Mamamoni, Female-focused Fintech in Nigeria, Receives £250,000 in Funding to Expand

Mamamoni, a Nigerian fintech with the great mission of empowering women and transforming communities, has received funding of €250,000. This funding came from the Challenge For Youth Employment (CFYE).

In order to co-invest in creative, private sector-led projects that give companies access to appropriately skilled workers and place young people in jobs in technical craftsmanship or digital jobs, CFYE organized Nigeria’s first Call for Solutions.

Following the success of the first call, they held a second call for solutions in an effort to elicit even more creative solutions to the problem of youth unemployment in Nigeria, with a focus on women. The second call was about jobs in the service industries that were digitally enabled or for women.

With over 30 businesses in its Africa portfolio, the CFYE is supported by the Netherlands Ministry of Foreign Affairs and has collaborated with groups like SheLeads Africa, ReelFruit, Utiva, Stutern, and Co-Creation Hub in Nigeria.

How The Funding Mamamoni Received Will Be Used

The money from CFYE will be used to grow Mamamoni’s network of female agents. It will be given over a two-year period and is contingent upon Mamamoni meeting specific goals. In this process, VFD Microfinance Bank will help.

Mamamoni is a company that uses an advanced digital agent network and a straightforward financial application to offer inclusive digital financial services to female entrepreneurs in Nigeria. Nkem Okocha founded it in 2014.

“No woman chooses to be impoverished, but we can choose to help poor women by investing in them,” the speaker stated.

Mamamoni Foundation and its Effect

The company provides a variety of financial services, such as savings accounts, microloans, and financial literacy training, that are especially designed for women. Through facilitating access to capital and promoting financial literacy, they enable women to launch their enterprises, produce steady revenue streams, and achieve economic autonomy.

They deal with healthcare as well. The business uses its FemHealth initiatives to accomplish this. Their goal is to meet the healthcare requirements of low-income women who are unable to obtain basic medical care. Additionally, it offers reasonably priced healthcare packages that include necessary examinations, screenings, and consultations to ensure that women can take charge of their health and lead healthier lives.

The Mamamoni Foundation is used by the startup to accomplish this. In addition, the foundation acts as a platform for the onboarding of its agents, who must complete training courses in order to begin working as mobile banking agents. Through a partnership, it offers health insurance for certain illnesses for as little as ₦1,000; however, insurance is only available through a Mamamoni agent.

It had previously gotten less than $100,000 from groups like Seedstars and the Tony Elumelu Foundation. According to Okocha, this is because the majority of investors find its model unappealing because it is primarily a social enterprise. It’s a risky investment, she said, and it takes a lot of money. She went on to say that this kind of investment typically doesn’t attract investors.

Partnership with The Startup

They are driven by cooperation and partnerships, Mamamoni claims. As a result, they collaborate closely with governmental organizations, businesses, charitable organizations, and private citizens who also support women’s empowerment.

Over the years, Mamamoni’s initiatives have benefited over 50,000 women, and according to Okocha, fintech plans to do much more in the years to come.

By the end of 2024, it wants to have more than 2,000 women in its agent network. In addition, it has introduced Herpay, a payments app aimed at women from all socioeconomic backgrounds, with the goal of onboarding 500,000 women by the end of 2024 and offering lower transaction fees.