Mamamoni's Female Empowerment Mission Receives €200,000 Funding Injection

Mamamoni's Female Empowerment Mission Receives €200,000 Funding Injection

By Staff Writer, 21 February 2024

In a significant development for Nigerian fintech firm Mamamoni, the Challenge For Youth Employment (CFYE) has announced a substantial funding injection of €200,000.

The support, allocated over a two-year period, originates from the Netherlands Ministry of Foreign Affairs and is intended to facilitate Mamamoni's expansion of its network of female agents.

Assisting in this endeavor will be VFD Microfinance Bank.

Founded in 2014 by Nkem Okocha, Mamamoni's mission revolves around empowering financially disadvantaged women in Nigeria.

Initially focused on offering microloans garnered from individuals and investment clubs, the company adapted to rising demand and transitioned towards collaborating with financial partners.

Presently, it operates utilizing an agency banking model, boasting a network of 500 female agents processing over ₦3 billion monthly across ten states.

The newly secured funding is earmarked to bolster Mamamoni's female agent network expansion and to sustain its impactful initiatives.

A key aspect of Mamamoni's operations involves equipping its agents with Point of Sale (PoS) terminals, a move aimed at narrowing the financial inclusion gap.

While the acquisition cost of these terminals has posed challenges, Mamamoni remains steadfast in its commitment to advancing economic empowerment for women.

Source: Damife Isaac / Techlivefeeds

Related Report

Future of Fintech in Africa

The Future of Fintech in Africa

18% of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, living without a bank account or a digital wallet to their Name. The opportunity is massive, which is why fintech is the most dominant and most funded tech sector in Africa, today.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems