Nigerian fintech Moni launches community-powered business loans for SMEs

by Digital Brainiacs
0 comment 1 minutes read

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. Starting with Nigeria, small business owners with a good social reputation simply need to join a lending cluster with an invite from an existing Moni user and once eligibility has been confirmed, they can access financing in five minutes or less. 

Once the loan is disbursed, the cluster shares responsibility for the loan and members are…

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