couponmatrix.ukexplorer-travel-insurance listed on couponmatrix.ukgeek-maxi listed on couponmatrix.uknars listed on couponmatrix.uksimply-supplements listed on couponmatrix.ukthe-outnet listed on couponmatrix.uk
cos listed on couponmatrix.ukGive your wardrobe a classic yet contemporary update and treat it to a few choice buys from COS! A fashion brand with an emphasis on modern design and quality that’s built to last, COS offers beautiful yet functional pieces you can mix, match and use to reinvent your look, over and over again. Use your COS coupon to bag yourself timeless, understated clothing for all the family while keeping your fashion budget under control!
explorer-travel-insurance listed on couponmatrix.ukDon’t let the unexpected put a dent in your travel plans. Explorer Travel Insurance offers comprehensive cover whether you’re cruising, city-hopping or relaxing on your favourite beach. Start your coverage using an Explorer Travel Insurance discount code to put some extra pounds back in your pocket for more adventures when you’re on holiday. You can tailor the plan perfectly to you and your holiday requirements, so you know you’re protected if anything goes wrong while you’re away. All that’s left to do then is pack the sunscreen!
geek-maxi listed on couponmatrix.ukSave on all your gadgets and gizmos at Geekmaxi, the brand where you can buy everything from robot vacuum cleaners to electric bikes from the best tech brands. We’re tracking all the ways you can get money off your purchase right now, so check here for money-saving tips like Geekmaxi coupon codes, free delivery and our top picks from the sale. Whether you’re switching to solar power, battling a heatwave or looking for a way to get from A to B at speed, there’s a solution for you at Geekmaxi. The best way to save money on Geekmaxi orders is with deals and discounts from Groupon. We scour the Internet for any and all available Geekmaxi coupon codes, so you should check here before investing in an e-scooter, air purifier or smart home essential. On top of this, all products come with a two-year warranty with zero custom duty, so you know Geekmaxi gadgets are built to last and you’re getting your electricals at a great price. As an easier, greener way to get around, e-scooters are taking the world by storm, and there’s a great Geekmaxi e-scooter and e-bike selection available online. Zip wherever you want to go with minimal effort and at a really affordable price – just apply a Geekmaxi discount code at the checkout to get your e-scooter model at a discounted price. You could also subscribe to the brand’s newsletter for a 4% discount on your first purchase.
nars listed on couponmatrix.ukNARS Cosmetics was set up by French photographer Francois Nars to offer a choice of makeup just as perfect under the scrutiny of the camera as it is in real life. NARS’s range of makeup, cleansers, toners, and colour palettes bring the glamour of fashion photo shoots to everyone, so pick up a NARS discount code and get your cosmetics for less. With a focus on quality, this chic cosmetics company has everything you need to really glow.
simply-supplements listed on couponmatrix.ukDo you feel run down, or don’t think that you’re operating at 100%? Modern lifestyles and lack of nutrition from our diets can lead to deficiencies, and when we become deficient in things it can affect our health and our mood. This is where Simply Supplements steps in. Offering a massive range of vitamins and food supplements, they can help redress the balance in our bodies and create perfect equilibrium. Grab a Simply Supplements discount code to save when you stock up! Whether you’re looking for some fish oil, collagen powder, garlic extract or horny goat weed, Simply Supplements has it all.
the-outnet listed on couponmatrix.ukIf fashion is your passion then head over to The Outnet, an online outlet overflowing with apparel and all the latest in hot, trending, stunning fashion. Bringing some of the most expressive, delicate and beautiful clothing from world renowned designers to your door, The Outnet is an essential to every fashionista. Shop clothing, shoes, bags, accessories, and much much more. With The Outnet discount code you can enjoy fashion for less and make savings on the hottest brands. Look great and feel great with The Outnet.