Nigerian fintech company, Mamamoni, just got a big funding boost of €200,000 from the Challenge For Youth Employment (CFYE).
This support, spread over two years, comes from the Netherlands Ministry of Foreign Affairs. It’s meant to help Mamamoni grow its network of female agents. VFD Microfinance Bank will be lending a hand in this expansion.
Mamamoni, founded in 2014 by Nkem Okocha, aims to empower low-income women in Nigeria financially.
Originally, it provided microloans sourced from individuals and investment clubs. But with increasing demand, it switched gears and began working with financial partners. Now, it operates an agency banking model with 500 female agents processing over ₦3 billion monthly in ten states.
The funding will help Mamamoni expand its female agent network and continue its impactful work. Mamamoni also focuses on providing PoS terminals to its agents, helping bridge the financial inclusion gap.
While the cost of these terminals has been a hurdle, Mamamoni is committed to empowering women economically.
Despite facing challenges in attracting traditional investors due to its social enterprise model, Mamamoni has made significant strides, impacting over 50,000 women.
Looking ahead, Mamamoni plans to further expand its agent network and launch Herpay, a payments app aimed at empowering more women across Nigeria.
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