The startup has built a risk engine that combines financial data and business performance with social intelligence, to make it easier for African SMEs to access the working capital they need to scale. Users can access Moni’s services via iOS and Android apps, WhatsApp, and other digital platforms. The group of business owners proceeded to ask if we could extend the same loan arrangement we had with my cousin to them as well. Their argument was that they finally had access to the working capital they had been craving and they were not going to let anyone spoil this opportunity for them. “Businesses that are part of the Moni community can also provide accounts, savings, insurance and other financial services to their customers.”Aside from YC, Moni is funded by a host of equity investors and debt partners, and is already active outside of Nigeria.

Source: The North Africa Journal July 13, 2022 07:56 UTC