NewTech Friday: Motito – Providing financial inclusion and access to credit for all 13 May 2022 138
Motito is on a quest to foster financial inclusion and increase access to credit across Africa to improve the financial health of all Africans. We spoke with their co-founder and Chief Technology Officer Tobi Martins to learn more about their BNPL solution.
What led to the creation of Motito?
Nine years ago, I started renting my first apartment. In Ghana (and other parts of Africa), rent is often paid two years upfront. This put a huge strain on my finances and I struggled to pay for necessities for the coming months despite having a stable income at the time. In situations like this, many people in Africa fall prey to predatory lenders with excessively high interest rates. Many of my friends have been in similar situations.
Could you present Motito?
We have a buy now, pay later service that allows small businesses to offer interest-free credit at point of sale, i.e our customers can get a payment plan from their local stores that are part of our merchant network.
What's coming next for Motito?
We are expanding our operations in Ghana and looking to launch in Nigeria in 2023.