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Lagos, Nigeria

Open Date 2021/09/07 12:00:AM
Investor Memo provides working capital for mobile money agents using a social accountability credit system. Their platform uniquely groups agents into clusters and builds a credit score system that is tied to each member's performance within such clusters making agents accountable to each other.

Unfair Advantage, Problem & Competition 

With the rise of agent banking platforms competing for market share, agents are left to fend for themselves or lose access to their preferred bank POS. 

To operate as an agent effectively, constant liquidity in form of working capital is required almost every time but most agents do not have access to such constant liquidity which makes them;

  1. Accrue 20-30% in expense to rebalance and manage liquidity (Source BCG).
  2. Face significant risk to theft and long queues while journeying to rebalance their account.
  3. Lose trust with customers when an agent turns down a cash request.

Most financial institutions rely heavily on credit bureau data to provide financing for these agents. This model deprives them of access to finance. Credit decision based on credit bureau data is flawed. 

Their Solution

Moni uses a community-driven model based on social trust to provide financing to mobile money agents.

  1. Weekly loan: Moni fulfil agent credit requests in 3 minutes or less.
  2. Community-Based: Agents form a community with a credit score system tied to the performance of each member within such clusters.
  3. Invite-only: new members are invited by existing members
  4. Social Underwriting: Moni proprietary algorithm leverages social data and digital data for credit decisions without any need to consult a credit bureau. 
  5. Joint Liability: When one member defaults, it deprives other members the access to subsequent loans.
  6. Lifetime Repayment Reward: Each member each a  commission for every repayment from their referral. 
  7. Performance Tracking: Machine learning systems in place to track cluster performance each time they make debits and repayments.

Market Opportunity 

With an interest rate of 1.5% per week on each credit line, Moni aims to play actively in a $4.2B Market that keeps growing with a market transaction CAP of well above 31.9b with over 200,000 agents within Nigeria alone. 


  1. Femi Iromini(CEO & Co-Founder); Worked previously as a program manager at World Bank Group with focus on financial inclusion. Cofounded Farmcrowdy and Lead360. Analyst Axa Venture Partners, Goldman Sachs
  2. Dapo Sobayo (CTO & Co-Founder); Worked previously as the Head of Risk (Technology), Zedvance. Led Risk and Digital Transformation at SEL Capital. 

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