€250,000 is secured by Nigerian FinTech Mamamoni to empower low-income women.

According to a report from Empower Africa, this investment, made possible by the Challenge For Youth Employment (CFYE), is intended to support the company's purpose over the following two years. Its specific goal is to increase the number of female agents in Mamamoni's network, which will improve financial inclusion throughout Nigeria.

When Mamamoni was first established in 2014, Nkem Okocha sourced microloans from private investors and investing clubs. In 2022, the company switched to an agency banking model after realizing it needed to expand its influence in response to rising demand. At the moment, Mamamoni claims to have 500 female agents in its network. These agents play a key role in processing more than $2 million each month in ten states, demonstrating the wide range and potency of Mamamoni's offerings.

At the core of the business's activities is its commitment to women's empowerment. The goal of Mamamoni's network of female-only agents is to remove the cultural barriers that have historically prevented women from obtaining financial services. This creative strategy supports women's empowerment in addition to financial inclusion.

"Empowering women is core to Mamamoni," stated Nkem Okocha, the founder of Mamamoni. Our network of female-only agents addresses the societal obstacles that prevent women from obtaining financial services.