- Moni offers community-powered business loans, providing flexible loans to SMEs at competitive interest rates without hidden fees.
- The platform includes high-yield savings accounts, allowing users to create multiple savings plans and earn attractive interest rates.
- Moni provides customized insurance solutions to protect businesses from financial losses, with claims and cashback processed instantly via mobile phones.
The absence of banking and financial services in Africa has been a major problem within the continent, particularly for small and medium enterprises (SMEs) as well as individuals.
Nevertheless, the fintech industry in Africa has come up with innovations that are filling this void by providing various ways of empowering Africans both at corporate and individual levels.
Moni is one such platform and was co-founded by Adedapo Sobayo and Femi Iromini.
The African FinTech Ecosystem
In the last decade, Africa’s FinTech sector has witnessed exponential growth mainly due to financial inclusion campaigns supported by mobile phone technology.
Many unbanked or underbanked people exist on the continent, hence many startups are entering into that space with user-friendly & affordable financial products.
In particular, these include digital wallets, mobile banking, micro-loans, and savings platforms catering to different needs of African societies.
Introducing Moni: A Suite of Financial Products
Moni was established on April 1, 2021, as a fintech solution focused on supporting SMEs and people who want to build enduring businesses or become wealthy over time.
It offers different types of financial products like business loans, high-interest savings accounts, and insurance among others.
Moni’s concept is based on a community-based finance model where social trust will enable borrowers to obtain funds without complications associated with traditional lending systems.
Business Loans versus Community-Based Finance
One key feature of Moni is its community-powered business loans through which flexible loans are issued to traders and entrepreneurs at competitive interest rates devoid of hidden charges.
This means that only reliable traders can be granted credits thereby making their networks supportive enough to engender economic development concurrently.
These monies from Moni are meant to reach small businesses promptly for quick access—this is an enormous challenge faced by several SMEs in Africa especially delayed funding when it comes to expanding their operations which requires immediate capital outlaying so as not to miss new orders and other similar opportunities.
This way, Moni believes that businesses can achieve more sales volume eventually resulting in sustainable growth.
High-Yield Savings: Building Wealth
The firm also offers high-yield savings to its customers, in addition to business loans.
For instance, an individual may set up various savings plans that will cater to their lifestyle goals while at the same time earning attractive interest rates on such amounts saved.
Moni’s saving strategy is designed to suit its user’s demands, teach them how to save money responsibly as well as enable them to attain their saving objectives.
Insurance Policies and Financial Security
Moni also provides bespoke insurance services that help safeguard companies against financial risks they could not have foreseen.
With the cash insurance policy of this platform, entrepreneurs can resume operating even if there is a loss of business cash.
The whole process from filing claims up to receiving cashback has been made simple and efficient by using mobile phones so that it can be done online thus taking less time than expected.
Building a community of finance
This fintech platform is more than a mere financial technology tool; it represents a gathering of creators and dreamers.
By connecting entrepreneurial minds and business owners who are willing to create customized financial solutions for African communities, Moni stands out among others.
The company’s team members are distributed across ten major cities in the world and are committed to empowering Africans with wealth-building tools that foster inter-generational succession planning.
Co-founded by Adedapo Sobayo and Femi Iromini, Moni leads the fintech revolution within Africa with its range of financial products meant for small businesses and individuals alike.
It leverages community-led finances, high-yielding savings accounts as well as personalized insurance covers which transform Africa into an economically vibrant region through monetary innovation.
Edited By Annette George
