In Q2, we expanded our offerings to better suit the businesses we support. We launched Working Capital Loans, designed to help merchants solve capital challenges and keep their businesses running and growing.

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The Working Capital Loans product offers businesses a line of credit relative to their capital (or stake) in the business. They are short to medium term loans ranging from 7 to 120 days which can be easily, and in some cases, automatically renewed. This way, any merchant who runs his business via their Moniepoint account may have access to a line of credit proportional to the business that passes through the Moniepoint account. The product is already widely adopted by a number of their businesses; supermarkets, fuel stations, etc. and currently has zero defaults so far. 

Report shows that access to finance remains one of the biggest hurdles faced by African small businesses, which predisposes them to an inability to invest in and grow their business. With insufficient working capital loans, these businesses are held back from restocking so they can scale as they ought to. 

The new product allows businesses access to a revolving credit facility that they can use for purchasing additional inventory and short term working capital for smooth business operations - solving two major problems; access to affordable credit whenever they need it and convenience in accessing the credit.

The launch of this service was particularly crucial as we now serve over 1.3 Million businesses. 

Additionally, in May, we got listed by the Financial Times as the second fastest-growing company in Africa. This, like everything else we accomplished in this quarter, was only possible because of the businesses who trust and depend on us, and our devotion to supporting them.

But we are only a reflection of our team; the people that make the product work. We call them “DreamMakers” as they help power the dreams of business owners. Get it? Well, with how much work DreamMakers put in to make financial services seamless for our business owners, it was imperative that, beyond their salaries, people got rewarded for how much work they put in, and that’s what we did.

To make this happen, in Q2, we introduced a performance bonus structure, which ensures that every DreamMaker can earn an additional 50% of their salary each month, with a baseline of 15%. Think “Money” in our 4Ms.

If you’re ready to join a team that’s impacting Africa’s economy, visit moniepoint.com/careers.