Building Africa’s Future: How Moneda and MeCash are Redefining Financial Solutions for SMEs through ‘Musa’

Access to finance remains one of the biggest challenges for small and medium-sized enterprises (SMEs) across Africa, particularly in the Energy, Agriculture, and Minerals sectors. Recognising this gap, Moneda and MeCash recently partnered to launch Musa, a cutting-edge financing platform designed to provide fast, flexible, and transparent funding to businesses operating in Africa’s natural resource value chain. By leveraging technology-driven credit assessment models and alternative financing solutions, Chiemelie Ezeobi writes that Moneda and MeCash are not just funding SMEs—they are empowering businesses, creating jobs, and driving economic transformation across the continent

For decades, small and medium-sized enterprises (SMEs) across Africa have faced a persistent challenge—access to finance. Despite being the backbone of economic growth, many SMEs, particularly those in the natural resources sector, struggle to secure funding due to stringent lending conditions and a lack of financial infrastructure.

Moneda and MeCash: A Transformative Partnership

Recognising this gap, Moneda and MeCash have forged a strategic partnership to revolutionise SME financing, creating solutions tailored to the realities of African businesses.

At the heart of this collaboration is Musa, a digital-first financing platform designed to bridge the funding gap for SMEs in Africa’s Energy, Agriculture, and Minerals sectors. By leveraging innovative financial models and cutting-edge technology, Moneda and MeCash are setting a new standard for financial inclusion, empowering businesses that drive Africa’s economic growth.

Founded in 2015, Moneda is an Africa-facing investment firm with a clear vision: transforming Africa’s natural resources into African wealth. The company focuses on alternative credit and operational support, ensuring SMEs in the natural resource value chain receive the financial backing needed to scale and succeed. Over the last decade, Moneda has executed more than $200 million in credit trades into Africa, solidifying its reputation as a key player in SME financing.

In 2024, Moneda Capital, a fully owned subsidiary, received a Global Fund Manager license from the Financial Services Commission of Mauritius, launching a $250 million credit fund to expand its collaborative funding programme across Africa. This milestone underscores Moneda’s long-term commitment to unlocking Africa’s economic potential by providing capital to businesses often overlooked by traditional financial institutions.

MeCash, on the other hand, is a fintech company revolutionising cross-border payments and SME financing. Co-founded by Adebusola Adegbuyi and Modupe Diyaolu, MeCash operates as the trading name for Oxford 19 Limited and holds approvals from both the National Bank of Rwanda and the Central Bank of Nigeria. The company’s digital payment platform enables seamless international money transfers across 16 countries, including major markets in Africa, the USA, the UK, and China.

Together, Moneda and MeCash are creating financial solutions that go beyond traditional lending, ensuring SMEs receive not just funding, but also risk management and business growth support.

Musa: A Digital-First Approach to SME Financing

Undoubtedly, the launch of Musa marks a turning point in how SMEs access funding. Unlike traditional banks that require collateral and lengthy paperwork, Musa leverages technology to assess creditworthiness based on business activity, cash flow, and alternative data. This data-driven approach removes financial bottlenecks, enabling SMEs to secure funding quickly and efficiently.

At the partnership signing event in Lagos recently, Ejike Egbuagu, Group CEO of Moneda, emphasised the transformative impact of Musa. According to him, “Musa is about breaking down the barriers that have held small businesses back for too long. It’s not just about loans; it’s about ensuring that SMEs in Africa’s critical industries—Energy, Agriculture, and Minerals—can access the capital they need to keep the continent moving.”

Why is this important? For SMEs, speed is crucial- Whether a renewable energy supplier is waiting on delayed payments, a small-scale mining firm needs working capital, or an agricultural exporter must fulfil large contracts, accessing timely, flexible financing can mean the difference between growth and stagnation.

Corroborating, Precious Ehihama, Acting Managing Director of Moneda Technologies, said: “We’re not just offering financing. We’re simplifying payments, making sure businesses in the Energy, Agriculture, and Minerals sectors can move money faster and with fewer obstacles. In today’s economy, speed is everything.”

With Musa, SMEs can apply for and access financing in a matter of days—not weeks or months. The platform eliminates the bureaucratic delays of traditional banking, allowing businesses to stay competitive and responsive to market demands.

A Pan-African Vision: Financing Beyond Borders

Africa’s natural resource value chain operates across multiple markets, yet financing solutions have historically remained fragmented and inaccessible. Musa is changing that by ensuring SMEs across Nigeria, Rwanda, Ghana, Kenya, and beyond have access to tailored financial solutions.

One of Musa’s biggest differentiators is transparency. Unlike predatory financial products that burden SMEs with hidden fees, Musa offers clear, fair, and flexible financing options.

Modupe Diyaolu, Co-founder of MeCash, underscored this commitment: “As many contracts as you can bring, we can support you without charging exploitative interest rates. Our goal is to provide businesses with the capital they need to grow—without unnecessary financial burdens.”

Traditional banks have long viewed SMEs in Africa’s Energy, Agriculture, and Minerals sectors as high-risk investments due to market volatility. Musa is rewriting this narrative, offering financial solutions designed specifically for businesses operating in these industries.

Beyond Financing: A Commitment to Business Growth

For Moneda and MeCash, SME financing is not just about providing credit—it’s about building businesses that last. The Musa platform incorporates a bespoke risk rating system, allowing investors to identify viable transactions ripe for funding while offering additional risk management support for higher-risk deals.

“We have a bespoke risk rating criteria on the Musa platform, which allows us to identify transactions that are ripe for investment and funding. And for those where the risk is high, we apply our in-house expertise to de-risk them, whether through deploying project managers to supervise operations or ensuring compliance with global standards,” Diyaolu added.

This proactive approach to risk mitigation ensures that businesses receiving financing are well-positioned for long-term success.

Moneda and MeCash’s commitment to SME growth stems from real-world experience. When Nigeria faced an economic downturn in 2015, local businesses struggled to survive. MeCash stepped in, providing financing solutions that kept businesses afloat.

“We started by supporting true local content—people in the creeks of Bayelsa, not just those driving luxury cars in Port Harcourt,” “These are the people whose livelihoods depend on the industry, and we measure our success by their ability to grow—from supplying food to oil and gas workers to eventually supplying industrial materials.” She reminisced. 

This impact-driven financing approach is what sets Moneda and MeCash apart. They are not simply lenders—they are partners in business growth.

The Future: Scaling Across Africa

With Musa, Moneda and MeCash have set an ambitious goal—expanding their reach to all 50+ African countries and creating a financial ecosystem that truly works for SMEs.

According to the duo, they are not just providing funding; but are building businesses that last with the goal being to reach all 50+ African countries and create a financial ecosystem that truly works for SMEs.

For Ejike Egbuagu, this partnership is just the beginning and as he succinctly puts it; “Africa is a construction site, and we see our role as laying the foundation for long-term growth. By backing SMEs in the value chains of Energy, Agriculture, and Minerals with the right financial tools, we’re not just supporting businesses—we’re building economies.”

Through their partnership, Moneda and MeCash have sent a clear message—finance should be a bridge, not a barrier. For the millions of SMEs across Africa’s natural resource sectors, Musa represents the game-changing moment they have been waiting for.