Nigeria, Africa’s largest economy, faces profound social and economic challenges, especially for women. Despite making up nearly half of the population, women represent 70% of the country’s extremely poor, as the International Monetary Fund (IMF) noted. This disparity is further emphasized by the significant gender gap in economic participation, with only 56% of women in the labour force compared to 80% of men. The COVID-19 pandemic has deepened these inequalities, disproportionately affecting women through job losses, disrupted education, increased caregiving responsibilities, and limited access to healthcare and social services. In this landscape, entrepreneurship offers a crucial pathway to economic empowerment, but Nigerian women face barriers such as limited access to financing, vocational training, and market opportunities. Nkem Okocha, the Founder of Mamamoni, intimately understands these challenges. Having witnessed her widowed mother struggle due to a lack of vocational skills and financial support, Nkem was inspired to take action. This personal experience fueled her mission to break the cycle of poverty and empower women, leading her to establish Mamamoni, a fintech social enterprise focused on providing low-income women with vocational skills and mobile loans.
Mamamoni’s Innovative Approach to Financial Inclusion
Since its founding in 2013, Mamamoni has trained over 1,000 women across four communities, equipping them with the skills and financial tools needed to become independent micro-entrepreneurs. The organization offers free vocational training alongside micro-loans via mobile technology, helping women in both urban and rural areas gain economic independence. Nkem’s 14 years of experience in the banking industry gave her insight into the shortcomings of traditional financial systems, which often exclude women. Through Mamamoni, she has created a more inclusive economic model designed to uplift women who are overlooked by conventional financial services.
Mamamoni’s impact is evident in the lives of the women it supports. Beneficiaries like Ademola, who learned video editing and photography through the foundation, have used their new skills to generate income. “I’ve learnt video editing and photography through the Foundation, all for free. I only learned about them through a flier and came for the training. I never knew I could learn a skill for free. I am so happy because I now earn from it,” she said.
Another participant shared how a small loan from Mamamoni enabled her to start a point-of-sale (POS) business with minimal capital, an opportunity previously seemingly out of reach. “I started with zero Naira. I had been trying to do this POS business for a long time, and all the other people kept saying I needed so much capital. MamaMoni supported me with a micro-loan. I collected it every Monday and returned it with very little interest every Saturday evening,” the beneficiary recounts. These success stories reflect Mamamoni’s ability to foster economic empowerment through financial inclusion and skill development.
Scaling Impact Through Innovation and Partnerships
Strategic partnerships, technology, and a commitment to expansion drive Mamamoni’s success. By collaborating with development organizations, government agencies, and private sector institutions, the organization has broadened its reach and amplified its impact. Mobile technology allows Mamamoni to extend its financial services to women in rural areas and urban slums previously excluded from the banking system. However, scaling comes with challenges, including limited funding, infrastructure constraints, and cultural norms that may hinder women’s economic participation.
To overcome these obstacles, the fintech engages in capacity building, advocacy, and innovative solutions like the ‘SheSabi’ app, introduced in 2022, to extend its reach. Despite these challenges, Nkem Okocha remains optimistic: “Empowering women requires a holistic approach, addressing both skills and financial needs.” Mamamoni’s journey of training 700 women and benefiting 28,000 children across over 100 communities shows the transformative potential of its model.
As Mamamoni continues to expand, its impact on Nigerian women grows. Nkem’s vision is clear: “When women have the skills to make money for their household, poverty will be eradicated.” With a focus on sustainability, innovation, and social impact, Mamamoni is a beacon of hope for women seeking economic empowerment.
