Nigerian Fintech Mamamoni Receives USD 270 K To Scale Agent Network

Mamamoni, a Nigerian fintech social enterprise, has received €250,000 (USD 270 K) in funding from the Challenge For Youth Employment (CFYE). The funding, which will be provided over two years and is based on Mamamoni’s ability to meet certain milestones, will be used to expand its network of female agents. VFD Microfinance Bank will assist in this process.

Founded in 2014 by Nkem Okocha, Mamamoni provides low-income women in Nigeria with the skills to become financially independent. It plans to expand its agent network to more than 2,000 women by the end of 2024. It has also launched Herpay, a payments app targeted at women of all social and economic classes, where it intends to provide lower transaction fees and onboard 500,000 women by the end of 2024.