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Nigerian Fintech Mamamoni Secures €250,000 Funding

Mamamoni, a Nigerian fintech social enterprise dedicated to empowering low-income women, has received a €250,000 grant from the Challenge For Youth Employment (CFYE).

This funding, provided over two years, will fuel the expansion of Mamamoni’s network of female agents, driving financial inclusion across Nigeria.

Founded in 2014 by Nkem Okocha, Mamamoni initially offered microloans sourced from individuals and investment clubs.

However, to meet the surging demand, the company pivoted to an agency banking model in 2022. Today, its 500 female agents process over $2 million monthly across ten states.

“Empowering women is core to Mamamoni,” Okocha states. “Our female-only agent network tackles cultural barriers faced by women in accessing financial services.”

The CFYE grant, backed by the Netherlands Ministry of Foreign Affairs, recognizes Mamamoni’s impactful work.

This funding marks a significant leap for Mamamoni, previously supported by organizations like the Tony Elumelu Foundation and Seedstars.

“Our social enterprise model attracts patient capital, targeting communities often overlooked by traditional investors,” Okocha explains. “This grant validates our approach and empowers us to reach even more women.”

Mamamoni’s success story highlights the potential of fintech in fostering financial inclusion and women’s empowerment.

With the CFYE grant, the company is poised to further its mission, creating a ripple effect of positive change within Nigerian communities.

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