Nigerian fintech startup Moni, which leverages social trust and group responsibility to deliver financial services, has launched a new range of business loans that enable small business owners to take advantage of the power of their communities to access working capital. Moni is pioneering a community finance model that builds on the importance of group responsibility in African communities to improve access to essential financial services for small business owners across the continent. The startup has built a risk engine that combines financial data and business performance with social intelligence to enable more effective credit decisioning for African SMEs. The company is now building on the success of its community-powered model to deliver game changing financial services to a wider range of African SMEs who have previously been underserved by the traditional financial system. “Our community-powered business loans product is just one of the ways we are innovating around our unique context in Africa to make the most of what is already in place to deliver the financial services business owners need to create long lasting wealth for themselves and their communities.

Source: The North Africa Journal April 05, 2023 15:03 UTC