• Friday, February 23, 2024
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BusinessDay

Mansa debuts in Nigeria to support SMEs

Mansa debuts in Nigeria to support SMEs

…as Sanoh resigns from Cassava

Mansa, a fintech company, has debuted in the Nigerian market to support small and micro enterprises across Africa and Nigeria in particular.

Mouloukou Sanoh, CEO of Cassava Network, one of Africa’s most progressive Web3 platforms specialising in rewards, entertainment, and arts, has resigned to launch Mansa.

Sanoh is turning his focus to the credit issue crippling SMEs in Africa. His new company, Mansa, is a protocol that addresses current DeFi lending protocols’ major shortcoming: the requirement for borrowers to provide an excess of cryptocurrency collateral. This requirement, he said, stifles potential borrowers globally.

“Mansa’s innovative approach enables venture-backed businesses to leverage a myriad of assets as collateral, providing crypto access to a significantly larger pool of borrowers,” a statement made available to BusinessDay said.

“By embracing this forward-thinking model, Mansa is poised to shatter the limitations of traditional financial systems and introduce a new era of decentralised finance.

“Mansa’s goal is to democratise access to financing for businesses in emerging markets, providing tailored financing solutions to businesses through blockchain technology,” the statement added.

Read also: We want to onboard one billion users in App design space to Web3 platform – Montoya

Sanoh’s departure from the Cassava Network comes after a transformative year leading the company as his leadership laid the foundation for Cassava’s accelerated growth in Africa.

During his tenure, according to a statement made available to BusinessDay, he cultivated a formidable network of collaborators, uniting prominent Web2 and Web3 brands such as Boomplay, Carry1st, Scooper, VSkit, Ficool, BoundlessPay, Stakefair, Katana Inu, Awujo, and others under the Cassava banner.

Reflecting on his departure, he said, “The journey at Cassava Network has been nothing short of awe-inspiring. Our achievements in paving the way for Web3 in Africa speak volumes about the unyielding support from our team, board, and community leaders.”

Since its inception in 2021, Cassava Network has been an innovative force, driving blockchain infrastructure needed to transition Africa into the Web3 era.

By introducing a digital identity system, multi-chain wallet, rewards platform, and NFTs, it has championed the migration from Web2 to Web3, fostering a thriving community along the way.

“It has been an exceptional privilege to contribute towards the Web3 renaissance across Africa. However, the time is ripe for a leadership transition at Cassava Network and for me to invest my efforts in a new venture,” he said.