NewTech Friday: Mamamoni – Offering micro loans for low-income female entrepreneurs 29 April 2022 193
Nkem Okocha is the Founder of Mamamoni. She spoke with Efma’s Boris Plantier about her company’s mission to provide micro business loans to low-income women in rural and urban areas in Nigeria.
What led to the creation of Mamamoni?
I started Mamamoni because of my experience as a young girl with a widowed mother who lacked financial resources to start a small business, and also out of empathy to help the poor women in my community. Most of these women cannot access funding for business because they do not have financial history, lack collateral and so on.
Could you present Mamamoni's offer?
The problem: Most low-income female entrepreneurs living in rural and urban slum communities cannot access funding from commercial banks, because they are termed high risk, so they resort to using loans sharks who charge them high interest rates, thereby making most of these women remain in debt.
Our solution: Mamamoni provides low-income female entrepreneurs living in rural and urban slum communities with micro loans to start and grow their small businesses, via our simple-to-use web and android applications; these women are also trained in financial, business and digital skills to help build their credit scores and aid loan repayment. We have received many local and international awards and recognition for our work with underserved women in Nigeria. We have also participated in some acceleration programs, such as WE4A sponsored by The European Union, Justice Hill Accelerator, etc.
What's coming next for Mamamoni?
Our vision at Mamamoni is to stimulate better societies by connecting low-income female entrepreneurs with inclusive financial services. We are currently raising funds and looking for partnerships to help us scale into different communities in Nigeria and also adding more features to our web and android applications.