Nigeria’s fintech, Moni unveils community-powered loans to drive SME growth in Africa

By Gloria Methri

Moni has launched a new range of business loans that enables market traders, spare part dealers, textile traders, and other small business owners in Africa to take advantage of their communities in accessing the working capital they need to scale their businesses.

Moni is pioneering a community finance model that builds on the importance of group responsibility in African communities to improve access to financial services for small business owners. The company has built a risk engine that combines financial data and business performance with social intelligence to enable more effective credit decisions for small and medium size enterprises (SMEs).

Starting with Nigeria, small business owners with a good social reputation can join a lending cluster with an invite from an existing Moni user.