Mamamoni, a digital financial service that caters for the needs of women in Nigeria, has procured £250,000 fund from the challenge for Youth Employment (CYE)
According to a report, the CYE sponsored by the Netherlands Ministry of Foreign Affairs, has partnered major organizations in Nigeria such as Stutern, SheLeads Africa, Utiva, Co-Creation and Reel Fruit and has imparted businesses in Africa.
Mamamoni revealed earlier today, that it will benefit from this fund acquired for 2 years and is saddled with the responsibility to attain certain heights by empowering and expanding more female agents.
Speaking on the funding and the company’s objective, Nkem Okocha, CEO Mamamoni, said the company is a female only focused firm that enpowers women.
“We decided to go the route of female-only because that is what we do an organization; we empower women. Also we’ve gone into some communities where women are unable to conduct financial transactions because the agents are male, and due to cultural or religious barriers, are unable to walk up to them”.
A challenge in the Agency banking sector is the target market inability to afford the POS Terminals. Other financial firms have either reduced cost of acquisition or made workable payment modes.
Okocha revealed that in order to cater for its target market, Mamamoni has made these terminals available at a caution fee which is undisclosed and not every agent pays.
“What we’re very particular about is thatwe want to create an opportunity for these women to start earning, so for some of our early agents, we gave out these devices for free”, Okocha said.
The company revealed the cost of acquiring these terminals is a limiting factor in empowering more women. Defying these odds, Mamamoni has continued to empower women through the Mamamoni foundation, by indoctrinating women with Low-income and the SheSABI App.
Founded in 2014 by Nkem Okocha, the company has continued to empower low-income women in Nigeria to financial independence. In 2022, it upgraded to a banking model that now has 500 female agents in 10 states across Nigeria.
As of 2023, a report has it that Mamamoni has recorded over 700 women and 28,000 children who have benefited from the Mamamoni initiative.
