Empowering Women in Nigeria: Mamamoni's €250,000 Funding Boost

Mamamoni, a Nigerian fintech social enterprise, has secured a €250,000 funding grant from the Challenge For Youth Employment (CFYE).

The CFYE, financially supported by the Netherlands Ministry of Foreign Affairs, collaborates with organizations like SheLeads Africa, ReelFruit, Utiva, Stutern, and Co-Creation Hub in Nigeria, holding over 30 businesses in its African portfolio.

This funding, allocated over two years, aims to expand Mamamoni's network of female agents, with support from VFD Microfinance Bank.

From Microloans to Agency Banking

Founded in 2014 by Nkem Okocha, Mamamoni empowers low-income women by providing skills for financial independence. Initially offering microloans, Mamamoni faced funding challenges, leading to collaborations with financial partners.

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In 2022, Mamamoni shifted to an agency banking model, boasting 500 female agents processing over ₦3 billion monthly across ten states.

Female-Centric Approach and Financial Inclusion

Mamamoni's female-centric approach addresses cultural barriers, contributing significantly to Nigeria's financial inclusion with nearly 2 million agents enlisted nationwide.

However, a challenge is the high cost of Point of Sale (PoS) terminals. To overcome this, Mamamoni supplies terminals once a caution fee is paid, eliminating financial burdens for agents.

The Mamamoni Foundation and Herpay

The Mamamoni Foundation offers training and serves as a recruitment platform. Mamamoni plans to extend its agent network to 2,000 women by 2024 and launch Herpay, a payment app targeting 500,000 women with lower transaction fees.

Challenges and Future Goals

Despite challenges, Mamamoni remains steadfast in empowering women. By 2024, they aim to broaden their reach and impact even further.

Conclusion

Mamamoni's initiatives positively affect women, with plans for expansion and innovation. The funding grant marks a significant milestone in their journey towards empowering more women in Nigeria.

Learn more about Mamamoni's impactful journey and how the CFYE funding will drive their mission.