How new credit model paving way for financial inclusion

Moneda and meCash have unveiled Musa, a groundbreaking digital financing platform, poised to redefine how African small and medium scale enterprises (SMEs) access capital, in addition to its target to increase finance inclusion in the Country.

This strategic partnership, formalised recently in Lagos, signals a significant leap forward in addressing the persistent financial hurdles faced by businesses operating within the continent’s vital natural resources value chain.

Musa, specifically designed for SMEs in Energy, Agriculture, and Minerals, promises to dismantle traditional financing barriers, offering swift, flexible credit without the oppressive weight of collateral or protracted approval processes.

Ejike Egbuagu, Group Chief Executive Officer of Moneda, articulated the platform’s core mission meant to bridge the critical funding gap that had long stifled SME growth.

He emphasised the pivotal role of Energy, Agriculture, and Minerals in Africa’s economic trajectory, underscoring the urgent need for a financing solution that resonates with the unique challenges of the sectors.

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Musa, he explained, leverages cutting-edge technology to provide a streamlined, efficient financing experience, ensuring SMEs can access the necessary funds without undue delays.

“A key differentiator of Musa lies in its innovative credit assessment model. Departing from conventional collateral-based lending, the platform employs technology-driven analytics, scrutinising real-time business activities, cash flow dynamics, and alternative data sources to accurately gauge SMEs’ financial capacity.

“This approach democratises access to credit, extending opportunities to businesses previously excluded by traditional banking criteria”, he noted.

Precious Ehihama, co-partner of Moneda, highlighted Musa’s role in simplifying payment processes and enhancing financial agility.

“By streamlining access to capital and simplifying payment management, the platform empowers SMEs to operate confidently, eliminating bottlenecks that impede their growth trajectory.

This ensures that SMEs can promptly secure funds to support essential operations, including restocking, scaling production, and managing operational expenses, without experiencing disruptive delays”, she added.