Starting with Nigeria, small company owners with an excellent social reputation only need an invite from an existing Moni user to join a lending cluster. Once their eligibility has been confirmed, they can get money in 5 minutes or less.
Since starting the pilot for its community-powered loans in August 2021 with 3,000 mobile money dealers (with more than 5,000 people on the waiting list), Moni has given more than USD 22 million in loans to over 11,000 SMEs with a 99 percent repayment rate.
The company wants to change the game for small and medium-sized businesses (SMEs) in Africa that the standard financial system hasn’t served well.
Source: Tech In Africa