Moni is a fintech platform that provides group-based financing solutions for small businesses across Africa. Moni leverages the collective responsibility of borrower groups as collateral, using social pressure within these groups to drive high loan repayment rates among African SMBs.
Since its launch, Moni has rapidly grown to a $72,000 monthly recurring revenue (MRR) with a 50% month-over-month growth rate. The company has disbursed over $5 million in loans across 11,000 units, achieving an impressive 99% repayment rate—significantly higher than most financial services providers in the region. Moni’s focus is on serving the 44 million+ small and medium-sized businesses (SMBs) across Africa that often lack access to traditional credit due to insufficient collateral or formal credit histories.
The Technology That Enables Moni
Moni’s platform is built around a group lending model: instead of lending to individuals, they form groups of business owners who collectively guarantee each other’s loans. The technology tracks group performance and leverages peer accountability to minimize default risk. This approach is supported by a streamlined digital application process and real-time monitoring, making it both accessible and scalable for businesses operating in diverse African markets.
The company’s leadership brings deep expertise in financial services and digital lending. CEO Femi has a background with the World Bank focusing on financial inclusion, while CTO Dapo previously developed technology for one of Africa’s largest digital lending apps. Moni is backed by prominent investors, including Y Combinator, Magic Fund, Ventures Platform, and Voltron Capital.
Who Uses Moni?
Moni’s core customers are small and medium-sized businesses (SMBs) across Africa—particularly those underserved by traditional banks and credit institutions. The platform is especially relevant for:
- Informal traders and micro-entrepreneurs
- Retailers and small shop owners
- Groups of business owners in local communities
By facilitating group-based loans, Moni helps these businesses access working capital to grow, manage cash flow, and withstand economic shocks.
Moni’s Competitive Landscape
Moni operates in the rapidly evolving African fintech and micro-lending space, with a focus on group lending and neobanking services. Key competitors and related players include:
- Advans Group: A leader in micro-lending with microfinance institutions across seven African countries.
- Absa Group Ltd: A major South African bank active in expanding lending services across Africa, including to SMBs.
- African Development Bank Group: Provides project loans, credit lines, and technical assistance to support African economic development.
Moni differentiates itself through its technology-enabled group lending model and its extremely high repayment rates, which set a new standard for digital credit solutions targeting underserved SMBs in Africa.
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