Mamamoni.org

Mamamoni.org is a FinTech web platform that enables Socially Conscious individuals invest in poor women who cannot access loans from commercial banks by lending to them to fund their businesses. Our platform can be used to provide finance for poor women in different communities.

Mamamoni.org is a fin-tech platform that enables individuals invest in poor women by lending to them. We are using technology (web platform) to help these women break barriers in accessing finance to grow their the businesses,our platform helps provide the loans needed to give these women.

Scaling our solution will help provide access to finance for poor women in different communities to grow their businesses, this will help increase their livelihood, reduce poverty, transform communities because research has shown that women invest 90% of income.

In Nigeria 70% of the women are poor, 54% of this women stay in rural and urban slum areas and only 1% of this woman can access funding from commercial banks. These poor women cannot access finance to grow their businesses from commercial banks because of barriers like  lack of collateral, land title, transaction history etc. Our  platform helps to provide business capital for these women.

We believe this will help solve this problem because before we did our proto-type, a Human Centered Design Interview was conducted by our team at Mamamoni with low-income women in different communities in Lagos,  we found out that these women really lacked support and are eager to get loans to fund their small businesses.

Also since launching our platform we have gotten 15 lenders who have invested up to $7000 which has given as micro loans to more than 50 women in different communities.

Here are some links of what our lenders are saying;

https://goo.gl/RvsoJ2

https://goo.gl/HszNRW

We help provide funding for low income female business owners in rural and urban slum communities , who do not have access to affordable capital to finance their business because they are considered unbankable by traditional financial institutions; unfortunately many of these women are bread winners of their families. Although these poor female business owners may operate on a very small scale, their operations are profitable. They remain stuck in the poverty cycle because of the price they pay for being poor.  

The women apply through monthly vocational/financial skills trainings we conduct in different low-communities.

10,000 microloans to 10,000 or more women - 10,000 lenders on our platform

We are currently the only platform in Nigeria using technology to attract funding for low-income women in Nigeria.

We conducted a Human centered interview for proposed beneficiaries before doing our proto-type, their responds helped us to craft our solution.

Also the women will be applying online through our platform, so we can get their data.

We currently use our web platform to receive funding from lenders and also the women are being introduced to applying for these loans through our web platform instead of offline applications.

We intend to sustain Mamamoni through interest we get on loans as we scale to reach more low-income women.

We will also raise funds from impact investors to help us research and scale our solution.

Risk of loan repayment

Lack of lenders

https://www.youtube.com/watch?v=FNss3aveRtI

http://www.tonyelumelufoundation.org/articles/meet-the-ceo-of-mamamoni/

https://goo.gl/BNQnpX

I hope to learn, connect and network with other change makers. Also hope learn how to scale and sustain our solution to make it more human centered.

The Tony Elumelu Foundation

The U.S Consulate General Lagos

Lift Above Poverty Organization