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The Central Bank of Nigeria (CBN) has granted Mamamoni, a Nigerian fintech company, approval to operate as a Super Agent under the Payment Solutions Services License category, marking a significant milestone in the company’s journey towards empowering women and driving financial inclusion.
This approval underscores Mamamoni’s commitment to leveraging its platform to empower female agents across Nigeria, equipping them with the necessary tools and resources to deliver essential financial services within their communities.
Nkechi Okocha, CEO, and Founder of Mamamoni, expressed her delight at the CBN’s decision, stating, “This milestone aligns seamlessly with Mamamoni Limited’s core objective of fostering women’s economic empowerment and promoting financial inclusion.”
She further emphasized Mamamoni’s mission to bridge the gap in access to financial services, particularly in underserved areas, by leveraging its network of female agents. Through this initiative, Mamamoni aims not only to create job opportunities but also to ensure that more individuals, especially women, have access to the financial tools necessary for their economic advancement.
Established in 2014 by Nkem Okocha, Mamamoni initially offered microloans sourced from individuals and investment clubs. However, recognizing the growing demand for financial services, the company transitioned to an agency banking model in 2022. Today, its network of 500 female agents processes over $2 million monthly across ten states, demonstrating its significant impact in driving financial inclusion.
Mamamoni operates as a Female Agent Network offering Digital Financial Services in Africa, leveraging point-of-sale terminals and a user-friendly app to deliver inclusive digital financial services for female entrepreneurs in Nigeria. By providing a simple financial application and an advanced digital agent network, Mamamoni is closing the credit gap for low-income women and empowering them to thrive as entrepreneurs.
In February of this year, Mamamoni secured a €250,000 grant from the Challenge For Youth Employment (CFYE), which will be instrumental in expanding its network of female agents and furthering its mission of empowering women through entrepreneurship.
As Mamamoni looks ahead, it remains dedicated to driving impactful collaborations and initiatives that empower women and foster entrepreneurship, reaffirming its commitment to advancing financial inclusion and economic empowerment in Nigeria and beyond.
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