Kenyan save-to-buy platform Mosmos is allowing customers to pay for high value products and services in convenient and flexible installments, as they earn rewards and unlock discounts.
Formed to bridge the affordability gap for high value products and services, and make savings targeted and achievable, Mosmos enables customers to save for items they want to purchase, interest-free.
“Over 75 per cent of the working population across Africa is informal. This is more often than not characterised by limited and inconsistent income and limited access to responsible financial products and solutions. When you have very little disposable income, it becomes challenging to upgrade your life comfortably,” Mosmos CEO Chengo Masha told Disrupt Africa.
“Similarly, in a market where loan apps and other credit options have doomed customers into a debt trap, financially responsible products like Mosmos are a breath of fresh air.”
Users certainly seem to think so, with Masha saying uptake has been “great”, while Mosmos is also proving popular with investors. The startup closed a pre-seed round earlier this year, from investors such as Antler East Africa, Sovereign Capital, StartUp Istanbul and the Nairobi Business Angel Network (NaiBAN). The latter unlocked a 3X matching investment of EUR60,000 (US$66,000) from Catalytic Africa, the co-investment fund established in 2019 by the African Business Angels Network (ABAN) and AfriLabs.
Source : Disrupt