African financial companies Moneda Invest Africa and meCash debut the "Musa" app, designed to transform Small and Medium Enterprises (SME) financing across Africa.
Partnership Between Moneda Invest Africa and meCash Revolutionizes SME Financing in Africa
Small and medium-sized enterprises (SMEs) in Africa are set to benefit from a groundbreaking strategic partnership between Moneda Invest Africa and meCash. The collaboration, announced during the Moneda Experience event on March 14, 2025, in Lekki, Lagos, focuses on enhancing financial inclusion for African SMEs, particularly those operating within the natural resources sector.
The purpose of the partnership is threefold: to improve SME access to finance, promote financial inclusion, and leverage technology for efficiency. By addressing the significant financing gap faced by African SMEs and targeting underserved segments, the collaboration seeks to bring more businesses into the formal financial ecosystem.
At the heart of this partnership is the development of the Musa app, a digital lending platform designed to provide quick and affordable loans to SMEs. The app utilizes alternative credit scoring models and data sources for loan approvals, enabling it to cater to SMEs without traditional credit histories.
Moneda Invest Africa, an investment firm focused on impact investing in African markets, brings its expertise in sectors that drive economic development and social progress to the partnership. meCash, a fintech company specializing in digital financial services, including mobile lending platforms designed for emerging markets, contributes its technological prowess.
The Musa app offers a user-friendly mobile interface to facilitate loan applications and repayments. It also includes features to monitor SMEs’ financial health and growth potential, enabling tailored financial offerings.
The impact of this partnership on SME financing and financial inclusion in Africa is significant. Faster loan processing, expanded credit access, economic empowerment, data-driven decisions, and financial ecosystem development are just a few of the benefits that the Musa app promises to deliver.
Digital underwriting reduces turnaround times compared to traditional bank loans, while the app targets SMEs often excluded from formal banking due to lack of collateral or credit history. By supporting SME growth, the partnership fosters job creation and income generation, contributing to broader economic development.
Using technology and data analytics helps reduce risks and lowers costs for lenders, making SME loans more sustainable. Encouraging the use of formal financial services and financial literacy among SMEs fosters long-term financial inclusion.
During the event, a demonstration of the Musa app showcased its real-time transparency, transaction monitoring, and risk-sharing capabilities. The "Musa" app was also unveiled, marking a significant step towards democratizing access to finance for African SMEs, offering flexible credit options without traditional collateral and lengthy application procedures.
Notable attendees at the event included Ejike Egbuagu, Modupe Diyaolu, Adebusola Adegbuyi, Precious Ehihamen, investors, members of the press, and other stakeholders. Together, Moneda Invest Africa and meCash aim to transform Africa’s financial landscape, focusing on payments and credit accessibility, and establishing a financial infrastructure that empowers African SMEs, facilitates cross-border transactions, and fuels economic growth throughout the continent.
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