About the startup
Africa is notably a cash-based economy where credit cards are not effective. Financial institutions such as banks focus mainly on lending to corporate clients due to the lack of credit history data needed to operationalize consumer finance, this leaves over 100m people needing financial assistance and a lending gap of over $91b on the African continent.
Consumers are getting more sophisticated (needing alternative modes of payment) and financial institutions are looking to expand more rapidly into consumer finance but need help from startups to do so.
Motito is promoting financial inclusion and increased access to credit across Africa. We do this via a buy now, pay later platform that enables small businesses to offer an interest-free credit option to their existing customers at point-of-sale.
Similar to a credit card, with Motito you can walk into a merchant store (e.g. Samsung store) and make payment in installments for items you purchase.