CBN Grants Mamamoni Approval to Operate As a Super Agent Under The Payment Solutions Services Licence Category

The Central Bank of Nigeria (CBN) has granted Nigerian Fintech company Mamamoni, an approval to operate as a Super Agent under the Payment Solutions Services Licence category. 

This approval-in-principle will further enable the company to power female agents in Nigeria, empowering them with the tools and resources to provide vital financial services in their communities.

Speaking on the CBN’s approval, the company’s CEO and Founder Nkechi Okocha wrote,

“This milestone aligns seamlessly with Mamamoni Limited’s core objective of fostering women’s economic empowerment and promoting financial inclusion. By leveraging our network of female agents, we aim to bridge the gap in access to financial services, particularly in underserved areas. Through this initiative, we are not only creating job opportunities but also ensuring that more individuals, especially women, have access to the financial tools they need to thrive.”

Founded in 2014 by Nkem Okocha, Mamamoni initially offered microloans sourced from individuals and investment clubs.

However, to meet the surging demand, the company pivoted to an agency banking model in 2022. Today, its 500 female agents process over $2 million monthly across ten states.

Mamamoni is a Female Agent Network offering Digital Financial Services in Africa, through point-of-sale terminals and a user-friendly app.

The company is closing the credit gap for low-income women by providing inclusive digital financial services for female entrepreneurs in Nigeria via a simple financial application and an advanced digital agent network. 

In February this year, MamaMoni secured a €250,000 grant from the Challenge For Youth Employment (CFYE) The funding, will be used to expand its network of female agents.

The fintech company remains dedicated to empowering women through entrepreneurship and looks forward to impactful collaborations and initiatives in the year ahead.